Kent Swig launches his own cryptocurrency

first_imgTerra Holdings’ Kent Swig (Swig Equities, iStock)Real estate investor and Terra Holdings owner Kent Swig has secured $6 billion in gold reserves to back his new cryptocurrency.DIGau, his digital token, will be pegged to the market price of the gold, Bloomberg News reported. The gold is guaranteed by liens that Swig and partner Stephen Braverman secured against mining claims in Nevada and Arizona through their company, Dignity Gold.Read moreBig on Bitcoin: Caruso now largest real estate firm to accept rent in cryptocurrencySocialite relists UES co-op for $45M The Covid churn: Inside resi brokerages’ recruiting games “Gold was one of the original rock-solid backings of all currencies,” Swig told the publication. “We’re not reinventing the wheel here. What we’re doing is applying the world’s stable backing of a lot of things to a very advanced technology.”ADVERTISEMENTWhile cryptocurrencies like Bitcoin have seen massive swings, pegging the new coin to a physical asset could stabilize it.Swig’s new coin isn’t the first attempt to combine gold and crypto; other attempts haven’t had much success, according to Bloomberg. But an interest in both has increased in recent years, as investors seek to protect themselves against inflation.Billionaire Rick Caruso’s real estate firm recently became the largest real estate firm to accept rent in cryptocurrency.[Bloomberg] — Sasha JonesContact Sasha Jones Email Address* Tags Full Name* Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink CryptocurrencyKent Swiglast_img read more

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