The Swiss blockbuster start-up Eidoo has joined the ranks of projects launching its own steebles, announcing the creation of a stable coin tied to the price of gold.
BREAKING NEWS: #Eidoo announces a stable coin tied to the #gold price, @Ekon_gold . https://t.co/vMP8tdy7R3
– Eidoo [Non-giver of ETH or other crypto] (@eidoo_io) 19 September 2018
Eidoo's stubblecoin is called Ekon and is a token compatible with the ERC-20 standard, which will be available in a multi-currency purse and on a hybrid decentralized project exchange. To exchange Ekon it will be possible for one gram of gold of 999 test, which is in a special storehouse. Reserves of gold will be audited every 90 days, moreover, to increase confidence in the token, the company promises to be able to watch gold in the vault via a video camera.
"We will issue new tokens only if gold is available and only if the user has passed the" Know Your Customer "(KYC) procedure and complies with all requirements of Swiss law ," said Eidoo founder Natalie Ferrara.
The profit from the purchase and sale of Ekon within the Eidoo ecosystem will be converted into a native EDO project token.
Despite the uniqueness of the offer of the Swiss start-up, not all experts agree with its usefulness, since the price of precious metal is not so stable. So, for the last six months it has fallen by almost $ 150, however it has grown by $ 25 since the end of August.
Source: APMEX
"In connection with USD, gold will not necessarily be stable. Most exchanges and investors use the US dollar as their base currency, so it is more reasonable to bind the steeplecone to this base currency , "said Dr. Wang Chun Wei of the University of Queensland.
He, however, admits the idea that investors may have a desire to have in their portfolio assets that will not be correlated with crypto-currencies.
In October 2017, Eidoo raised $ 27.9 million in a token, and in April of this year received a license from the Swiss Financial Services Standards Supervision Authority (VQF) under the national financial regulator (FINMA).
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