OEX International Pte Ltd, an exchange based in Singapore, will be the world’s first crypto exchange to accept Physical Gold (PGG) pairings as a medium of transfer. Through its partnership with Puregold.sg Group, a Singapore-based firm that sells gold, and has two gold-backed tokens, OEX International Pte Ltd provides an additional recourse for the crypto and blockchain space.
Physical Gold (PGG) As A Recourse To Exchange Issues
The collaboration between OEX International Pte Ltd. and Puregold.sg Group is a means of resolving several issues presented by major cryptocurrency exchanges. These include the daily limitations of bank deposits and licensing hurdles.
PGG, or Physical Gold, is a gold-backed token from Puregold.sg Group that can be purchased through the company’s subsidiary, Bullion Currencies. Bullion Currencies is an online platform that allows customers to buy and sell gold, as well as to use it for transactions. To acquire PGG through Bullion Currencies, users may sign up at the Bullion Currencies Gold Saving Account.
Through OEX International’s integration with Puregold.sg, users can instantly transfer the PGG (Physical Gold) altcoin to the exchange, with the price set in the LBMA gold price. They can do this through the purchase of PGG on Puregold’s Bullion Currencies PG-Pay mobile platform. Users of OEX International will also be able to sell their PGG by way of transfer to the PG-Pay mobile platform, without daily limitations.
Puregold.sg Group Capabilities
Puregold.sg Group was established in 2010 as an e-commerce seller of gold and silver. Presently, it also operates brick-and-mortar retail shops and Bullion Currencies (bullioncurrencies.com), an online platform that enables customers to buy and sell gold and use it as the base currency for a variety of transactions.
The company has launched the first gold-backed token, PGG or Physical Gold, a stablecoin aimed at serving the global economy. PGG (Physical Gold) is not subject to volatility, as it is tied to the more stable price of gold. It is stored in a third-party secured vault, with each gram of gold being registered to the holders.
Puregold.sg Group has also launched the Puregold Token (PGT), another gold-backed stablecoin on a separate blockchain from the PGG. PGT is a utility token that can be used for offsetting transaction fees when users transact with it on Bullion Currencies.
These coins can be accessed through Puregold’s various payment gateways: PGPay Payment Gateway, a backend system and frontend app for online and mobile transactions, PG stored value cards, which can store PGG and PGT, and PG payment terminals such as PG Gold Dispenser Machines.
The company adheres to the belief that gold is money, and through its digitization, transactions become faster, more transparent and secure, without verging on liquidity issues. It partnership with OEX International Pte Ltd is a method to advance gold transactions in the crypto space.
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