CACHE, Dillon Gage form Strategic Global Alliance for Gold-Backed Tokens
During this time of great precious metals demand and volatility, bullion dealer Dillon Gage partners to provide another way to purchase the yellow metal.
SINGAPORE (March 19, 2020) – Singapore-based CACHE Private Limited, a provider of fully-redeemable digital assets backed by gold, and Dallas-based Dillon Gage, the world leader in physical precious metals trading and technology, announced today that they have entered into a strategic global alliance. Dillon Gage Inc. of Dallas has acquired an equity stake in CACHE and will be a storage and liquidity provider for CACHE.
CACHE’s digital assets, such as their CACHE Gold tokens, are backed 100 percent by investment-grade physical gold. The physical gold is stored in secure vaults, such as those owned by Dillon Gage. Each CACHE Gold token is the equivalent to one gram of pure, physical gold. CACHE tokens can be traded for their equivalent value in gold at any time, available for secure collection or delivery to customers.
CACHE uses GramChain, a blockchain platform, for transparent asset tracking with its ability to store data as standardized events that occur on uniquely identified parcels. CACHE’s token supply is kept in sync with its underlying gold supply via the CACHE Token Governor that ensures the number of tokens in circulation never exceed the number of grams of pure physical gold locked and tracked by GramChain. CACHE tokens are unique because they are backed by physical gold that is redeemable by token holders at any time.
Dillon Gage has more than 40 years of experience in the physical precious metals business, which includes wholesale trading, storage and refining services. Dillon Gage will provide the physical investment grade gold to CACHE. Through Dillon Gage, gold underlying CACHE will be securely stored at International Depository Services of Texas, also known as IDS of Texas, and fully redeemable upon request at any time. IDS of Texas is located in Dallas.
Dillon Gage will make millions of dollars’ worth of gold available, reserved for CACHE, at their IDS Dallas vault that can be efficiently transported from Dallas to 32 countries to support token gold redemption.
Brian Hankey, CACHE co-founder said, “We are delighted to align with Dillon Gage – with its wealth of knowledge and experience – as a new CACHE shareholder and as our global storage and liquidity provider. Dillon Gage is peerless in providing such capabilities, ensuring that the gold underlying CACHE has competitive pricing and execution. Dillon Gage has outstanding logistics capabilities allowing shipping all over the world.”
The agreement with Dillon Gage to provide storage services follows similar arrangements between CACHE and major players, Brink’s and Loomis, extending the first-class providers distribution around the world offering scalability to billions of dollars.
Mark Furmanek, Dillon Gage chief operating officer said, “We are proud to align with CACHE. It is an honor to work to digitize gold with an asset-backed token. The ability to provide global storage and liquidity helps bring unmatched value to the unique solution CACHE offers.”
CACHE Gold tokens are a fully redeemable digital asset backed by physical gold stored in secure vaults. CACHE tokens may be traded for their equivalent value in gold at any time, available for secure collection or delivered to fit your needs. CACHE Private Limited was incorporated in Singapore to design and develop a transparent, freely tradable, fully redeemable gold token that can scale to millions of ounces, which equates to billions of US dollars. Learn more about CACHE at cache.gold.
About Dillon Gage
Dillon Gage is the world leader in physical precious metals trading and technology serving dealers, financial institutions, banks and brokerage houses around the globe. Since 1976, Dillon Gage has led the way in innovation, advanced trading tools, technology and intellect. The firm is one of a handful of firms who are authorized purchasers of bullion (including coins, rounds and bars) for all major world mints and maintains inventory in over 20 countries. Dillon Gage’s integrated products and services include numismatics, bullion and electronic trading of precious metals and fulfillment, API integration, physical gold tracked by blockchain technology, refining and storage. The firm operates:FizTrade Online Trading, IRAConnect, Dillon Gage Refining and International Depository Services Group, a privately-owned subsidiary of Dillon Gage Metals, with locations in Delaware, Texas and Ontario. Dillon Gage’s philanthropic arm, HELPS International, provides relief, development and educational opportunities to Guatemala. Learn more about Dillon Gage at DillonGage.com.
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Source: CDN Publishing