Digix coins backed by gold in Singapore and Canada

0:24giving us more of an understanding on the background of how the project first came to fruition and what was the purpose and the vision and how does it tie into currencies and blockchain right so this is a project we started back in December 2015 back then there were not as many cryptocurrencies as the odd as they are today but the ID had a problem of having

0:47a volatile cryptocurrencies to exists so back then the vision was to create a stable as set on a blockchain to keep people the currency then not only just has stability but a real store of value they can withstand the test of time so back then we created physics as a platform so tokenize physical goal and issue gold back cryptocurrencies because you believed that precious metal itself

1:11it's a stable store value and it will withstand any kind of economic uncertainty so first of all over five years I think the vision of mission is always with the sea which is to democratize the excess to precious apple for anyone out there in the world who has internet connection can easily get involved with matrix by buying gold back at the crisis for us great and

1:33can we touch a little bit deeper on what is an asset-backed digital gold token and for people that are new to cryptocurrency how does that differentiate from Bitcoin right so if you look across the block of cryptocurrency study Bitcoin and be real repo and the list goes on alone this cryptocurrency doesn't really hold any physical underline and in fact a lot of them are

1:57just software could help by the loss of the money supply or in some other cases have utility to them either accessing an ecosystem or using it for payments and silicon now what physical asset tokens are which is what we've created is essentially a tool represents a physical illness she doing is call them recite somewhere in the real world so what we have in matrix is

2:22a token called eg X that represents one gram of this goggle that are helping the vaults here in Singapore as well as in Canada that represents its real one of my ownership very interesting and that was going to lead to my next question there so there actually is gold being stored in Singapore in Canada that represents all of the tokens so if more people purchase the tokens does the

2:48reserve fluctuate do you increase your reserves and purchase as people purchase or is the reserve the same amount and you know how much is in reserve right so at the moment right now we have two kilograms street value $4 dollars say it's about six million dollars right now today the supply of these tokens will increase all the time as well more people purchase these coats offense

3:13itself so it's not a big supply it will increase as there's more demand and a small requirement for us create law his coat softens this go token was formally launched about two years ago in April of 2018 and ever since then we've seen about proximally six million dollars in the month it's been circulating on the different crypto currency exchanges index s – but it's not it's not a fixed

3:36cap and you know increase all the time very interesting and who are the ideal users of these tokens is it just people looking to get heavy metals but in a digital form or are there specific demographics that you see purchasing these tokens specifically right so some of our target audience actually we allows us to reach out to countries with a little bit more economic uncertainty

4:01right so these guys are they are trying to get access to an international class of asset like physical group but it don't have the ability to access them in the local markets so the current the current user basically allows people to cheat by mainly as a store value I would say using go as a form of payment or cost model represents it's not as prevalent yet as compared to the dollars

4:24or any other kind of yeah this system we have a place right now so I would say between group audience right now is just the storm barrier people follow by guys who want to treat it as a physical asset cool itself is not exactly the most stable in terms of price movements over the last five years but yes there's an upward trend since start this year has really moved up

4:46almost about 20 percent if we look at the current price today it's almost an all-time high for this year compared to last year as well I saw a big chunk a big price a tip it down a little bit so I believe before this difficult of like economic uncertainty is happening around the world with the whole you know the various issue you're in the different

5:06not us-china trade war tensions and even u.s. and Iran these kind of like news will actually trigger a big buying behavior for precious metal across the board but as a critical form was a physical goal or is it in the goal Bank products offered by Capital Markets definitely there's a lot of traders and investors that are diversifying and this is a further diversification so that

5:31makes sense now digits has been around for more than a few years more than many other cryptocurrency projects but I believe it's not the only gold backed asset that is in existence in the cryptocurrency world is there a specific competitive advantage or of reason why people choose digits over other coins and tokens that also are reserved by gold right you're right to say that it's

5:56not just the only go back to connect company in fact we have about I would say close to five to seven other go back token they have credible market sizes I think this whole idea of competition that is the concept and it definitely gives not just the user but a business confidence that what we're doing is on the right track I'll say that the main advantage that we have today is the

6:18access to partnerships in the entire crypto ecosystem so we partner with companies who use both tokens for payments we partner companies use it as a form of collateral power lending and the list goes on and on so it's about having accessibility the entire crypto market builds itself on interoperability and what we have in the X and the X of all this different partnership now

