Fintech VNX has launched an Ethereum-based precious metals tokenization platform, becoming the first European platform to offer efficient management of precious metal transactions with digital tokens. But, while the Liechtenstein-licensed platform is the first to offer gold tokens, it is also planning to launch the silver, platinum and palladium tokens sometime later.
Its first tokenized precious metal on the platform is the VNX Gold, which represents an ownership stake in a physical gold bullion certified by the London Bullion Market Association (LBMA). But each gold bar carries a unique serial number stamped on it, and linking it to the respective VNX Gold tokens — available on the VNX platform under the ticker VNXAU.
How The VNX Platform Works
Gold is often considered a safe investment. Having proven itself over time as an inflation hedge, the precious metal brings stability to investors, especially in difficult times. However, the costs that come along with acquiring Gold or keeping it safely stored can prove to be a much more difficult task. All these difficulties are what VNX looks to offer solutions to.
Firstly, VNX does not charge storage fees. Summarily, the VNX platform allows users to purchase tokenized gold in the form of VNX Gold tokens using Euros, Ether, or Bitcoin from anywhere around the world in just a few clicks. Each VNX Gold token represents ownership of one gram of physical gold, and offers investors all the advantages of its underlying commodity merged with the flexibility of a crypto asset. Users can transfer their VNX Gold tokens to any Ethereum wallet while the physical gold is stored in a vault in Liechtenstein with full insurance and zero storage fees. Holders can also collect their physical gold or receive a minimum of one kilogram of gold via global delivery.
According to Alexander Tkachenko, Founder and CEO of VNX, the crypto market is naturally volatile and offers little or nothing in terms of hedging. His statement further reads;
Our secure platform and tokens backed by gold offer clients a cutting-edge way to invest in precious metals, without the headache of traditional ownership associated with storage, transportation, etc. We are thrilled to launch our tokenized gold which can be used as a hedge against market uncertainty and stored in a digital wallet.
The platform is also compliant with the Liechtenstein’s Tokens and TT Services Providers Law (TVTG, also known as the Blockchain Act) and regulated by the Financial Market Authority (FMA). In addition, the VNX platform is KYC and AML compliant, providing the institutional grade standards of investor protection for a reliable hedge instrument for crypto investors.
“With the Blockchain Act, Liechtenstein wanted to create a legally secure link between the token economy and the physical world in order to build a greater degree of trust, which is important for both blockchain businesses and citizens,” says Dr. Thomas Dünser, Director of the Office for Financial Market Innovation and Digitization of the Principality of Liechtenstein. “It is good to see that smart and innovative projects are making use of this legal fundament.”
About VNX
Launched in Liechtenstein in 2022, VNX is an FMA registered platform for investment in tokenized precious metals, which facilitates the purchase, sale, and storage of precious metals. The VNX platform accepts fiat and crypto payments, enabling its users to easily and efficiently manage transactions of physical commodities with its digital tokens at low fees and with guaranteed security of assets. VNX Gold tokens represent ownership of physical gold in the specific numbered bullion, which is stored in a high-security vault in Europe. Each VNX Gold token represents one gram of pure LBMA certified physical gold.
For more information, visit: www.vnx.li
