Macau (MNA) – Local company Macau Quantum Gold Blockchain Technology Limited announced this Tuesday that it has entered into an agreement with two Chinese mining groups to back its gold-value based cryptocurrency.
The company registered in the Macau SAR last year developed and issued a cryptocurrency named ‘Quantum Gold Token’ (QTG Token), with the token value being backed by physical gold reserves. Shanghai-based mining group Zenda Gold Mining Co. was described as the largest partner, with the second being a smaller private company. Both companies manage mines in Africa.
“Every time we get a mine partner our value will go up. We are not targeting an explosive increase; we are aiming at a stable price […]. In the future we will be able to collaborate with other gold industries such as jewellery” the company founder, Steve Pang, told Macau News Agency (MNA).
The statements were made during the company’s meeting with stakeholders held at Banyan Tree Hotel in Galaxy Macau.
The company claimed further that it is also in negotiations with an Australian-listed gold mining and exploration company said to be ‘in possession of more than one million ounces of premium quality and high grade zone gold reserve, which will serve as solid physical asset backup for Quantum Gold Token value.’
The project has been developed with the backing of Goldford Informatics Limited, a Hong Kong technology company, and international investors such as Chia Tai Hengrun Investment Co. Ltd.
The cryptocurrency runs on the Ethereum platform and has been listed on the Singapore crypto exchange OEX, with the company unveiling plans to list it in Yobit Exchange, an offshore exchange.
According to Mr. Pang, the company has so far received investment from 2,000 backers, which purchased about a third of the 120 million QTG tokens issued by the company for investors.
Another 40 million tokens will be made available to the management team, with other 40 million to be allocated to marketing, sales incentives, bounty programs, operations and administration.
According to the company and based on the two agreements signed the total gold reserve had reached 2.8 tonnes.
‘With the spot gold value of RMB269 per ounce, it amounts to a total RMB750 milion. Based on this, each Quantum Gold token is valued at RMB3.7,’ the company stated in a release
The company head also stated the token sale was made through direct placement with the company having no plans to hold an initial coin offering (ICO), or public offering of the virtual token.
“I believe ICOs are more suitable outside Asia. In Asia, investors want to meet the people involved in the project before investing […]. South Korea is a very important market for us, almost 70 per cent of the country’s population is involved in some kind of cryptocurrency investment,” he added.
[Edited by Sheyla Zandonai]