Perth Mint Gold Token (PMGT)
Perth Mint Gold Token (PMGT) is a blockchain token developed and issued by Trovio, each unit representing 1 fine troy ounce of physical gold securely stored in The Perth Mint's central bank grade vaults.
PMGT is based on GoldPass, The Perth Mint's full-service gold investment platform that digitizes physical gold in the form of digital certificates. PMGT offers a tokenized version of GoldPass certificates on the Ethereum blockchain as an ERC20 token.
Every PMGT is a tokenised version of a GoldPass certificate and therefore 100% backed by GoldPass certificates which represent physical gold stored at The Perth Mint.
The PMGT tokens are 100% backed by GoldPass certificates issued by The Perth Mint, the world's largest refiner of newly mined gold. GoldPass certificates are fully backed by physical Perth Mint gold, with the weight and purity of every ounce guaranteed by the Government of Western Australia.
PMGT is the first digital gold token on a public blockchain backed by government-guaranteed gold. PMGT is also backed by the Australian Government, making it the first tokenized gold product with a sovereign state backing it.
ref: PMGT - faq
There are no fees for the Perth Mint Gold Token (PMGT)
- No storage or management fees
- No redemption fee to convert PMGT to GoldPass certificates
- No issuance fee to convert GoldPass certificates to PMGT
- No PMGT transfer fee (on-chain transaction)
- Trovio does not charge any fees for the transfer of PMGT from one Ethereum address to another or for any other on-chain transaction
- However, PMGT is an ERC-20 token, and all transactions of ERC-20 tokens require a standard "gas" fee to be paid to the Ethereum network for processing the transaction
- My thougts: compared to 0.02% for PAXG