This week marks another major development in the stablecoin sector as CACHE Private Limited announced a strategic partnership with Onchain Custodian. The partnership will provide CACHE gold-backed token holders with added security and peace of mind. Importantly, the news represents further blockchain integration within Singapore's precious metal sector.
Onchain Custodian's integration of the CACHE blockchain provides users with added functionality and security measures. Now, CACHE is able to offer its services to a larger customer base. Specifically, the company intends to lure institutional and qualified investors interested in managing their CACHE token holdings with an independent third-party custodian. This strategy makes sense when you consider the specifics of CACHE gold tokens.
Onchain Custodian Private Limited
According to reports, Onchain Custodian Private Limited is tasked with all custodial requirements. The firm offers multi-sig cold storage among other advanced options. Additionally, the company recently unveiled an updated version of its custody platform built using IBM's HSMs. Notably, Onchain Custodian is backed by some major players in the region including Fosun, Sequoia, and DHVC.
CACHE Gold Tokens
Each CACHE Gold Token is 100% backed by physical gold. Specifically, each CACHE Gold token is equivalent to one gram of pure gold. What makes this platform unique compared to other gold-backed tokens is that each CACHE token is redeemable for its equivalent value in gold in amounts as small as 100 grams.
In fact, token holders can choose to redeem their holdings at any time via a host of different options. Impressively, you can choose to have your physical gold mailed to your home. You can also sell your physical gold and receive USD for your investment. Lastly, you can stop by the actual vaults, and pick your gold up. Currently, CACHE stores gold in secure vaults operated by Dillon Gage, Brink's, Loomis, and The Safe House.
CACHE Private Limited
Notably, CACHE Private Limited is based out of Singapore. The firm provides fully regulated, public, transparent, redeemable tokens backed by gold stored in high-security vaults around the world. Importantly, CACHE integrates full KYC and AML compliance mechanisms directly into its protocol. In this manner, the company remains one of the only fully-compliant gold-backed token issuers in the world.
As part of the team's strategy, the firm utilizes GramChain's proprietary Proof-of- Reserve system. This advanced asset-tracking protocol enables users to enjoy unmatched flexibility and security. For example, users can, at any time, view photos and see real-time status updates for each bar backing CACHE Gold. In this way, GramChain has taken the auditing process to new heights.
Gold-Backed Tokens Emerge
CACHE appears to be one step ahead of the curve regarding gold-backed tokens. These security tokens continue to gain popularity. Its no doubt, given the added flexibility that CACHE introduces to the market, that more gold investors will decide to go this route versus traditional Gold securities. For now, the commodities markets continue to see disruption thanks to the integration of blockchain technology.