The Klaytn Foundation, an organization dedicated to expanding the Klaytn ecosystem, has announced that Creder, one of its governance council members, will be launching a tokenized gold offering called Gold Pegged Coin (GPC) in January. In addition to GPC, Creder will also introduce Goldstation, a decentralized finance platform that allows users to convert physical gold into GPC tokens.
Creder Launches 1:1 Backed Gold Pegged Coin and Goldstation Tokenization Platform
Creder, a South Korean asset digitization startup, is venturing into the gold tokenization business with the launch of a 1:1 backed gold token called Gold Pegged Coin (GPC). Unlike other tokenized gold initiatives that are built on Ethereum, Creder has chosen Klaytn as the underlying blockchain for GPC. Klaytn is known for its low fees and scalability, making it an ideal choice for democratizing access to this tool. Tether Gold (XAUT), for example, is only available on Ethereum.
Alongside GPC, Creder has also unveiled Goldstation, a decentralized finance platform that enables users to digitize their gold bullion through the use of non-fungible tokens (NFTs). These gold NFTs are issued on a platform called The Mining Club, which will serve as the collateral for minting GPC on Goldstation.
According to the Klaytn Foundation, this development presents new opportunities in decentralized finance, allowing users to utilize tokenized gold as collateral and generate revenue. Initially, Goldstation and GPC will only be accessible to users in South Korea, as the custody provider for the platform is the Korea Gold Exchange Digital Asset (KORDA).
While the initial focus of Goldstation is on gold tokenization, Creder has plans to expand the platform to include other metals in the future. The Klaytn Foundation has expressed its intention to comprehensively broaden the tokenization of real-world assets (RWA) to include precious metals beyond gold.
Gold tokenization has gained significant traction in financial markets, with various institutions launching initiatives in this space. For example, HSBC recently introduced a gold tokenization platform targeting the London markets, with a market size of $525 billion.
What are your thoughts on GPC and Goldstation? Share your opinions in the comments below.
Frequently Asked Questions
What is the best precious metal to invest in?
An investment in gold can yield high returns on its capital. It also protects against inflation and other risks. The price of gold tends to rise as people become concerned about inflation.
Gold futures are a great idea. These contracts will guarantee that you will receive a specific amount of gold at an agreed price.
But, not everyone is able to afford gold futures. Some prefer physical gold.
They can trade their precious metals with others. They can also sell it whenever they want.
Some people want to avoid paying tax on their gold. To do that, they buy gold directly from the government.
This requires that you make multiple trips to the local post office. First convert any existing gold into bars or coins.
Then you will need a stamp to attach the coins or bars. Finally, send them off to the US Mint. The US Mint will melt the coins and bars to make new ones.
The original stamps are used to stamp the new coins and bars. This means they can be used as legal tender.
You won't need to pay taxes if gold is purchased directly from the US Mint.
Decide what precious metal do you want to invest?
What are the 3 types of IRA?
There are three main types of IRAs. There are three types of IRAs: Roth, Traditional, and SEP. Each has its own advantages and disadvantages. We'll go over each of them below.
Traditional Individual Retirement Accounts
Traditional IRAs allow you to make pretax contributions to an account that allows you to defer taxes while still earning interest. The account can be withdrawn tax-free once you are retired.
Roth IRA
With a Roth IRA, you deposit after-tax dollars into an account, which means any earnings grow tax-free. Withdrawals from the account are also tax-free when you withdraw funds for retirement purposes.
SEP IRA
This is similar to a Roth IRA, except that it requires employees to make additional contributions. These extra contributions are subject to income tax but any earnings will grow tax-deferred again. The entire amount can be converted to a Roth IRA if you are leaving the company.
What precious metals could you invest in to retire?
The first step to retirement planning is understanding what you have saved now and where you are saving money. Take a look at everything you own to determine how much you have left. This includes all savings accounts and stocks, bonds or mutual funds. It also should include certificates of Deposit (CDs), life insurance policies. Annuities, 401k plans, real-estate investments, and other assets like precious metals. Add all these items together to calculate how much money you have for investment.
If you are under 59 1/2 you should consider opening a Roth IRA Account. A traditional IRA allows you to deduct contributions from your taxable income, while a Roth IRA doesn't. However, you will not be able take tax deductions on future earnings.
