What advantages does UPXAU have compared with other gold tokens?
UPXAU is the only digitized gold Token backed by physical, government-insured gold. Every Token is collateralized by 1 troy ounce of gold held in the vaults of the Perth Mint and insured by the Government of Western Australia.
The guarantee works in the same way that FDIC insures Dollars in U.S. bank accounts. For a gold Token, this gives UPXAU unprecedented security.
Furthermore, UPXAU is the only form of gold that you can spend on a debit card just like cash. Just hook up your Universal Gold sub-account to the Uphold debit card and you have instantly spendable gold.
What’s more, you’ll earn 1% in gold ‘cashback’ for every $1 of gold you spend.
In a market beset by concerns over whether ‘backed’ tokens are fully reserved, UPXAU stands out as a beacon of good practice.
Transparently substantiated, UPXAU allows users to verify the 1:1 backing of every Token on a public blockchain in a process audited by blockchain security firm CertiK. This concept of verifiable trust is a vital differentiator from other gold Tokens.
- Physically deliverable: 1 UPXAU = 1 Troy oz. of gold at The Perth Mint
- The underlying physical gold backing each Token is government insured.
- UPXAU is spendable on a debit card, just like cash
For the avoidance of doubt, The Perth Mint does not guarantee the Universal Protocol Alliance issued Universal Gold (UPXAU) or its operation on the blockchain. The Perth Mint only guarantees the gold securely held by it that backs all GoldPass certificates