Republic Protocol announced a “dark pool” for trading cryptocurrency in January. Today, Republic Protocol is taking the dark pool a step further by enabling Crypto to gold trading via a partnership with Digix. A dark pool is typically a private securities exchange where investors, usually institutional money, are able to make trades anonymously. In the US, dark pools are estimated to represent approximately 10-15% of the trading volume of stock trades.
Digix, the first company to ever issue an ICO on Ethereum has joined with Republic Protocol to allow digital asset investors to trade their crypto for DGX tokens, a gold-guaranteed cryptocurrency, on a hidden order book to minimize price slippage. Republic customers will be able to trade BTC, ETH or ERC20 based digital assets on an order book directly with DGX tokens, which are said to be redeemable for 1 gram of 99.99% LBMA standard gold per token. Being able to move to a commodity based Crypto may appeal to some investors when they want to push pause on the extreme volatility recently experienced by the digital asset sector.
Shaun Djie, COO of Digix, said they were thrilled to be one of the first digital assets to be made available on the Republic Protocol platform. Dije said that DGX tokens “will provide a stable, gold-backed digital asset for investors looking to secure their wealth and hedge against the volatile markets.”
Taiyang Zhang, CEO of Republic Protocol, echoed Dije’s sentiments;
“Our goal is to allow the customers on our platform the flexibility to easily move their digital assets without adversely affecting the overall stability of the markets. By partnering with Digix, we will now be providing them with the opportunity to transfer their assets to the one of the most stable storages of wealth throughout history: traditional gold.”
Trades on Republic will be placed on a hidden order book and are matched through an engine built on a multi-party computation protocol. Digix and Republic Protocol seek to offer digital currency investors a secure, private and stable way for them store or invest their assets when the trading platform launches on the Ethereum Mainnet in Q3 of 2018.
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