Who accepts Digix (digital gold) as payment
Digix is a gold-backed token, representing LBMA gold stored in vaults in Singapore and Canada. DGX, being quintessential digital gold, functions as a commerce crypto and can be accepted as payment by forward-thinking businesses via cryptocurrency payment processors.
Who accepts Digix…
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Should you buy Digix?
While Digix checks off a couple of important credibility indicators, but I did notice one concerning thing — their website features a feed with audits of their gold reserves, but as far as I can tell the last Brinks-verified transaction was in January of 2020 for a 1kg Royal Canadian Mint Bar. Which is a lot of gold, it’s possible that they simply haven’t needed more gold since then. However, their website should conspicuously feature monthly or quarterly audits of their reserves by a credible 3rd party auditor, and it doesn’t. The credibility indicators…
- The team behind Digix is public and has experience in blockchain, finance, cyber security and gold trading.
- Buying DGX from them does require KYC, which can be a bit of a hassle, but it’s a sign that they keeping things above board.
- Their blockchain runs an Ethereum backbone and its code can be found on Github.
- They have partnerships with the crypto payment processors Monolith and Pundi X, which conveniently allow real-world businesses to accept the token.
- They have a decentralized autonomous organization powered by the DigixDAO token, enabling democratic governance by those who believe in the Digix project.
- In 2021 they were recognized by the SBR Technology Excellence Awards which recognises Singapore’s most innovative companies.
On social media, Reddit, and Trustpilot I could not find many reviews from their customers. All things considered, I’d hold off on putting much of my savings into Digix until they at least get credible audits of their gold reserves published.
Every gold bar backing DGX is always openly verifiable by the public, 24/7, with blockchain technology.
Our vaults, located in Singapore and Canada, are accredited members of the Bullion Association and are fully insured.