Swiss Precious Metals Giant MKS PAMP to Reboot Its Gold Token Project

BlockBeats News, November 20th, according to Bloomberg, Swiss precious metals giant MKS PAMP SA is relaunching a gold token after facing setbacks in its initial attempt six years ago, aiming to capitalize on the growing interest in digital physical gold in the market. MKS PAMP has acquired Gold Token SA with the intention to restart its digital gold project.

MKS PAMP was one of the original participants in the 2019 launch of the token named DGLD, a collaborative project that also involved CoinShares International Ltd. MKS PAMP CEO James Emmett stated that the timing of the initial launch was "premature," and since then, the token has been mostly dormant for years. The relaunch will involve the company's trading desk purchasing the token itself and providing liquidity on trading platforms. MKS PAMP will only issue the DGLD token to accredited institutions, which can then sell the token on secondary cryptocurrency exchanges, operating similarly to other gold tokens. According to the company, the token can be redeemed for a corresponding amount of physical gold in increments as small as 1 gram.