6:42when we have allowances when she give our user the access the different services available a lot cheaper system and your team recently revamped your entire website and the marketplace in which you purchase the gold can you talk about how long has this been in the making and what does this mean for the users of digits now right yeah absolutely extremely excited with the

7:05whole launch of this 40 marketplace it's been about a year in the making so far and this marketplace is designed primarily to do two things first is to give the ease of inflammation access to a customer you can just go into one single website one single customer and you access to every information they need to know about the checks company the partnership's the pricing when the

7:28goal is called a lot of different thoughts there's the main case the second one is allowing someone to be purchasing and already from their own crypto wallets so ease of information and so accessibility from your own wallet two main drivers for creating this whole new marketplace to be an family relaunches marketplace about earlier into this one in February and we're

7:49running a little promotion right now something go and it's slightly off market prices so for the readers out there you wanna check it out the websites digits for global yes everything on that you need the pricing the excess create account and of course it is called the price and we'll go that's great Shawn and now that the marketplace has been revamped

8:10what are the next steps that your team is taking to continue growing the project right so we recognize that there's a lot of new movements in the cryptocurrency space today especially the whole new movement of decentralized finance working with new partnerships in the ecosystem is its paramount to us to be we want to get access to a lot of people to build more integrations with

8:31the code token is the main kind of like I would say behavior they were trying to create within the partners in the ecosystem mm-hm and speaking of partnerships that was my next question you know what are the major partnerships that you rely on and as you continue to look for new partnerships what are the ideal partnerships in the industry that you're

8:50looking to achieve so the main punish that we have been relying on so far as the exchanges network that we have so we are currently plugged into exchanges like BitFenix uni swap Khyber I want to keep these partitions going and actually growing in fact as well so we want to have more and more different exchanges that will be offering ejects to the users on there

9:12notably atomic few exchanges they've been working on so far the other kind of like initiative we've been exploring so as to reach out to paulandnic platforms to allow our token order statistic codes open Tweetup our interest on them or to allow them to receive these code tokens as a collateral that's great and as you continue to grow you may also face some challenges that

9:38will you'll have to overcome for your growth now what kind of challenges do you foresee in this specific niche market in cryptocurrency that you're gonna have to face to reach mainstream adoption right so it's a good problem to have but gold today right now is we might have some of the users out there who are looking to purchase these codes on this and thinking like oh I might be

10:01buying go and all-time high prices so it's not the price movement of yourself has been a good and bad thing for us do in the sense that yes a lot of our existing users have benefited from the entire rise in prices the downside is that new users would be a little bit more hostile to get involved it's almost the same behavior it's like buying crypto itself a user may look at Bitcoin

10:23prices to be anything like oh is so much high end and long years ago so this is the given take know makes sense but with the economic uncertainties and in the few years it could be much higher it could also be much lower but when people see it at the all-time high I could understand how they are fearful of buying in but you never know which direction it's going to go in the market

10:48we'll see how that plays out so that's very interesting and does your company have besides you know people purchasing the gold tokens does the cash flow and the balance sheet get majorly affected by the price of gold or are you guys fairly hedged against that to the Enza because we sell so yourself working capital – and she by this court opens economy infantry so we don't really have

11:14much of a fluctuation there's a balance sheet economy home but it's been a good run up so far but chasing law bulls its last yeah so I don't think it's a bad effect on any public policy requirements here that's great and how large is your team right now and are you guys expanding I know you mentioned you're looking for more partnerships but are you also looking for more team members

11:37or just more end-users until we are cardiod about 21 people in a moment they'd be relying on the developers within the company to build all the different platforms and features and integrations everyone keep going forward was it the focus right now is not to grow internally but to grow the demo user side to grow the partnership's that we could access

11:57to great and if there are users that are looking to learn more information or to get involved with TX what's the best way for them to reach out to the best place for you is on the website itself they did stop global on that page you get access to the company's blog which we have all the limbus information on that pay as well you get excessive social media links

12:17with the Facebook Instagram where we post all different promotions updates the website of this company even and all of different online news and publish all be found great thank you so much for your time Shawn I will leave those links in the description box below as well for the viewers and that's all the time that we have for the interview today but it's

12:38been a pleasure learning about digits and let's follow up in the near future