BNOX- Digital Gold can be a New Superstar of the Cryptomarkets
Investor demand for gold has been rising steadily over recent months as a response to global economic instability prompted by the COVID-19 pandemic.
Inspired by these investment trends, Estonian fintech BlockBen was on spot to develop and list the digital version of gold: BlockNoteX (BNOX) was created to be a digital asset with a 100 percent gold deposit on the Ethereum platform.
BlockBen is not new to the cryptocurrency business, as it made an impressive debut in Singapore in 2018 receiving the Innovative Product of the Year award at the Crypto Currency Expo.
Blockchain technology has seen unprecedented growth in popularity in 2020, and the global blockchain market size is expected to expand from USD 3.0 billion to USD 39.7 billion by 2025 at an effective Compound Annual Growth Rate (CAGR) of 67.3% between 2020 and 2025.
The global cryptocurrency market is also seeing a huge rally, as the market capitalization has almost quintupled (from USD 300 bn to almost USD 1,500 bn today) over the past year. Businesses aim to exploit new technologies as the COVID-19 pandemic accelerated the digital transformation drive in a number of industries.
The future of the cryptocurrency market looks outstandingly promising in the peer-to-peer payment, e-commerce, retail, and entertainment industries.
These prospects are most likely to be enhanced by the growing remittance in developing countries, fluctuating monetary regulations, and a significant increase in venture capital investment.
“The pandemic has raised notable interest in blockchain amongst businesses. They are looking for solutions to secure business continuity, modernize their operation, or even to put up the fight with the setback caused by COVID, such as supply chain issues.
Digital assets have also gained popularity amongst small as well as larger investors as the technology is increasingly covered by mainstream media” – says Attila Krocsek, Head of Business Development at BlockBen.
Gold is an ageless superstar in the financial world: the metal’s price per ounce has risen by more than a third in the past year and is currently hovering around $ 1,800.
Investor interest in the time-honored metal, which always offers stability and security, has been growing exponentially due to recent global economic uncertainty.
In fact, demand for gold jumped to such an extreme height after the outbreak of the coronavirus pandemic that many local actors ran out of available physical gold reserves worldwide.
Stable, secure, and full of opportunities
While gold is successfully marching on the global exchange market, it is now available digitally for the very first time in history, with the security guaranteed by blockchain technology.
BlockBen, the Estonia-based fintech created BlockNoteX (BNOX), a digital asset on the Ethereum platform, backed by a 100 percent gold deposit. 100 units of BNOX equal to 1 gram of gold and its value changes in direct proportion to that of physical gold.
BlockBen procures the purest physical investment gold in existence – with a purity of 0.9999 percent – through an LBMA member wholesale partner.
The insured gold is kept in a safe in Zurich, Switzerland, registered under the name of the gold deposit owner. The advantage of BNOX is that with the Ethereum public blockchain, it guarantees an extremely wide range of opportunities for clients and buyers, with maximum security.
It creates a bridge between traditional and state-of-the-art financial methods.
“BNOX is available on several high-traffic cryptocurrency stocks, including P2PB2B, CoinTiger and WhiteBit. In addition, the product has appeared on such well-known listing sites as CoinMarketCap, CoinGecko, and Feixiaohao.
The significant interest shows that the digital gold market will open up massive investment opportunities in the near future. As a further development, we created the interest-bearing digital gold: investors will be able to tie up BNOX through a stock exchange partner for 1 to 6 months, and then realize an interest rate of up to 10-30 percent” – adds Attila Krocsek.
BlockBen made an impressive global debut in Singapore in 2018 as it received the Innovative Product of the Year award at the Crypto Currency Expo. One year later, its innovative payment solution called BlockBenPay was included in FinTechShow’s 10 most exciting digital financial innovations.