Digix Garners SBR Award for Blockchain - Metals & Minerals
The company has created a world where 99.99% fine gold bars are made divisible, transferable and redeemable in the digital world.
As society rapidly evolves and moves into the future, one of the most significant roles of technology include creating innovative ways of merging technology and real-world, tangible assets to improve the lives of people.
Therefore, Singapore Business Review (SBR) recognises the accomplishments of ventures that target the fulfilment of this role through their trailblazing products, services and strategies. One company that achieved this successfully is Digix, a digital asset company that uses blockchain technology to represent physical gold through digital tokens.
Kai C. Chng, CEO and Co-founder of Digix said: “We are ecstatic to receive the SBR Award for Blockchain – Metals & Minerals. Amidst ongoing market volatility and rising inflation, we see a greater demand for safe-haven assets that have a long, enduring store of value. As such, we see a future where the use of gold is integrated into day-to-day activities ranging from payments and exchange of goods. Digix is happy to be at the forefront of innovation in this space—offering the world’s first asset-backed digital gold token on the blockchain.”
With DGX, 99.99% fine gold bars are finally divisible, transferable and redeemable. It sits on the convergence of the digital and physical worlds, bridging the gap between the physical gold and the digital realm, enabling mass access to a traditional store of wealth.
Digix’s proprietary blockchain technology, the Proof of Provenance (PoP), is a revolutionary protocol for the digitisation of assets. PoP is a full supply chain tracking and management system that ensures gold-backed tokens are created 1:1 to the underlying physical asset.
This is done through proper documentation management on the blockchain at each step in the chain of events. By PoP’s design, there will never be more DGX tokens created than the total weight of physical gold bullion backing them.
DGX gold tokens are created after the physical gold bars have been delivered by Digix to the independent custodial vault and finalized on the blockchain through the PoP protocol. Digix’s gold suppliers and custodians have accredited members of international bullion market associations, such as Brinks SG, Brinks Calgary and The Safe House SG. These physical gold bars are subject to regular audits by an independent precious metals auditor, Bureau Veritas.
Some of its benefits include:
Security and Transparency
Digix does do quarterly audits on their physical holdings. The public also has access to their inventory records anytime, anywhere.
Stable Store of Value
Gold is a time-tested haven asset. Investors can hedge with DGX tokens against volatile crypto markets and the wider financial markets.
Versatility of Use
As a currency-agnostic instrument, DGX tokens enjoy a diversity of use cases and can easily be transacted across Digix’s partner exchanges or spent in daily life.
Digix was founded by Kai C. Chng, the CEO of Digix. He worked on Wall Street as an FX trader in a global investment bank before building Digix.
The Technology Excellence Awards, presented by Singapore Business Review, was held via studio award presentations and video conferencing sessions throughout the second and third week of April.
This year’s nominations were judged by a panel consisting of Daryl Pereira, Head of Cyber at KPMG; Cheang Wai Keat, Partner, Consulting at Ernst & Young Advisory Pte. Ltd.; Henry Tan, Group Chief Executive Officer and Chief Innovation Officer at Nexia TS; Sivakumar Saravan, Senior Partner at Crowe Singapore; Cecil Su, Director, Head of Cybersecurity of BDO Singapore.
If you would like to join the 2022 awards and be acclaimed for your company’s exceptional technological innovations, please email Jane Patiag at email@example.com.