Everyday on Asian commodities exchanges, Asian traders complete millions of transactions for gold and gold derivatives. Much of this high volume results from gold’s status as the reserve metal of the world. Whatever country you’re in and whatever fiat currency it uses, gold’s value is understood. Savvy investors always have a percentage of their portfolios in gold. Gold protects them from inflation and economic shocks. It protects them from currency meltdowns.
Those seeking protection from inflation and currency collapse are also attracted to cryptocurrency. Outside the sphere of government control, a pure market exists. The amount of cryptocurrency is finite, unlike fiat currency, because there are no governments to print excessive amounts of money to pay their gigantic national debts. The blockchain concept is brilliant, but cryptocurrencies like bitcoin lack government backing.
In March, Karatbars International offered the ICO for Karatgold, which provides the first cryptocurrency backed by gold. Because gold’s value is not tied to a government or a nation’s economy, it provides a better backing than debt-laden governments. Because of this, Karatgold provides a cryptocurrency that enjoys the price stability that comes with its value being tied to the new gold standard.
Asian gold traders love Karatgold Coin. During a televised press release, Karatbars CEO Harald Seiz announced a partnership with three of Asia’s largest gold trading firms. Under the terms of the partnership, the Asian firms will use Karatgold Coin for several million gold transactions per day. With Karatgold Coin’s value tied to gold, the firms know they remain insulated from currency fluctuations, as occurs with fiat currency, and the extreme swings in bitcoin value.
For Karatgold Coin, this is a big win. As Karatgold Coin becomes more widely used, the increased demand will drive up the coin’s price, making it a prime ground-floor investment. Karatbars’ goal is for Karatgold Coin to provide a stable alternative to fiat currency transactions. In order to achieve this, there must be enough volume of Karatgold Coin transactions to create liquidity. Several million transactions per day guarantees a substantial amount of liquidity, allowing Karatgold Coin to become a world-recognized payment option much faster.
In addition, many of the 480,000 owners of Karatbars’ CashGold product have also purchased Karatgold Coin. CashGold provides investors the opportunity to purchase small, gram-denominated amounts of 24-carat gold. The grams are affixed to protective paper that displays the gram amount. They are styled like banknotes, making them easy to exchange. CashGold can be exchanged for Karatgold Coin by a simple process.
Karatbars International has also established one of the first cryptocurrency banks. The Karatbank, located in Miami, is already fully licensed, and it will start operations in June. The crypto bank provides banking services to all Karatgold Coin holders, which provides great potential for investment firms, traders, investors, and individual consumers.
Karatbars International was founded in 2011 with the mission of helping its clients gain security through wealth acquisition. Founder and CEO Harald Seiz runs the company from its Stuttgart, Germany headquarters, and also oversees the company’s operations in Singapore, Belize, and Miami. He frequently speaks at industry conferences and events. He is the author of The Future of Money, a historical and educational book for investors and other intellectually curious adults.