Vietnam’s VNDC issues gold token

by Blocks99

7 months ago

VNDC, a team supporting a stablecoin for Vietnam’s crypto community, has announced that Trust Wallet supports the listing of Vietnam Gold Token (CHI). It is Vietnam’s first gold token on Binance.

Unlike other electronic currencies, Vietnam Gold Token was created by the DAM team and officially launched on February 3, 2020. Aside from being an important asset in Vietnam’s gold community, CHI is gradually asserting its position in the Vietnamese market and hopes to contribute and grow strongly in the ecosystem of Trust Wallet as well. For example, it aims to make it easier and faster for users to access digital assets.

Gold conversion and staking

CHI is defined as digital gold, applied on blockchain technology and operating on the Ethereum development platform, ERC20. It is pegged to the price of gold and can be exchanged for gold from any recognized issuer in Vietnam. VNDC says its platform allows users to convert CHI into physical gold or stake at an interest rate of 3% p.a.

The project VNDC sees itself as not only a stablecoin, but also as a gateway supporting users to exchange fiat money to stablecoin (and vice versa). It says, “Our mission is to enable a simple global payment gateway and financial infrastructure for Vietnamese market and get it ready for blockchain movements.”

VNDC wants to play as a core system that provides technology and blockchain infrastructure including nodes for Vietnamese financial institutions.

(Source: Medium)