Pretoria, South Africa, Knox Wire, the global payments and real-time financial messaging network, announces plans to launch its trustless gold backed currency, PMBC (Precious Metals Backed Currency).
The new product enables governments, corporations and financial institutions to hedge against the instability of the financial system while at the same time keeping funds extremely liquid. Holding the precious metals backed currency provides an entity with the security of physical metals while being able to instantly convert and send cross-border payments to over 20,000 institutions in nearly 200 countries.
This trustless system will provide users with a secure way to store and send wealth without relying on a potentially vulnerable banking system for storage, settlement or redemption. With this new launch, Knox Wire continues its mission of providing an alternative financial infrastructure to send real-time cross border payments.
The Launch of a Gold-Backed Currency with a Trustless Mechanism
Knox Wire’s new gold-backed currency operates on a trustless mechanism, providing reliable value stability as the metals backing PMBC will not be held by the company, but regional, redemptive trusts located globally.
These trusts will be in centralized locations in North America, Europe and Asia. They ensure that no entity is solely reliant on Knox Wire, a potentially vulnerable financial system, or any single company, for redemption. This trustless mechanism can provide users with peace of mind that their assets are always backed one to one, and always accessible.
Setting a New Standard in Financial Security
The issue with traditional gold backed currencies is that gold can be prone to volatility on its own. The way PMBC will work to counteract this volatility is by backing each PMBC with one gram of gold, one gram of platinum and one gram of palladium. Reducing potential volatility by distributing any potential market risk between three of the strongest performing precious metals.
PMBC offers substantial benefits to traditional options, including; immediate liquidity, trustless redeemability, distributed backing, and the security of Knox Wire’s immutable, distributed ledger. When combined with the services of Knox Wire, PMBC is a solution that sets a new standard for the usability of precious metals.
About Knox Wire
Knox Wire is a real-time gross settlement network that combines financial messaging and cross-border payments with local payouts to over 20,000 Financial Institutions (FIs) in nearly 200 countries.
More details about Knox Wire are available on the project’s website and on the social media pages listed below.
