Novem To Launch Gold Pegged Stablecoin ‘999.9’
One-and-a-half-year back Tether was the dominant dollar pegged cryptocurrency. Now, there are so many dollar pegged cryptocurrencies such as True USD, Dai, Steem Dollars, White Standard, etc., Soon, we may have the yen, AUD and won pegged cryptocurrencies. The list will soon have a new addition from Novem, a Liechtenstein based blockchain startup.
The major difference is that the cryptocurrency will be pegged to gold that will be held in Germany. Traders will be able to buy and sell ounces of gold quite easily using their crypto wallet.
The company has mentioned that stablecoin, dubbed as 999.9, is a security token representing 0.01 gram of gold. The developers behind the crypto are planning to send a certificate when a trader purchases 999.9.
A spokesperson of Novem said “Novem is a better way to buy gold, with all purchases verified by third-parties at the time of purchase, secure storage with third-party auditing, and at the time of sale. The differentiation from other gold-backed coins is 100% liquidity and ‘old economy’ precious metals industry certifications.”
The spokesperson further said “At this point, over $1,035,000 in NVM [999.9] tokens have been purchased in private sales. There has been significant interest in the project in both the precious metals and blockchain communities.”
The Novem team has further stated that the gold will be stored in their vault in Germany. However, no evidence has been presented to prove the legitimacy of the crypto so far.
Novem’s spokesperson made the following statement “By the start of 2019, over 30 kg of gold, valued at nearly $1.5 million, has been stored with Loomis and subject to regular third-party auditing. The quantity of securely-stored physical gold is projected to more than double with a commensurate number of NNN Gold Tokens minted by the time of public sale, which begins in 3 weeks.”
One of the major concerns investors may have is that the token is running on unpopular NEO blockchain. That is in addition to the lack of proof regarding the availability of the crypto currency.
999.9 stablecoin was developed by Wolfgang Schmid and Mario Schober, who are former traders of precious metals.
Other participants, primarily involved in marketing of the project, are marketing “guru” and former parkour athlete Andreas Kalte, experienced precious metal trader Schmid and Schober, and Kalte, who has experience in scaling walls.