Puregold is a payment gateway using gold-backed cryptocurrency. Puregold is by Puregold.sg from Singapore, which has its own in-house factory producing gold coins and bars. You can buy gold coins and bars online and have it shipped.
PureGold.Sg was established in 2010 and have made a name for themselves producing quality gold coins and bars with uniquely Singaporean iconography. As an established gold trader they now move into world of gold-backed digital payments.
There are two digital tokens on offer:
– PGT for transactions.
– PGG which is a cryptoasset backed by physical gold.
PGT is a utility token issued by Puregold to be used to pay or offset transaction fees on the gold-commerce platform.
PGT Token are available during the Pre-ICO and ICO, with 1 ETH = 700 PGT.
1 PGG = cost of 1 gram of gold + 5% commission for fiat. The variance between price of PGG and price of gold to be no more than 4%.
After the ICO, PGT can be converted to PGG at a rate announced by Puregold at that point in time. PGT holders can also be rewarded with PGG by Puregold, in proportion to the amount of PGT they hold.
The physical gold is held in a decentralized storage unit, The Safe House Pte Ltd, which is a third party, separately audited security firm used by Puregold for gold storage. The physical gold is not an asset of Puregold; the gold belongs to the PGG token holders.
The ICO will then run from 15 January to – 14 March, 2018.
Apply to the Puregold ICO.
As with most ICOs you will need Ethereum (ETH) to buy the tokens. If you don’t already have ETH you will need to buy some from an exchange that accepts fiat currency. Some exchanges that accept fiat include:
Coinbase is the most well known site to buy Ethereum. They are ideal if you are new and just want to get started quickly. (This link will also give you $10 on your first $100 deposit.)
SpectroCoin offers a fiat and virtual currency exchange with more than 20 currency options available.
EXMO accept USD, EUR, RUB, PLN, UAH.
Once you have ETH you need to transfer it off the exchange to a wallet. For this MyEtherWallet is a recommended option by Puregold.
From here follow the instructions given by Puregold. The PGT tokens will be swapped directly to the same wallet as ETH.
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