SINGAPORE, July 3, 2019 /PRNewswire/ -- From ancient civilizations to global economies, gold has been held in high regard as one of the most valuable precious metals throughout the history of mankind. Often seen as a symbolic representation of social and economic status, this precious metal has historically been used as currency in trade and the backing of paper money across countries, known as the gold standard. Today, Gold presents excellent hedging capabilities against inflation of paper currency and is recognized as a safe haven during economic downturn. However, due to the price of gold, in spite of public interest in its value, there lies high barriers to entry in trading this precious metal physically, especially in small quantities.
Gold Egg Group was founded to enable anyone to exchange gold freely on an innovative platform that remains open to all its users. Utilizing forefront blockchain technology, Gold Egg Group aims to transform the traditional way of owning and trading gold, through a unique blockchain exchange by reducing liquidity issue, enabling diminutive trading and ease of access to exchange of gold.
Providing a Safe Haven for Trading Gold at Scale
Gold Egg Group's gold exchange platform embodies an open and systematic process based on blockchain that keep tracks of transaction records at scale without geographical boundaries, without compromising on system security. Whenever a person exchanges gold on the platform, each gram of gold is uniquely coded and recorded in the blockchain, and its ownership can be verified and tracked at any time. Gold traded on Gold Egg Group's platform is stored in Singapore and fully insured, with monthly inventory and platform audits to ensure the highest accounting standards for the platform's users.
Additionally, Gold Egg Group works with an established trust company, a regulated and internationally compliant certification service, to accommodate large numbers of exchange processes while upholding their commitment to provide an open gold exchange platform to their users.
Founder, Honey Wong, credits blockchain technology to the success of Gold Egg Group, "Blockchain has allowed us to achieve a level of flexibility and liquidity in the gold industry like never before. Every transaction record on blockchain is immutable and available for the public to access. This means that our users can see where an asset has been throughout its life."
With constant advancement in blockchain technology, Gold Egg Group is set to continue scaling its gold exchange platform on the global stage, bringing fast and accessible gold trading to users around the world.