Swiss blockchain startup Eidoo joined the ranks of the projects launching their own tablconv, announcing the creation of a stable coin, tied to the price of gold.
BREAKING NEWS: #Eidoo announces a stable coin tied to the #gold price, @Ekon_gold . https://t.co/vMP8tdy7R3
— Eidoo [Non-giver of ETH or other crypto] (@eidoo_io) 19 September 2018
Stablon from Eidoo got the name Ekon and is a certified ERC-20 token, which will access in a multi-currency wallet and hybrid decentralized exchange project. Exchange Ekon will be on one gram of gold of 999 tests that are in special storage. Gold reserves are audited every 90 days, moreover, increase confidence in the token, the company promises the opportunity to observe the gold in the vault through a video camera.
“We will be releasing a new token only in case of availability of gold and only under the condition that the user has passed the procedure of “know your customer” (KYC) and comply with all requirements of Swiss law”, — said the founder Eidoo Natale Ferrara.
Profit from the purchase and sale of Ekon within the ecosystem Eidoo will be converted to the native token of the project EDO.
Despite the uniqueness of the offer the Swiss startup, not all experts agree with its usefulness, as the price of the precious metal is not so stable. So, for the last six months it has fallen by almost $150, but increased by $25 since the end of August.
“In relation to the USD gold will not necessarily be stable. Most exchanges and investors use as the base currency, the US dollar, so stablon wiser to associate with this base currency”, — said Dr Wang Chun Wei of the University of Queensland.
He, however, admits the idea that investors may want to have in their portfolio assets that are not correlated with cryptocurrencies.
In October 2017 Eidoo raised $27.9 million during licensee, and in April of this year received a license of the Swiss Association for supervision over observance of standards in the field of financial services (VQF) under the national financial regulator (FINMA).
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