Novem backs its token with actual, physical gold

With the blockchain technology making such a fuss in the financial world, it would be just a matter of time until it also reached one of the oldest trading tools in History: gold. It is now a reality, thanks to the work of Novem, a company that uses physical gold to back its crypto token, NNN.

This company is revolutionising the gold industry, with NNN being completely backed by LBMA-certified gold. They have more than 30kg of gold in storage right now, which has a monetary value of around $1.25 million. This gold is safely stored in the German city of Frankfurt by Loomis, a company with loads of experience in handling valuables.

Novem has its headquarters in Liechtenstein, a small country in Europe popular for its quality of life and strong financial power. Europe is a hot adopter of the blockchain technology, as perfectly exemplified by the crypto licenses of Estonia and Wisent Capital, a provider of blockchain technology with offices in Estonia and Poland, among other locations.

100 NNN tokens are enough to buy 1 gram of gold, with the possibility of trading gold online with these tokens. The value connects to that of real gold on international markets, therefore ensuring an added level of transparency to the entire process.

Wolfgang Schmid, CEO of Novem, explains what his company is bringing to the table:

“Novem is ready to revolutionise the gold industry with a new level of safety, transparency, and trust based on old-economy gold industry standards for transparency of value and new blockchain transparency of transactions. Novem will help make gold not only the trusted storage of the value of the past but also the trusted investment of the future.”

After users buy gold, this gold is actually theirs – this means that, even if Novem ends up going bankrupt, users will still be the owners of the gold they purchased, having then the possibility to retrieve it.

Predictions show that, in the near future, the amount of gold stored by Novem will grow, leaving room for even more transactions and users. If this company caught your interest, be sure to check out its website and register for early access.

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Diogo Costa is a Columnist at BlockTelegraph. He majored in biology, but tech and computers are his passion.

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