Mogul Kent Swig is supporting a new cryptographic token using gold reserves

Mogul Kent Swig is supporting a new cryptographic token using gold reserves

Source www.businessinsider.com There’s been a jump in institutional interest in cryptocurrencies including at investment bank Morgan Stanley and electric vehicle maker Tesla. Wall Street on Wednesday is greeting Coinbase, the first cryptocurrency exchange to begin trading publicly. 

“We’re not reinventing the wheel here. What we’re doing is applying the world’s stable backing of a lot of things to a very advanced technology,” Swig told Bloomberg in an interview published Tuesday.  Swig, 60, said he searched worldwide for gold assets for 18 months to secure the $6 billion of reserves.

Swig, who owns realty firm Brown Harris Stevens, said his interest in cryptocurrencies was piqued after his teenage son talked to him about the concept. Swig said DIGau will stand out as a gold-backed, U.S.-based crypto security that pays a dividend to token holders. Digital token DIGau’s value will be pegged to gold’s market price, guaranteed by liens against mining claims in Nevada and Arizona that were secured by Swig and his partner Stephen Braverman’s company, Dignity Gold.

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