Bitcoin and Ethereum Backed by Gold – Industry’s Game Changer?

This month DinarDirham, a decentralized gold trading platform based in Hong Kong, is launching its own wallet with an in-built exchange supporting not only popular digital currencies such as Bitcoin and Ether, but also the company’s own digital assets.
What is DinarDirham
In 2015, DinarDirham decided to distance itself from a simple ‘gold trading platform’ format, and its field of operation has expanded since then.
According to the company whitepaper, DinarDirham is ‘a company attempting to address the problem of volatility and price discovery by using the existing spot gold market as the underlying pricing mechanism for its digital currency’.
Arai Ezzra, CTO and co-founder of DinarDirham, says:
‘If you have an asset that follows real-time gold price, which can be redeemed or claimed for physical gold and if you combine the benefits of digital currencies with benefits of gold as a store of value, in a transparent way, you get a match made in heaven. This is a cheap way to store, trade and use gold globally. Our unique and innovative trading technology based on blockchain makes this possible.’

This post was published at Coin Telegraph on 2016-07-07.