Cryptocurrency attributes
Other attributes
What Is PMGT?
Perth Mint Gold Token (PMGT), launched in October 2018, is an ERC20 token developed and issued by Trovio. Each unit represents 1 fine troy ounce of physical gold securely stored in The Perth Mint's central bank grade vaults.
PMGT is a tokenized version of GoldPass certificates issued by The Perth Mint. GoldPass is The Perth Mint‘s full-service gold investment platform that digitizes physical gold in the form of digital certificates.
PMGT is tradeable on Independent Reserve, transferable peer to peer, and enables a smart contract proving your title of gold held at the Perth Mint.
Who Are the Founders of PMGT?
PMGT is an Trovio product, issued by Trovio, while GoldPass is a Perth Mint product. The Perth Mint is the custodian of the underlying physical gold behind all GoldPass digital certificates, including those held by Trovio which back PMGT.
What Makes PMGT Unique?
PMGT claims to be 100% backed by gold held and stored in The Perth Mint’s central bank grade vaults, where the weight and purity of every ounce are guaranteed by the Government of Western Australia. This makes PMGT the first gold-backed token on a public blockchain whereby the physical gold is government guaranteed.
As PMGT is a tokenized version of GoldPass certificates backed by physical gold held in The Perth Mint’s inventory, the issuance of PMGT can seamlessly scale up to billions of dollars’ worth of tokens.
Free of recurring storage or management fees, PMGT offers institutional investors a competitive alternative to traditional gold products, with the additional benefits of real-time 24/7 trading, a cryptographically secure instant settlement enabled by blockchain technology, and fewer intermediaries.
How Many PMGT Coins Are There in Circulation?
The total circulating supply of PMGT is 548.90253. There are no tokens set aside, locked up or otherwise sitting with a token holder that are not considered to be in full circulation.
Where Can You Buy PMGT?
PMGT may be bought and sold under the ticker symbol PMGT on Independent Reserve for AUD, USD, and NZD. It is recommended that you store your PMGT in an ERC20 compatible Ethereum wallet. Trovio is in discussions with a number of other popular exchanges and details about further listings should be announced soon.
Vision/Mission
Trovio launched PMGT with the mission of making an investment in, and distribution of, gold assets far more widely available. PMGT is the closest a customer can get to buying physical gold – much closer than ETFs or other products based on futures, leveraged positions, future production, or gold held by solution providers.
Launch date: 10th October 2019
Value proposition and the pain point that it solves:
Free of recurring storage or management fees, PMGT offers institutional investors a competitive alternative to traditional gold products, with the additional benefits of real-time 24/7 trading, a cryptographically secure instant settlement enabled by blockchain technology, and fewer intermediaries.
Previously, the only way to invest in gold involved buying from a vault and paying storage fees, or through an ETF. While ETFs are traditionally listed on share markets and adhere to strict share market trading rules, PMGT is based on blockchain-based technology, which allows for many contrasting characteristics and makes gold accessible to a wider audience. The technology allows for: 24/7 trading; multiple exchange listings; peer-to-peer transfers; cross-listings against all FIAT/crypto listed on an exchange; instantaneous settlement on all transactions.
Technology
The PMGT is an ERC20 compliant token on the Ethereum network, ensuring ease-of-use and accessibility for investors and exchanges alike, and has additional smart contract features for the purposes of security and regulation. In the interest of stability, security, and long-term maintainability, the PMGT implementation needs to be upgradeable so Trovio can resolve vulnerabilities and respond to identified risks, add new features and functionality, and improve the system and optimize its operational efficiency.
Smart contract upgradeability is achieved by grouping individual smart contracts to interoperate as a cohesive system. The ZeppelinOS proxy pattern is used to provide a permanent smart contract address for users to interact with while allowing the PMGT implementation and business logic to be upgraded over time.
The smart contract code has been developed using robust, battle-tested open-source libraries such as OpenZeppelin and ZeppelinOS. Sigma Prime – a leading blockchain and cybersecurity firm – has performed an independent smart contract security review of Trovio implementation and security model. Human operated keys are stored offline in tamper-resistant security tokens. System process operated keys are stored online in encrypted keystores, with system permissions that restrict the usage of the key to only specific processes.
Team/Backers/Investors
Jon Deane is the CEO of Trovio and was formerly CEO of TCM Capital, and a Managing Director of JP Morgan where he was the Global Head of Agricultural and Bulks Commodities Trading, as well as Head of Commodities Trading for Asia Pacific, covering oil, base metals, bulks, precious metals and agriculture.
Jelte van der Hoek is CTO of Trovio and has spent most of his working life building truly innovative and solid financial technology.
Andreas Ruf is the COO of Trovio, and has been involved in managing and growing technology start-up companies in Australia and Europe for over 20 years.
Tony Mackay, Founder & CEO at XB Market Ventures, is Non-Executive Director and advisor at Trovio.
Bob Tucker, COO/ Founding Partner at TCM Capital, is Advisor at Trovio.
Sean McCawley is Advisor at Trovio and Executive Director at Rozetta Ventures.
Dr David Skellern AO is a Director of Trovio, the Chair of the Rozetta Institute and a Director of its venture fund Rozetta Ventures.
Dr Andreas Furche is a Director of Trovio, the Rozetta Institute and its venture fund Rozetta Ventures.
Steve Bellotti is Director at Trovio and has worked in leadership roles in financial markets for over 30 years.
Office locations: Sydney, Amsterdam, Singapore
