On April 16, Australia-based blockchain tech company DigitalX has confirmed its AUD $2 million worth strategic investment into Bullion Asset Management Services (BAM), the company behind gold-backed stable coin XGold.

XGold is a gold-backed stablecoin created by BAM as a competitive product against other top stablecoin such as USD-backed stablecoin Tether coin USDT. The gold-backed stablecoin will enable the acquisition, transfer and storing of digital gold. Also, record of new token issues and redemptions will be kept on the blockchain. The estimated BAM interest acquisition through this strategic investment is 17.5%.

Regarding the news, DigitalX CEO Leigh Travers said:

“We are delighted to work with the team at BAM and utilize our extensive technical expertise to accelerate the launch of the gold-backed stablecoin XGold,”

Travers also expressed his positive view towards this stable coin project:

“Utilising blockchain technology BAM will be delivering a product to market that is lower cost and more secure than the traditional model of gold ownership and we look forward to the success of XGold.”

BAM is currently customer of Jaggards, also known as leading expert in precious metal and gold bullion and the distributor of high-profile gold bullion brand ‘Produits Artistiques Métaux Précieux’ (PAMP).