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August 29, 2014

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Las Vegas-based gold dealer launches first digital currency backed by bullion

U.S. precious metals dealer Anthem Vault Inc said on Wednesday it has launched the first digital currency backed by physical gold, with an aim to increase the use of bullion as an accepted form of electronic money.

Las Vegas-based Anthem said it will launch 10 million "INNCoins" backed by 100 grams (3.5 ounces) of gold, with all coins expected to be in circulation by July 2015.

"It should make gold more acceptable as a form of currency by combining its appeal as a store of value and a much more efficient medium of exchange," said Anthem Blanchard, chief executive of Anthem Vault, who previously worked at online precious metals market GoldMoney.

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