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“With $120 million of investment capital raised, the first deposit of 135 kilos of gold has now been made.
The goal is for each KCB coin to be backed by 1/10 of a gram of gold bullion, today going for about $4.50- $5.00. There is a total of 8 billion coins in circulation.”
The Karatgold Coin cryptocurrency has taken another step ahead in cryptocurrency innovation. Karatbars International CEO Harald Seiz announced that the company will open, Karatcoin Bank one of the world’s first cryptocurrency banks.
The Karatgold Coin, which Karatbars made available in a March 2018 ICO, already distinguished itself from other ICOs by becoming the world’s first cryptocurrency backed by gold. “Karatbars acquired a fully licensed bank in Miami that will be fully operational by mid-June,” Seiz said in a televised press release. “The name of the bank is Karatcoin Bank.
With this bank, we are one of the first crypto banks in the world with a full license.” Creating Karatcoin Bank serves as an important part of the foundation of Karatbar’s plans to develop Karatgold Coin into a mainstream payment system. The licensing is extremely important in achieving that end. It provides security and backing for not just Karatcoin Bank, but the currency itself. Holders are able to rely on the Karatcoin Bank to service their needs, and, therefore, can rely on Karatgold Coin as a payment method.
Because Karatgold Coin holders will now have direct access to banking services using the cryptocurrency itself, they can use their Karatgold Coins in many of the same ways as fiat currencies. A major disadvantage of other existing cryptocurrencies, like bitcoin, is that holders lack the ability to use it as a means of exchange.
Though bitcoin’s technology has opened the door to tremendous innovation and it serves as a fiat currency alternative, users must change it into fiat currency before they can deposit any of it in a bank. For bitcoin, this is a hurdle to widespread acceptance. Karatcoin Bank provides the solution.
Holders of the cryptocurrency now have a place to bank with it. As a result, more people become willing to do business using the coin. This makes the coin viable as a stable means of exchange, savings, and investment. Like all currencies, crypto or fiat, Karatgold’s value depends on demand. Unlike fiat currencies, the supply is limited, so there can be no inflation, as with fiat currencies, where governments continually print more money to service their enormous debts. Karatgold, then, becomes an inflation-protected instrument, and as demand for the currency increases, so does its intrinsic value.
Intrinsic value is what Karatgold is all about. Karatbars CEO Harald Seiz, a German finance entrepreneur and author of The Future of Money, saw the need for cryptocurrencies to have the backing of hard assets. With gold backing the Karatgold Coin, people worldwide can rely on its value. When the value is pegged to gold, it can be accepted in any country without fear that exchange rates will negatively affect transactions.
A person in Europe can exchange Karatgold Coins for Asian products, with both parties knowing they cannot be hurt by currency fluctuations. Bitcoin’s use as a means of exchange has been destroyed by its instability. Though speculative investors may love it, how can people exchange it for goods? If the value plummets, the seller has essentially given away a discount. If it surges, the buyer overpays. Karatgold, by aligning its value with gold, offers the way for a stable cryptocurrency that becomes a practical form of money. With the opening of Karatcoin Bank, Karatgold stands to enjoy a rise in acceptance and value. It is already used by gold traders in Asia for hundreds of millions of dollars in daily trades, as well as by many of the 480,000 Karatbars customers who own Karatbar’s CashGold products. With the fully licensed Karatcoin Bank, the coin’s popularity will spread.
Video presentation by Nitsa Nakos and post info by Christopher Comstock.