U.S. valuable metals vendor Anthem Vault Inc mentioned on Wednesday it has launched the primary digital foreign money backed through bodily gold, with an intention to extend the use of bullion as an widespread form of digital money.
Las Vegas-based Anthem stated it is going to launch 10 million “INN Coins” backed by means of a hundred grams (three.5 ounces) of gold, with all cash anticipated to be in circulation via July 2015.
“It will have to make gold extra applicable as a form of currency with the aid of combining its enchantment as a retailer of value and a way more efficient medium of exchange,” mentioned Anthem Blanchard, chief executive of Anthem Vault, who up to now worked at online precious metals market Gold Money.
Blanchard stated Wednesday’s launch was once a promotional offering, and the corporate has plans to provide a full suite of virtual currencies backed by means of a larger amount of gold in addition to other treasured metals at the end of September.
INN Coin is a form of crypto currency – with the most striking one being Bit coin, which operates on a decentralized, peer-to-peer community, which means no government, bank or administrator regulates the foreign money.
The system reward computers that remedy advanced mathematical problems with the aid of the occasional payoff of recent bit coins in a process referred to as Bit coin mining.
The launch comes at a crucial time for on-line currency markets after the failure of Mt. Go, once the world’s biggest Bit coin trade and elevated regulatory scrutiny shook investor confidence in digital foreign money.
The market can also be crowded, with Anthem competing against dependent gamers, including Name coin (NMC), Lite coin (LTC), Doge coin (Doge), Peer coin (PPC) and Master Coin (MSC).