Last Tuesday, Gold Bullion International – GBI as confirmed the opening of a live gateway on the Ripple protocol in order to be able to create a new gold backed crypto currency. The company aims to simplify what has traditionally been a corky, time-consuming and expensive process while trying to combine the best that technology has to offer.
Steven Feldman, co-founder and CEO of GBI. Said:
“We have been leaders in combining technology and precious metals, and our integration into Ripple allows us to continue our push into digital currencies by enabling investors to now buy digital physical gold.”
Gold bullion International is a leading Institutional precious metal provider to Individual Investors and the wealth management industry. GBI’s technology platform allows clients to acquire and manage their precious metals assets directly through GBI or through their existing wealth management account relationships. Precious metals are acquired from dealers that sell London Bullion Market Association recognized brands and stored on behalf of clients in protected and insured vaults in New York, Salt Lake City, London, Zurich, Singapore and Australia. GBI is the safest and most reliable option for precious metals owners. The firm provides its services to a broad range of customers including Merrill Lynch.
Ripple protocol is more than a simple currency or a payment system; it is a currency exchange and remittance network created and managed by Ripple Labs. This means that we can easily convert coins on that protocol from representing one certain store of value. The Ripple protocol is built on top of a distributed open source internet protocol, with a consensus ledger and native currency called ripples – XRP.
The Ripple network created the first distributed exchange; it supports any fiat currency (dollars, yen, etc.), cryptocurrency (bitcoin, litecoin, etc.), commodity or other unit of value because its core, Ripple is based around a public shared database or ledger. This ledger can hold information about offers to buy or sell currencies or assets. The consensus ledger gives the Ripple network energy efficiency and robust security against attacks in opposition to the mining process.
GBI new gold backed crypto currency, XAU, is nothing more than a token that represents physical gold integrated with all of the inherent specifications in cryptocoins transactions. This gives the costumer the possibility of buying gold balances issued by GBI that represents the real physical gold. All XAU trades are backed with physical gold deposited in six secure vaults around the world.
GBI states that with this new feature gold becomes easier to trade and can be spent anywhere Bitcoin is accepted via the Ripple protocol
Investors are able to withdraw their XAU balance at any time and GBI will send the corresponding amount of physical gold, while allowing those who prefer the security of a precious metals-backed currency to now buy digital units of that currency on Ripple with complete confidence in the security of their assets.
This is said to revolutionize the way gold is traded inside conventional Markets, while it can represent a new growth opportunity for Bitcoin.