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On Oct. 30th, KuCoin announced the listing of GramGold Coin (GGC) trading pairs on their exchange. The extreme volatility in the crypto finance sector has been the worry of numerous people wanting to enter it as well as the downturn for many others. The GGC seeks to solve these issues by providing the functioning and reliable hedging tool that we all need.
The GGC coin, provided by the GramGold Coin Collaboration, is based on the Ethereum ERC20 blockchain standard and its value is pegged to gold bullions. Each GGC coin represents one gram of these gold bullions, as recorded by a statement.
For each gram of gold presented by a vault statement via a smart contract through a Proof of Asset (POA) protocol, a GGC coin is created on the blockchain. This is ensuring the value of every GGC issued matches with the same amount of gold inside the company’s partners’ independent gold vaults, to which it provides real-time audit report for everyone.
The gold reserve is audited on monthly basis, while anyone can go on the independent vault’s website and get a live report of their current holdings. As of the time of this writing, the latest audit has been made on Oct. 30th, according to which GGCC holds 56 gold bullions at 100g each, worth a total of $223,028 at the time of the audit.
As the whitepaper states, the GramGold Coin Collaboration (GGCC) is the “company and team that will facilitate, issue, manage, and store the GGC through the use of gold bullion with the blockchain as a transaction platform.”
The GGCC team members have broad backgrounds in traditional finance and have been through several recessions, including the one in 2008. According to Thomas Huang, CEO and Founder at GGCC, “that’s how we understood the vital role of gold, and how it can save lives in the investment market.”
Mr. Huang holds double Master’s Degree of Mathematics of Finance and Statistics from Columbia University. He has over 23 years of experience in investment banking, risk management, wealth management and quantitative trading with Louis Dreyfus Company, UBS and China Development Industrial Bank in Taiwan, Hong Kong, and New York.
Unlike most gold-backed cryptocurrencies, the GGC token was launched without an ICO and went straight into Initial Coin Circulation (ICC). Moreover, GGC coin does not charge you any fees for holding it and has significantly lower transaction cost as compared to other hedge coins.
The answer is more straightforward than it seems. Gold has a close to zero correlation against all crypto assets out there, meaning that GGC will not be affected if the market goes crashing. Moreover, according to Thomas, “gold has a -77% correlation against the USD, that transfers directly to USDT and all other stable coins.” This means that when USD goes down, gold goes up and saves investors from an economic crisis.
Gold provides a haven for your assets in the case of a recession, which might be closer than you think with the growing bubbles in the US. Recently, countries have been selling off their US debt while the boom of student loans, government debt, and healthcare cost per capita, just to name a few, are all bubbles that could easily lead to the next significant economic slowdown. Are you prepared for such an event?
So far, the GGC coin is listed on three exchanges and, according to Mr. Huang, there are a couple more listings on top crypto exchanges planned for this December. As to which are the exchange, only time will tell.
Given that the top priority of GGCC is to make sure crypto investors know there’s a much smarter way to invest and that the risks associated can be managed, I believe GGC to be the best gold-backed cryptocurrency on the market right now. The GGC coin indeed offers a reliable tool for all crypto traders and investors. It provides an easy and cost-effective way to ensure your financial safety in the case of a market crash. After all, the rule of thumb in traditional finance is to place at least 10% of your portfolio on gold. Why wouldn’t the same apply for the crypto market?
The transaction volume between 12:00 on Dec. 3rd and 12:00 on Dec. 4th are as follows:
GGC/BTC 123.143BTC (approx. 493,039.94 USDT)
GGC/USDT 602,392.45 USDT