Vaultoro Announces VGold, a Lightning-Based Bullion Token

Vaultoro Announces VGold, a Lightning-Based Bullion Token 1

Vaultoro, the first gold exchange to enable bitcoin trading pairs, is working to add a new Lightning-based token called VGold. This new digital asset is built on the RGB protocol and is expected to launch by the end of 2019.

According to Vaultoro’s communications and media officer, Gabriel Escalona, the company has opted in favor of Bitcoin’s second layer (as opposed to other popular token-issuing protocols) because Lightning is “super-fast, instantly transferable without confirmation times, and with near-zero costs.”

“It’s really amazing,” Escalona continued. “We want to help build on that, to add nonfungible tokens on actual Bitcoin. Bitcoin, for me, is still the strongest chance we have to take on the legacy banking system.”

In regard to the market valuation of one VGold unit, Escalona clarified that the asset is backed by one gram of investment-grade bullion. Additionally, thanks to Vaultoro’s experience and sustained presence in the gold market, the physical reserves that back the new token are more substantial than the sum of all their competitors’ holdings. 

VGold is also insured just like its physical counterpart.

“Helvetia insures any bullion we hold in the top-tier Pro Aurum facility, but this year we have expanded to also have a contract with the top-tier Brinks Vaulting facilities in Switzerland,” said Escalona. “This facility is both audited and insured by Brinks, which has revenue of over $3.9 billion.”

Escalona also suggested that RGB tokens will likely appeal to retail cryptocurrency investors looking to hedge in gold as an alternative to current stablecoin solutions. He described Vaultoro’s VGold as “a less volatile solution that is insured, bank-independent, and vaulted offshore.”

VGold and Vaultoro’s September Network Upgrade 

On October  1, 2019, Vaultoro revealed a new version of its platform, which brings improvements that are both aesthetic (a new design for the user interface) and technical (a new frameless, modular C++ machine that is expected to handle up to 1.2 million transactions per second). The upgrades serve existing and new services in order to handle the trading demand, but will also support the VGold integration.

At a time when tokenization is pivoting toward Bitcoin, thanks to the development of Lightning and its underlying security and robustness, Vaultoro has identified a better way of selling investment-grade bullion. This innovative approach is intended to bridge the bitcoin and commodity markets in a novel way, and it follows a company trend of integrating new technologies: In May 2018, Vaultoro also announced a Lightning-based instant deposit method. 

In 2018, Vaultoro CEO Joshua Scigala told Bitcoin Magazine that “Bitcoin is one of the greatest peaceful revolutions the world has ever seen.” 

In an announcement for VGold, Scigala said, “We see so much potential in payment channels and RGB provides the framework we need. This will enable use cases like serialized gold bars to be fully allocated, while the ownership is transferred over the Bitcoin network using the much faster second layer.”

Vaultoro Announces VGold, a Lightning-Based Bullion Token 2
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 42,350.00
ethereum
Ethereum (ETH) $ 2,883.95
cardano
Cardano (ADA) $ 2.26
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 341.57
xrp
XRP (XRP) $ 0.926572
solana
Solana (SOL) $ 131.14
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 29.08
dogecoin
Dogecoin (DOGE) $ 0.206417
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 42,350.00
ethereumEthereum (ETH)
$ 2,883.95
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 508.78
litecoinLitecoin (LTC)
$ 149.17
bitcoinBitcoin (BTC)
36.080,93
ethereumEthereum (ETH)
2.457,04
tetherTether (USDT)
0,851970
bitcoin-cashBitcoin Cash (BCH)
433,47
litecoinLitecoin (LTC)
127,09
bitcoinBitcoin (BTC)
30,902.16
ethereumEthereum (ETH)
2,104.38
tetherTether (USDT)
0.729685
bitcoin-cashBitcoin Cash (BCH)
371.25
litecoinLitecoin (LTC)
108.85

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin42,389 0.46 % 1.00 % 12.18 %
Ethereum2,875.5 0.07 % 1.72 % 16.11 %
Cardano2.260 0.34 % 4.35 % 4.79 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin342.88 0.50 % 4.19 % 16.67 %
XRP0.9270 0.32 % 2.28 % 13.83 %
Solana131.27 0.11 % 6.03 % 22.83 %
USD Coin1.000 0.06 % 0.05 % 0.24 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2062 0.32 % 2.80 % 14.77 %

bitcoin
Bitcoin (BTC) $ 42,350.00
ethereum
Ethereum (ETH) $ 2,883.95
cardano
Cardano (ADA) $ 2.26
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 341.57
xrp
XRP (XRP) $ 0.926572
solana
Solana (SOL) $ 131.14
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 29.08
dogecoin
Dogecoin (DOGE) $ 0.206417