Singapore blockchain startup CACHE raises funds securing $17M valuation led by Palisades Goldcorp
CACHE, the asset backed token that digitises physical gold, raises $1.4 Million in series A led by Palisades Goldcorp at a $17Million valuation.
SINGAPORE, July 19, 2021 /PRNewswire-PRWeb/ -- CACHE is on a mission to create and sustain reliable and trustworthy precious metal asset backed token products tradable on cryptocurrency exchanges. Founded in 2018 by the industry veterans behind Singapore's largest precious metal dealer, Silver Bullion, the company's first product, the CACHE Gold Token (CGT) launched in June 2020 and has been adopted to become one of the world's most liquid gold backed tokens on a growing list of exchanges, boasting a trading volume of up to $70M per month. Today it receives a strong vote of confidence in its technology and its operations, in the form of additional funding from Canada's most active resource financier: Palisades Gold.
Bringing precious metals such as gold with its $12 trillion USD global volume onto the blockchain can unlock real value to businesses and investors seeking safety in uncertain economic times. It combines the amazing and unique properties of physical gold with the many benefits of public blockchains, such as the ease of transfer, almost instant transaction settlement and full transparency, all while offering lower costs than traditional ETFs.
CACHE uses its GramChain asset tracking system to provide real-time tracking data for the gold that is backing its token, providing vault location, purity, manufacturer and even photos of the gold bars.
The challenges faced by digital representations of valuable physical assets such as gold are three-fold:
1. Creating confidence with reliable, transparent and easily auditable systems that track the physical asset movements,
2. Managing secure pathways to transfer-in, authenticate and redeem the underlying assets in key locations, and;
3. Supporting markets around the world with sufficient liquidity.
With no other token tracking the spot price of gold as closely as CGT (even during the choppy crypto markets in May this year), CACHE has proven itself a true industry leader in this space. "Now we're scaling up." says Gregor Gregerson, founder and CEO of CACHE. "Collin Kettell and his team at Palisades Gold have decades of experience and an unparalleled network in the precious metal world and will be meaningful partners establishing CACHE as the gold marketplace of the future."
CACHE also has a silver token in the works.
Media Contact
Karim Raffa, CACHE Private Limited, +65 67411631, [email protected]
SOURCE CACHE Private Limited
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