What Is Perth Mint Gold Token (PMGT)?

Perth Mint Gold Token is a cryptocurrency constructed on blockchain technology issued by Trovio, a fintech organization. The platform seeks to provide blockchain users an opportunity to trade and hold gold deposited at “The Perth Mint.” The whitepaper indicates that the token was created in collaboration between The Perth Mint and Trovio with an aim to alter one of the most trusted commodities into a secure, efficient, transparent, and innovative tokenized asset.

Portfolio variation in crypto markets is more problematic than the conventional financial markets due to higher correlations and volatility. The utility token, PMGT, aims to be a solution to these issues, as PMGT’s price seeks to track the spot price of gold. The platform intends to bring institutional-grade gold to the blockchain network that seeks to enable traders of digital assets to use the trading benefits of gold.

The platform does not involve storage, management, or transaction fees, aiming to make it a cost-effective gold item and an alternative to traditional gold products. Also, the total gold represented by the tokens issued can be validated at any time.

PMGT token is a cryptographic token created on the Ethereum blockchain employing the ERC20 standard. GoldPass certificates support the token. GoldPass is the gold trading platform of The Perth Mint, seeking to enable traders to instantly trade, transfer, and preserve physical gold placed at The Perth Mint. The token is powered by government-guaranteed gold and aims to be the gold token built on the public blockchain. The PMGT token is redeemable or convertible through GoldPass into an array of Perth Mint products, seeking to make the token tradable against conventional gold products.

History of Perth Mint Gold Token (PMGT)

PMGT token has been established by organizations like Trovio, which is a part of the RoZetta group. Jon Deane, a former CEO of TCM Capital, is now the CEO of Trovio.

The total supply of PMGT varies constantly. The token's total supply increases when there is an exchange of GoldPass certificates for PMGT and decreases when PMGT tokens are redeemed for certificates.