Tether Gold, or GLDT, is a type of digital currency that claims to be backed by gold bullion. Find out how it works today in our review.
What Is Tether Gold?
Tether Gold is a new type of tethered currency. We’ve previously seen US Dollar tethers, which is a type of digital currency (purportedly) backed 1:1 by USD reserves. Now, from TetherGold.com, we have Tether Gold, or GLDT.
Each tether is backed 1 to 1 by gold bullion held in Tether Gold Limited’s reserve. 1 GLDT is always equivalent to one ounce of 0.999 gold. With Tether Gold, you can reserve GLDT from a bitcoin blockchain address and treat it with the same value as you would treat gold. You can also withdraw funds to a bitcoin blockchain address as GLDT.
Tether Gold Limited, the company behind Tether Gold, is based in South Africa. There’s limited information about the project available online right now. Everything we know about Tether Gold can be summed up in the single page posted on TetherGold.com. The press release announcing the company appeared online on December 5. An ICO is purportedly underway until December 31, although we can’t find any purchase information available online.
How Does Tether Gold Work?
Tether Gold is a digital token backed by physical gold reserves. The digital currency is “tethered” to a specific unit of gold – that’s where the name Tether Gold comes from.
The company behind Tether Gold claims to maintain a 1:1 reserve ratio between the cryptocurrency and its real world assets. It proves that ratio using the bitcoin blockchain, proof of reserves, and “other auditing methods” according to the official website.
The goal of Tether Gold is to help individuals and organizations access a robust and decentralized method of exchanging value using a familiar accounting unit – just like the idea behind US Dollar tethers.
The Tether Gold Token Sale
We don’t have a specific date or other information about the Tether Gold crowd sale. However, a section on the website mentions that they plan to finance the first GLDT tokens through a crowd sale.
During the initial coin offering, investors will be able to purchase GLDT tokens that represent a specific unit of gold. The tokens will then be distributed to exchanges for trading.
Fees will be generated through the use of GLDT tokens, and these fees will be distributed as dividends to ICO investors.
There’s no further information about the Tether Gold ICO available at this time. However, the website has an email signup where you can subscribe for the latest information and updates.
A press release from December 5 stated that the ICO will end on December 31, 2017. It’s unclear if that means the ICO will begin sometime in mid-December, or if it’s underway from December 5 onward.
Who’s Behind Tether Gold?
The Tether Gold project was created by Tether Gold Limited, a Pretoria, South Africa-based company. That company can be reached by email at [email protected] A specific address is listed online at TetherGold.com, but we don’t have any further information about who’s running the company, why they’re qualified to manage gold reserves, or what their background may be.
The only clue about who’s running the company was a name on the press release: the contact person was listed as “Craig W.”
Tether Gold Conclusion
There’s virtually no information about Tether Gold and its business plan available online. The company announced itself with a press release on December 5, 2017. Today, we have a one-page website, TetherGold.com, that features all of the information we know about the digital token.
The press release states that the ICO for Tether Gold will end on December 31, 2017. However, as of early December, that ICO doesn’t appear to be active online to begin with – so it’s unclear what’s going on.
The press release also mentions that the company will generate fees from the use of its Tether Gold tokens, but it’s unclear how those fees will work.
Ultimately, it’s never a good idea to send money to someone online until you have full details about the investment opportunity. To stay updated on the Tether Gold project, visit online at TetherGold.com.