Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.
BNOX, the gold-backed crypto, is measured such that 100 units of BNOX equal 1 gram of gold. Its value remains the same either in physical or digital form.
BlockBen, a blockchain platform that enables users to develop their crypto, software, and other unique products, has created BlockNoteX (BNOX). This cryptocurrency is backed 100% by gold deposit on the Ethereum platform.
BNOX also allows users to do a lot with FIAT gateway. BlockBen is controlled within the European Union (EU) and listed on the P2PB2B exchange.
As gold worth in the market continues to hike, increasing by over one-third per ounce since 2019. Investors continue to urge investing in the valuable asset because it is safe to buy. Currently, gold investment is without much volatility since its value continues to appreciate.
BNOX, the gold-backed crypto, is measured such that 100 units of BNOX equal 1 gram of gold. Its value remains the same either in physical or digital form. The firm acquires the purest physical investment gold available with the cleanliness of 0.9999% through a wholesale dealer of the LBMA.
The insured gold is taken to Zurich, Switzerland, for safekeeping. All deposited precious metals (gold) are recorded under the buyer’s name. This is part of the Client Protection Principles (CPP). The protection principle also enables damage control in situations when the Ethereum wallet is hacked, compromised, or digital login detail is misplaced.
The CPP characteristic is exclusive in the crypto industry as it aligns with rulings of the Financial Stability Board (FSB).
BlockBen BNOX: Gold-backed Crypto Business Model
With BlockBen providing financial services to its consumers, the firm is controlled within the EU. The business structure and price of BNOX were developed to be sustainable. It offers the highest level of security, flexibility, and high liquidity potential.
BNOX is entirely integrated into the BlockBen system. The BlockBenPay Wallet provides the chance for being paid and sending EUR to the client’s bank account. It makes sure of FIAT gateway for BNOX.
Viktor Bodnár, BlockBen’s CEO, while talking about BNOX, said that “it can be bought by anybody on the stock exchange and can be stored in users Ethereum wallet when it must have been recorded with BlockBenPay Wallet.
“With Ethereum public blockchain the best is that it assures vast usability for people investing and buyers”, explained Bodnár.