Vaultoro, a cryptocurrency and gold trading service, has relaunched their platform, including the addition of Dash trading support.
https://t.co/ZFal4LaVyS is currently down for maintenance as we upgrade to the new version. A complete re-write of Vaultoro with a beautiful new interface and introducing a #Gold / #DASH trading pair as well as $DASH / $BTC trading pair. https://t.co/L7gSJbb202
— Joshua Scigala CEO of Vaultoro.com (@JScigala) September 30, 2019
Claiming over 20,000 users across 95+ countries that have traded over 95 million USD of physical gold for cryptocurrency on the platform, Vaultoro maintains gold holdings that are insured by Helvetia and audited by BDO International, and are stored by Brink’s Switzerland and ProAurum Switzerland. They company also plans to use its audits to back the VGold stable-coin that is planned for launch by the end of the year. According to Vaultoro co-founder Joshua Scigala, the new
“Our goal is to become the largest and most modern commodities trading platform in the world and to do that we need a perfect foundation. We have put in hundreds of hours into R&D to meticulously bring the security and speed crypto investors need.”
Scigala believes that the addition of Dash to the platform will help achieve the goal of becoming a world-class gold trading platform, and has given the coin priority listing over other top cryptocurrencies after Bitcoin:
“We have had multiple crypto projects asking for the ability to hedge in real physical gold as it can be insured and audited, unlike FIAT-based stable coins. Dash is our first option because I really like all the work the Dash community has invested in broadening cryptocurrency adoption in Venezuela and around the world. After Dash, we will be looking at the top 10 cryptos. Any project we list has to be legal, solve a real problem and have a large enthusiastic community.”
Initially announced in early 2018 after receiving funding from the Dash treasury, the Vaultoro integration was delayed over a year while the platform was redesigned.
Providing financial safety for cryptocurrency consumers to hedge against volatility
The addition of Dash to Vaultoro enables cryptocurrency users to use gold to hedge against volatility prevalent in their industry. Gold has had a long history with being treated as a safe heaven for investors and anyone seeking to preserve their wealth during inflation and/or economic downturns. Cryptocurrency was partially invented to be an alternative to national fiat currencies and help mitigate the risks of national policies on the economic wellbeing of individuals. While cryptocurrency provides an alternative to fiat that is easily spendable, it still struggles with volatility, but the direct exchange between gold and cryptocurrencies can help individuals escape the transitional volatility of cryptocurrencies until more adoption becomes mainstream and without having to go back to fiat. Additionally, having a gold backed stablecoin and cryptocurrencies trading against each of those can further help price discovery actions.
Dash’s liquidity compliments gold’s financial security
Dash is actively working to maintain average settlement times below two seconds for less than $0.0005 USD and increasing the areas where Dash can be spent. This allows a Dash/gold trading pair to more accurately represent a tradeoff between liquidity and gold’s financial security and enable consumers to move between Dash and gold depending on how averse they are to risks. This use case is uniquely enabled by the Vaultoro integration, which simultaneously allows gold users to profit from Dash’s fast, cheap, and secure payments, while Dash users can take advantage of gold’s relative stability when compared to cryptocurrency today.