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How we source our gold? Or do the audit? The answers to these and more can be found below.
The London Bullion Market Association (LBMA) is the professional organisation that oversees the wholesale gold and silver markets in London, England - centre of the world's physical bullion trading. The LBMA sets and maintains the very highest standards in refining, documenting and storing every gold and silver bar allowed to circulate at spot prices in the professional market.
Each BullionFX token is 100% backed by 1 gram of LBMA certified gold. Gold is securely vaulted and 100% insured.
Comprehensive audit and asset verification by BDO. BDO Blockchain was the world’s first institutional grade audit launched for asset-backed tokens, founded by BDO and the co-founders of BullionFX to meet required institutional requirements.
Physical gold on the blockchain has the advantages of representing legal ownership of physical allocated gold, but does not have the drawbacks of limited transportability or high storage costs usually associated with it. Instead, it has the divisibility, fungibility and tradability of any digital asset like bitcoin. In other words, the best of physical and digital assets at the same time!
The amount of gold representing the total supply of $GOLD is a 1:1 ratio – one gram of gold equals one $GOLD token. The total supply of gold representing $GOLD changes continuously as the market capitalisation of $GOLD increases and decreases.
Yes. It is possible to own tiny fractions of a token, which are divisible out to 8 decimal points. If you purchase $GOLD directly from BullionFX.com, the minimum purchase is TBC.