Cryptocurrency Startup Eidoo Announced Stablecoin Tied to Gold
We wrote about the STASIS EURS stablecoin tied to Euro a few days ago. Another startup – Swiss Eidoo announced its own stablecoin – Ekon, tied to gold.
The Ekon stablecoin is an ERC-20 standard compatible token stored in the multi-currency wallet and exchanged on the decentralized exchange of the project. Ekon can be exchanged for one gram of 99.9 percent fine gold located in the special vault. Gold reserves will be audited every 90 days. For more trust, the company offers possibility to monitor over the gold in the vault using a web camera.
Earnings from selling and buying Ekon inside the Eidoo ecosystem will be converted into the native EDO token of the project. Though Eidoo is a unique coin, gold itself is not a steady metal. For the last half a year its price dropped by $150 and raised by $25 since the end of August.
In October 2017 Eidoo raised $27,9 million during the token sale and was licensed by VQF (Financial Services Standards Association) in April 2018.
Chart by moneymetals.com