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Cryptocurrencies

Globcoin launches GLX Stablecoin backed by real-world currencies and gold

Friday 25 January 2019 | 11:00 AM CET

Globcoin, a financial technology company, has rolled out the GLX coin, a stable coin backed by the world’s top 15 currencies and gold, to commemorate Davos 2019 World Economic Forum.

GLX Stablecoin can be used as means of payment or as a hedging tool against crypto volatility. Moreover, the coin aims to be a hedging tool for traditional fiat investors looking for a way to harbor their currency positions. Globcoin has been offering a Globcoin basket of fiat currencies to institutional and private clients since 2010.

To make GLX basket more financially accessible, Globcoin’s team developed GLX Stablecoin by putting the Globcoin basket onto blockchain, a complex two year effort involving close collaboration between financial industry regulators, financial industry experts, blockchain engineers and programmers specialising in financial services. The end result is that GLX Stablecoin is backed by real-world currencies and assets.

Globcoin is headquartered in Zug, Switzerland’s Crypto Valley, and belongs to the Optiminvest Group, which was founded in 1998 by Hélie d'Hautefort. The fintech takes full advantage of the blockchain technology to revolutionise cross-border global payments and currency, transaction hedging.

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