Singapore based platform for trading gold-backed digital tokens Digix raised a $1.3m seed round led by Global Brain and Fenbushi Capital.
By tokenizing gold bullion, Digix is aiming to create a cryptocurrency that can provide more stability for investors. Unlike the majority of cryptocurrencies currently being traded, each Digix token will represent a real, physical asset – in its case, a piece of gold stored in a secure vault somewhere in Singapore. In its ICO, Digix managed to raise 465,134 Ether – worth close to US$5.5 million at the time. This will be spent in accordance with decisions made by DAO members.