VNX Rolls Out, Becomes 1st European Regulated Precious Metals Tokenization Service

VNX has opened its services for managing precious metal transactions with digital tokens — becoming the first European regulated precious metals tokenization platform.

The platform features the Ethereum-based VNX Gold as its first tokenized precious metal which represents an ownership stake in a physical bullion. This asset is certified by the London Bullion Market Association (LBMA).

Furthermore, each gold bar is linked with its respective VNX Gold token through the stamped distinctive serial numbers. VNX Gold tokens are available on the platform under the ticker VNXAU. Clients can purchase these tokens using Euros, Ether, or Bitcoin.

Each token represents ownership of one gram of physical gold and provides clients all the benefits of its underlying commodity fused with the flexibility of a crypto asset.

Holders can move their VNX Gold tokens to any Ethereum wallet while the physical gold is stored in a Lichtenstein vault with complete insurance and zero storage fees. Investors can collect their physical gold or get a minimum of one kilogram of gold via global delivery.

Alexander Tkachenko, founder and CEO of VNX, pointed out the crypto market’s “inherently volatile” nature and said it offers “little” when it comes to hedging.

Our secure platform and tokens backed by gold offer clients a cutting-edge way to invest in precious metals, without the headache of traditional ownership associated with storage, transportation, etc. We are thrilled to launch our tokenized gold which can be used as a hedge against market uncertainty and stored in a digital wallet.

The VNX platform is compliant with Liechtenstein’s Tokens and TT Services Providers Law, or simply Blockchain Act. It is also regulated by the Financial Market Authority (FMA). In addition, VNX is KYC and AML compliant, offering institutional-grade standards of investor protection for a reliable hedge tool for crypto investors.

With the Blockchain Act, Liechtenstein wanted to create a legally secure link between the token economy and the physical world in order to build a greater degree of trust, which is important for both blockchain businesses and citizens,” said Dr. Thomas Dünser, Director of the Office for Financial Market Innovation and Digitization of the Principality of Liechtenstein. “It is good to see that smart and innovative projects are making use of this legal fundament.