If you decide you need more money, you will likely need to open another investment account. Start with a regular brokerage account.
Is a gold IRA worth interest?
It all depends on how big your investment is. If you have $100,000, then yes. If your assets are less than $100,000, it is no.
The amount of money that you put into an IRA is what determines whether it earns or not interest.
If your annual retirement savings contributions exceed $100,000, you might want to open a brokerage account.
You will likely earn more interest there, but you'll also be exposed to riskier investments. If the stock market crashes, you don't want all your money to be lost.
A IRA will be more beneficial if you can only contribute $100,000 annually. At least until the market recovers.
Can I store my gold IRA account at home?
Investing in an online brokerage account is the best way to keep your money safe. You'll have access to all the same investment options as if you were working with a traditional broker, but you don't need special licenses or qualifications. Plus, there are no fees for investing.
You can also use free tools offered by many online brokers to manage your portfolio. Many online brokers allow you to download charts that will show how your investments are performing.
Is it possible to hold precious metals in an IRA
The answer to this question depends on whether the IRA owner wants to diversify his holdings into gold and silver or keep them for safekeeping.
He can choose to diversify if he so desires. He could purchase physical bars of gold or silver from a dealer and then sell these items to him at the end. Let's say he doesn’t want to sell back his precious metal investment. He should keep them, as they are perfectly safe to be stored in an IRA account.
How much should precious metals make up your portfolio?
The best way to avoid inflation is to invest in physical gold. This is because when you invest in precious metals, you buy into the future value of these assets, not just the current price. The value of your investment increases with rising prices.
Gains will be taxed if you keep your investments for at minimum five years. After that time, capital gains taxes will be due. You can learn more about gold coins by visiting our website.
Statistics
- Silver must be 99.9% pure • (forbes.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
External Links
en.wikipedia.org
investopedia.com
takemetothesite.com
regalassets.com
How To
How to Buy Gold To Your Gold IRA
A term that describes precious metals is gold, silver and palladium. It's any element naturally occurring with atomic numbers 79 to 110 (excluding helium), that is valued for its rarity or beauty. Silver and gold are the most well-known precious metals. Precious metals are used in jewelry, money, industrial goods and art objects.
The price of gold fluctuates daily due to supply and demand. Investors are looking for safe havens away from unstable countries and precious metals has seen a large demand over the past decade. The increased demand has led to a significant rise in prices. But, investors in precious metals are becoming more cautious due to rising production costs.
Gold is a reliable investment due to its rarity and durability. Gold never loses its value, unlike other investments. Gold can be bought and sold without tax. There are two methods to invest gold. You can purchase gold coins and bars or invest in gold futures contracts.
In-dispute liquidity can be achieved with physical gold bars or coins. They are easy and convenient to trade or store. They don't provide much protection against inflation. You can protect yourself against rising prices by purchasing gold bullion. Bullion is physical gold, which comes in many sizes and shapes. One-ounce pieces are available for billions, while larger quantities such as kilobars and tens of thousands can be purchased. Bullion is typically stored in vaults to protect it from theft and fire.
Buy gold futures to own shares and not actual gold. Futures let you speculate about how gold's price might change. You can purchase gold futures to get exposure to the gold price, but not the actual commodity.
For instance, if my goal was to speculate on the movement of the gold price, I could purchase a contract. When the contract expires, my position will either be “long” or “short.” A long contract means that I believe the price of gold will go higher, so I'm willing to give someone else money now in exchange for a promise that I'll get more money later when the contract ends. A short contract on the other side means that I believe gold's price will fall. I'm willing now to accept the money in exchange for the promise of making less later.
When the contract expires, I'll receive the amount of gold specified in the contract plus interest. That way, I've gained exposure to the price of the gold without actually having to hold the gold myself.
Precious Metals are great investments as they are difficult to counterfeit. While paper currencies can be easily counterfeited by printing new bills, precious metals cannot. It is because precious metals are hardier than paper currencies that they can be counterfeited by printing new bills.
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By: Sergio Goschenko
Title: South Korean Tokenization Startup Chooses Klaytn Over Ethereum for Gold NFTs
Sourced From: news.bitcoin.com/south-korean-tokenization-startup-chooses-klaytn-over-ethereum-for-gold-nfts/
Published Date: Fri, 05 Jan 2024 11:00:34 +0000
