Introduction
The Klaytn Foundation, an organization dedicated to expanding the Klaytn ecosystem, has announced that Creder, a governance council member, will launch a tokenized gold offering called Gold Pegged Coin (GPC) in January. Creder will also introduce Goldstation, a decentralized finance platform that enables the conversion of physical gold into GPC tokens.
Creder's Gold Pegged Coin (GPC)
Creder, a South Korean asset digitization startup, is venturing into the gold tokenization business with the launch of a 1:1 backed gold token called Gold Pegged Coin (GPC). This initiative marks the first tokenized gold project outside of Ethereum. Creder has chosen Klaytn, a blockchain known for its low fees and scalability, as the foundation for this platform. By doing so, Creder aims to democratize access to this tool, as other tokenized gold alternatives, such as Tether Gold (XAUT), are exclusively available on Ethereum.
Introduction of Goldstation
In addition to GPC, Creder has also announced the introduction of Goldstation, a decentralized finance tool that allows users to digitize their gold bullion using non-fungible tokens (NFTs). These gold NFTs are issued on a separate platform called The Mining Club, which Goldstation utilizes to mint GPC tokens with the NFTs as collateral.
Decentralized Finance Opportunities
According to the Klaytn Foundation, the launch of Goldstation and GPC opens up new opportunities for decentralized finance. Users will be able to leverage the tokenized gold as collateral to generate revenue. Initially, Goldstation and GPC will only be available to South Korean users, with the Korea Gold Exchange Digital Asset (KORDA) serving as the custody provider for the platform.
Future Expansion
While Goldstation will initially focus on the tokenization of gold, Creder plans to expand its platform to include other metals in the future. The Klaytn Foundation has expressed its intentions to comprehensively tokenize real-world assets (RWA) of various precious metals beyond gold.
Gold Tokenization Trend
Gold tokenization has gained significant traction in financial markets, with many institutions launching initiatives in this field. In November, HSBC announced the launch of a gold tokenization platform targeting the London markets, with a market value estimated at $525 billion.
What are your thoughts on GPC and Goldstation? Share your opinions in the comment section below.
Frequently Asked Questions
What precious metal is best for investing?
This question is dependent on the amount of risk you are willing and able to accept as well as the type of return you desire. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. If you are looking for quick profits, gold might not be the right investment. If you have time and patience, you should consider investing in silver instead.
If you're not looking to make quick money, gold is probably your best choice. Silver may be a better option for investors who want long-term steady returns.
What tax is gold subject in an IRA
The fair value of gold sold to determines the price at which tax is due. When you purchase gold, you don't have to pay any taxes. It's not considered income. If you decide to sell it later, there will be a taxable gain if its price rises.
You can use gold as collateral to secure loans. When you borrow against your assets, lenders try to find the highest return possible. In the case of gold, this usually means selling it. The lender might not do this. They may hold on to it. Or they might decide to resell it themselves. The bottom line is that you could lose potential profit in any case.
To avoid losing money, only lend against gold if you intend to use it for collateral. If you don't plan to use it as collateral, it is better to let it be.
How does gold perform as an investment?
The price of gold fluctuates based on supply and demand. Interest rates also have an impact on the price of gold.
Gold prices are volatile due to their limited supply. There is also a risk in owning gold, as you must store it somewhere.
Which precious metals are best to invest in retirement?
The best precious metal investments are gold and silver. They are both easy to trade and have been around for years. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: Gold is one of man's oldest forms of currency. It is also extremely safe and stable. It's a great way to protect wealth in times of uncertainty.
Silver: The popularity of silver has always been a concern for investors. It's an ideal choice for those who prefer to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. Like gold and silver, it's very durable and resistant to corrosion. It's also more expensive than the other two.
Rhodium: Rhodium can be used in catalytic convertors. It is also used for jewelry making. It is also very affordable in comparison to other types.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It's also more affordable. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
Is gold a good investment IRA?
Any person looking to save money is well-served by gold. It can be used to diversify your portfolio. But gold has more to it than meets the eyes.
It's been used throughout history as a currency, and even today, it remains a popular form of payment. It's sometimes called “the world's oldest money”.
Gold is not created by governments, but it is extracted from the earth. It is very valuable, as it is rare and hard to create.
The price of gold fluctuates based on supply and demand. If the economy is strong, people will spend more money which means less people can mine gold. The value of gold rises as a consequence.
The flip side is that people tend to save money when the economy slows. This leads to more gold being produced which decreases its value.
This is why gold investment makes sense for both individuals and businesses. You will benefit from economic growth if you invest in gold.
Your investments will also generate interest, which can help you increase your wealth. If gold's value falls, you don't have to lose any of your investments.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
cftc.gov
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
bbb.org
How To
How to Keep Physical Gold in an IRA
The easiest way to invest is to buy shares in companies that make gold. However, this method comes with many risks because there's no guarantee that these companies will continue to survive. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
You can also buy gold directly. You can either open an account with a bank, online bullion dealer, or buy gold directly from a seller you trust. This option has many advantages, including the ease of access (you don’t have to deal with stock markets) and the ability of making purchases at low prices. It is easier to view how much gold has been stored. You will receive a receipt detailing exactly what you paid. You have less risk of theft when investing in stocks.
However, there are some disadvantages too. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. It won't allow you to diversify any of your holdings. Instead, you'll be stuck with what's been bought. Finally, the taxman might want to know where your gold has been placed!
If you'd like to learn more about buying gold in an IRA, visit the website of BullionVault.com today!
—————————————————————————————————————————————————————————————–
By: Sergio Goschenko
Title: Creder Launches Gold Pegged Coin (GPC) and Goldstation Tokenization Platform
Sourced From: news.bitcoin.com/south-korean-tokenization-startup-chooses-klaytn-over-ethereum-for-gold-nfts/
Published Date: Fri, 05 Jan 2024 11:00:34 +0000
Leave a Reply