Tech Company Releases “Gold Backed Cryptocurrency” Challenging Conventional Cryptocurrencies Like Bitcoin

By March 9, 2017Bitcoin Business
Click here to view original web page at www.prnewswire.com

AUSTIN, Texas, March 9, 2017 /PRNewswire/ -- In a world first, OZcoinGold 100% backs its next-gen cryptocurrency with 100,000 ounces of 24 karat gold. Currently 100,000 ounces of gold is valued in excess of $123 million (USD). OZcoinGold, marketed by a U.S. based tech-company in association with an Australian publicly listed and regulated goldmine, launched the world's first cryptocurrency backed 100% by 24 karat gold. Ira Carlin, advertising and marketing executive, and formerly a senior executive with 40 years at McCann-Erickson and Universal McCann, has been named president. Ira believes that OZcoinGold is a game changer in the finance market. "Conventional cryptocurrencies like Bitcoin experience significant market volatility and other technology, investment and commercial disadvantages. OZcoinGold is our response to these disadvantages."

Launching March 10th 2017 at the South by Southwest (SXSW) Conference and Festivals in Austin, Texas, OZcoinGold expects its limited-issue next-gen cryptocurrency, backed by 100,000 ounces of gold, to reshape financial markets and cryptocurrency models alike.

"OZcoinGold offers the security of a commodity such as gold and the increased investment return potential of forces like market premium," Company President Ira Carlin said. "As an example Bitcoin has no asset backing and is trading more than the price of gold (6Mar2017). Thus Bitcoin's value is totally market premium. The fixed number of OZcoinGold units (linked to and backed by 100,000 ounces of 24 karat gold) prevents the production of more OZcoinGold coins. This means that unlike fiat currencies and cryptocurrencies, OZcoinGold cannot be devalued by the production of more coins."

Built on 3rd Gen. blockchain technology using Ethereum blockchain, the safest and most advanced cloud-based blockchain-tech in the world, OZcoinGold is at the forefront of financial and investment security. "With the addition of advanced personal security features built into OZcoinGold Wallet, individuals have more control over their OZcoinGold coins than any other cryptocurrency in the world," stated founder and CTO Johannes Breytenbach.

Structured so that one hundred (100) OZcoinGold coins are equal to one (1) ounce of 24 karat gold, OZcoinGold secures an initial minimum price equal to the current price of gold. According to founder and CTO Johannes Breytenbach, "OZcoinGold presents a unique opportunity to investors. By investing in gold via OZcoinGold there is no Bid-Ask variation and other gold purchase related costs, and for long term investors there are no storage fees on your gold bullion."

Initially each 100 OZcoinGold coins are backed by 1/3 of an ounce of gold bullion stored in Australia's Perth mint (in continuous business since 1899) and 2/3 of an ounce of secured gold reserves. The verification of the gold certificates and security guarantees are uploaded to the blockchain and audited every 90 days and can be viewed at www.ozgld.com.

OZcoinGold allows investors to trade OZcoinGold coins on the open market and exchanges, like other cryptocurrencies, or to hold onto their investment while seeking capital gains on both the increase in gold value and the market premium driving factors. "All of Bitcoin's value is driven by market premium. OZcoinGold benefits from both market premium and gold value increases," said founder and CTO Johannes Breytenbach.

"A further benefit of OZcoinGold is its post March 1st, 2022 capacity for immediate conversion into 24 karat gold," the President of the company, Ira Carlin explained. "The Australian publicly listed and regulated goldmine provided security over 100,000 ounces of its proven reserves to OZcoinGold. With 1/3 of the gold already being stored in the Perth mint, the security agreement ensures the delivery of the remaining 2/3 of gold to the Perth mint in tranches over the next 5 years. After March 1st 2022 all 100,000 ounces of 24 karat gold bullion will be available via certificates from Perth mint. If they so wish, OZcoinGold owners may redeem their Perth mint gold certificates and present them to gold bullion dealers world-wide for their 24 karat gold."

OZcoinGold also offers its users complete privacy. This means coin distribution and transactions on the blockchain are anonymous. Unlike conventional banking, accounts can never be frozen by external third parties like banks or government entities attempting to exact financial retribution. Most importantly, many of the costs associated with conventional payment methods including banking fees, currency conversion fees and international transaction fees are eliminated.

OZcoinGold coins, unlike most cryptocurrencies, can be purchased directly from the website via the OZcoinGold wallet as well as from select cryptocurrency exchanges.

To learn more visit www.ozgld.com or contact OZcoinGold's Customer Service Manager at info@ozcoingold.com.

SOURCE OZcoin, Inc.

Leave a Reply

All Today's Crypto News In One Place