FxWirePro: Snapshot on gold-backed crypto option

Digix Gold is the pioneer of the gold-backed crypto to begin trading with, presently available on Bitfinex and the Singapore-based exchange Kryptono. As you could look at DGXETH (at Bitfinex) downside traction, with intensified bearish momentum.

1 token of DGX denotes a gram of Gold on Ethereum which is backed by gold from the London Bullion Market Association (LBMA) certified refiners resembling to how dollar-backed stablecoins functionalities.

Nevertheless, physical redemption, would be awkward as gold can only be redeemed from its vaults in Singapore.

DGX coins are generated as needy one buys gold on their marketplace by distributing the required amount to the smart contract address, for an instance: buy 100g gold = 100DGX @$39 = $3,900.

The Digix whitepaper is light on technical detail but assuming the token derives its price purely from the price of gold per gram (which spot price is valued per ounce) then the DGX token's current price of about $39 per gram is "undervalued" compared to the spot price of gold of about $1,224 per ounce (about $43 per gram). There are currently around 83,000 DGX in circulation with a diminutive market cap $3.3m. 

Digix also has a DAO governance token (DGD) which allows access to the platform to tokenize any real asset. DigixDAO is a self-organizing Ethereum entity (essentially just a smart contract) that DGX holders can participate in by voting on the governance and direction of the platform or through the advertising and promotion of it. Courtesy: BNC

Currency Strength Index:FxWirePro's hourly BTC spot index is flashing at 72 levels (which is bullish), while hourly USD spot index was at -41 (bearish) while articulating at (11:01 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex