Monday, July 22, 2024
Editor's PickNew York-based Shariah gold token lists on Green-X

New York-based Shariah gold token lists on Green-X

A precious metals mining and blockchain development company has secured the greenlight to list its gold-backed Shariah compliant security token on Green-X, marking its expansion into the Asian and Middle Eastern markets.

The token, DIGau, is issued by Dignity Gold based in New York, and offers investors exposure to the US precious metals mining and mineral sectors. The token is backed by a minimum of US$6 billion in Dignity gold reserves and has been certified Shariah compliant by a scholar.

“We are excited to receive the pronouncement of Shariah compliance and Green-X listing. This is an important step in broadening the market for DIGau tokens especially in Asia and the Middle East,” shared David Weild IV, the chairman of Dignity Gold’s board.

The initial DIGau tokens were issued under exemption from the registration requirements of the Securities Act provided by Rule 506(c) of Regulation D and Regulation S under the Securities Act. They are “restricted securities” as defined in Rule 144 under the Securities Act.

DIGau was listed on CoinMarketCap last July and as at the 3rd April 2024 was trading at US$2.03.

The listing of this gold security token on Green-X, a Labuan-licensed Shariah compliant ESG digital asset exchange, confirms an earlier report by IFN, the sister publication of IFN Fintech. It expands Green-X growing portfolio of real-world asset (RWA) and security tokens. The exchange earlier listed Tai Shan Digital, which represents interest in Chinese antique ceramics from Tang to Qing Dynasty.

Philip Tam, the CEO of Green-X, confirmed that it is also working on tokenizing sapphire gemstones and rare earth elements. It is currently in talks with blockchain partners in Korea to bring RWAs to the decentralized finance space to unlock liquidity and trading possibilities.

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