The digital asset trading platform, Lbank Exchange, plans to list a new token on its trading floor on October 25 to enable its users to access and trade gold-based crypto assets.
LBank Exchange to Unveil VNX Gold (VNXAU)
VNX Gold utilizes blockchain technology to tokenize physical Gold by combining Gold’s reliability and cryptocurrency’s flexibility. Users can purchase and sell pure Gold from anywhere around the world.
Meanwhile, on October 25, its native token, VNXAU, will debut on the Lbank Exchange at 10:00 UTC. This will further expand the reach of the token and help VNX Gold attain some of its vision.
VNX Gold is a digital asset project under VNX that enables users to control their gold transactions. Its gold tokenization program helps users avoid the inconveniences of visiting a bank or a vault.
They can easily invest in any gold-backed asset of their choice wherever they are. VNX Gold is also the first registered EEA investment product for precious metals for blockchain assets.
Furthermore, VNX is regulatory compliant and aligns with the standards set for investor protection.
Therefore, users can leverage its regulatory approval to buy and sell precious metals from around the globe.
After the purchase of their assets, holders are issued a token on any of the compatible blockchains. The token represents the individual ownership of the physical metal stored in a security-tight European vault away from the traditional banking system.
However, tokens are sold on the Lbank exchange. Users can collect their physical bars from the vault and deliver them anywhere in the world upon request. Tokenization has significantly made it easier for users to manage their investments.
With the VNX providing a seamless and easy-to-navigate digital platform, users can buy, sell, and transfer the proceeds to their crypto wallets with competitive prices and zero storage fees.
Introducing VNXAU Token
The VNXAU is a multichain asset depicting ownership of specific physical gold bars bought and stored on the VNX Gold platform. In addition, it also shows the holder’s name in the custody of a secured vault independent of the traditional banking system.
The token is available on different blockchain networks, and its listing on LBank provides its gold-backed asset access to the Q blockchain. It is worth noting that the Q blockchain is a Layer-1 network that offers high-level security for valued asset-based tokens like the VNXAU.
The approval of VNXAU on Q enables token holders to benefit from the Q ecosystem’s high-performance transaction functionality and solidified trust.
Subject to initial authentication, identification, and anti-money laundering checks on the VNX Platform, every VNX Gold token holder is the sole legal owner of the precious metal.
A single VNX Gold token represents ownership of one gram of Gold in the form of a gold bar. There is no absolute VNX Gold supply limit since the number of VNX Gold tokens produced is determined by client demand.
Hosting the VNXAU token on the LBank Exchange could help it expand its operations and gain market attention.