ITCEN GLOBAL said on the 19th it has begun full-scale operations on a real world asset (RWA) project that digitizes $10 trillion worth of physical gold and unveiled a plan for a gold standard passbook service that can be used in everyday finance.
ITCEN GLOBAL said on the 19th it will officially launch an RWA-based gold standard passbook, the "Gold Standard Wallet" (working title), using K-Gold (KGLD), which it is pushing to issue based on 50 tons of physical gold. Earlier, at the World Crypto Forum (WCF) held in Yeouido, Seoul, Lee Sang-yoon, head of subsidiaries Korea Gold Exchange Digital Asset (Korda) and Credder under ITCEN GLOBAL, explained a plan to expand gold into an asset used in real time on a Blockchain basis.
The Gold Standard Wallet is a financial application that uses the KGLD token, whose value is pegged 1:1 to physical gold. It applies Blockchain technology to the traditional asset of gold to increase asset liquidity.
Users can store gold tokens in digital form and can expect annual interest revenue of 1% to 3% by staking gold tokens. A stablecoin loan service based on gold collateral is also offered. The design enables everyday payments by using liquidity secured with gold tokens as collateral.
When salaries and the like are invested in on-chain gold assets, the structure allows asset management through investment revenue and collateralized loans, and it features the ability to make small investments and secure liquidity while maintaining the characteristics of a physical gold-based asset.
This service is based on the gold investment service experience ITCEN Group has operated. It expanded operating models accumulated in peer-to-peer gold direct-trading service "Geumbang Geumbang," digital gold purchasing service "CenGold," and revenue-generating asset "Hana Gold Trust" into an RWA structure. It is also considering issuance in the form of security token offerings (STOs) when the token securities (ST) system is refined in the future.
It is also pursuing cooperation to expand the global RWA market. Lee Sang-yoon, head of Korea Gold Exchange Digital Asset and Credder, said, "The joint research currently underway with Japan's JPYC and the discussions on collaboration with Mitsui & Co.'s JPYNG coin are all for KGLD's global scalability," adding, "Through the Gold Standard Wallet, we will build standard infrastructure for borderless digital gold finance."