The CACHE Gold token (CGT) is an ERC-20 token that represents a corresponding share of real, verifiable, physical gold. In other words, it’s “tokenized gold.”
CACHE Gold tokens can be bought or sold by anyone, anytime, anywhere, as long as they have access to an exchange like us which has listed them. This capability puts Gold on the same level as cryptocurrencies, since it can now be traded instantly or swapped instantly for other crypto assets.
Why is CACHE Gold Unique?
Though other versions of tokenized gold exist, CACHE Gold (CGT) is unique because first, it doesn’t just promise transparency with regards to its reserves, it delivers it, through a tracking system called “GramChain.” Overall, GramChain is an asset tracking system, with the sole purpose of leveraging blockchain technology to provide an immutable record of key details about all GramChain tracked assets.
To do so, it requires every “event” involving the gold that backs CACHE Gold in to be tracked, recorded and time stamped on the Ethereum.
How can I use CACHE Gold?
Essentially, CACHE Gold is like real gold in cryptocurrency form since it’s tied to equivalent physical gold reserves. Consequently, you can use CACHE Gold just like any other cryptocurrency. You can buy it and “HODL” it, trade it, or simply “HODL” it for a while, then swap it for something else.
Since CACHE Gold tracks the price of gold in its reserves, equivalent to 1 CGT for 1 gram of gold, most existing CGT investors tend to treat it as a store of value, like the physical gold it’s backed by.
Why did we choose to list CACHE Gold (CGT)?
At NBX, we’re dedicated to projects/networks that use the value of the blockchain to redefine their business models, while giving both retail and corporate investors new ways to invest in the cryptocurrency space. We believe that CACHE Gold (CGT) fits these criteria, with the added benefit of being dedicated to transparency across the board, which we also value.
What can I do with CACHE Gold?
You can “HODL” it, trade it, sell it, or redeem it for the physical gold it’s tied to. If you choose to redeem your CGT, you’ll need to first make sure that you have an “verified CACHE account”. In other words, just like when you sign-up with an exchange like NBX, you’ll have to pass the KYC process. In CACHE Gold’s case, this involves providing your full-name, email, a phone number where they can reach you, and a residential address. Additionally, you’ll also have to provide your date of birth and one or more documents like your passport to prove your identity. Once you’ve finished doing all of this and the CACHE Gold team has approved you, you’ll be able to redeem your tokens for real gold and have it shipped to you.
If, however, you’re only interested in “HODLing” or trading CGT, then it’s enough to keep in mind that since it’s an ERC-20 token, it can easily be exchanged for Ether or any other Ethereum-based cryptocurrency.
How can I get CACHE Gold?
You can purchase CACHE Gold directly with us. As soon as you do, you’re also allocated reserves equivalent to your purchase. For example, if you purchase 100 CGT, you’ll be entitled to 100 grams of physical gold as well. It’s important to note that we don’t deal with any reserves at this time. The CACHE Gold team does.
What is CACHE Gold’s legal standing?
According to the CACHE Gold team, they are “legally compliant and licensed under Singaporean law to issue CGT tokens.”