- IBMC Financial Groups has decided to work with US Gold Currency and Blockfills in order to introduce the world’s first gold backed digital currency.
- IBMC Financial Groups is a company that provides financial services for investors and is recognised globally
- They introduced the USG Token, a digital asset known to be both stable and backed by hard assets.
Recently, IBMC Financial Groups has decided to work with US Gold Currency and Blockfills in order to introduce the world’s first digital currency backed by gold to the Gulf Cooperation Council (GCC), Middle East Africa (MEA). IBMC Financial Groups is a company that provides financial services for investors recognised globally. Currently, IBMC has its branches in India, GCC, UK and Europe and is further expanding.
Overview of the Collaborators, US Gold Cryptocurrency and Blockfills
The new digital currency will also introduced in India. In order to execute this project, IBMC has decided to collaborate with two important companies US Gold Currency and Blockfills. USG is the only company which issues Gold Digital Assets. They introduced the USG Token, a digital asset known to be both stable and backed by hard assets. Blockfills on the other hand, is an off-exchange digital assets trading company and known for providing high liquidity.
The New Digital Currency May Help to Ease the Current Situations
The new service by the IBMC will be available for all kinds of investors ranging from retail investors to financial institutions investors. The newly introduced digital currency backed by gold, aimed to provide security from the volatility of the market. Similarly, it will help all the investors from GCC, Middle East and Africa to have easy access to the digital currency. To provide subsequent low transaction costs and as well as rapid transfer of payments.
Dr. Abdul Dewale Mohammed said that the launch of these digital currencies will help to relieve the tension caused by the Covid-19 pandemic. This will solve the problems for many companies in the developing countries in regards to transactions.
Utilities of the USG token
In May, a Dubai firm was creating the first digital currency backed by gold. OneGram, an Islamic FinTech services company and partnered with GoldGuard to launch the token. Each token was to represent a single gram of gold. Similarly, the USGold token backed by a single US American Eagle, the gold coin. The US Mint decides the price of the gold coin every week in compliance with the recent government price. Consequently, anyone who had the USG Token was free to redeem it for the physical gold coins.
The CEO and managing director of the IBMC Financial Professional Group, Sajith Kumar PK told that they have always been keen in introducing new and innovative services to the clients. USG is hassle free and pretty easy to handle and people from any country can hold it without having to worry about storage fees or insurance cost. Further, USG is a fully online service with easy account opening procedures, which provide a great help to post pandemic situations.