Financial technology company Anthem Vault today launched HayekGold (the ‘hayek’), a digital token that enables more people to own and spend gold. Each hayek represents 1 gram of gold stored in the secure, world-class vaulting facility in Salt Lake City, Utah, and will be purchased at the market value at the time of the transaction.
“We use the latest, most secure technology – the Bitcoin blockchain – that fuels hundreds of other crypto-related platforms,” said Anthem Vault founder and CEO Anthem Blanchard. “The hayek coalesces the most trusted store of value in history, gold, with the world’s most secure exchange network, Bitcoin. Gold is hardly volatile and can help create a more anchored currency and savings plan.”
Blanchard, a lifelong advocate of decentralized sound money, is the son of James U. Blanchard III, who helped restore Americans’ right to own gold bullion. The Hayek name leaves no doubts about Blanchard’s political leanings. “First of all, we love F. A. Hayek, one of the greatest contributors to the Austrian School of Economics,” states the HayekGold website. “He wrote a number of valuable books and articles about the free market, price theory, and more throughout the 20th century. Second, Anthem Vault’s CEO is named Anthem Hayek Blanchard. His parents loved F. A. Hayek’s work so much that they named their son after him!”
Anthem Vault’s initiative was previously referred to as HayekCoin. Anthem Vault decided to change the name to HayekGold to help clarify exactly what the crypto-asset is and how it works.
“When most people talk about cryptocoins, they are referring to a digital currency that can be mined (created) with a computer,” notes the HayekGold website. “HayekGold, however, does not involve any digital mining. Sure, the physical gold has to be mined in the traditional sense (by digging into the earth!), but the digital tokens can never be created out of thin air. They can only come into existence when real gold is deposited into Anthem Vault.”
Presumably, the company also wanted to avoid associations with “altcoins” of dubious reputation and trustworthiness. In fact, HayekGold runs on the Counterparty infrastructure, which is a layer on top of the Bitcoin network. That means that HayekGold is not an altcoin but a part of the Bitcoin ecosystem, and every transaction is recorded on and secured by the real Bitcoin blockchain.
Anthem Vault provides individuals with an efficient and liquid way to buy, own and sell physical, 100 percent fine gold and silver bullion. All metals are securely stored with an independent world-class vaulting facility in Salt Lake City, Utah and are insured for loss by theft or natural disaster. Anthem Vault’s offices and operations team are based in Las Vegas, Nevada. The company is incorporated as a Nevada corporation and regulated as a precious metals dealer by the U.S. Treasury.
Other gold companies are discovering Bitcoin. In May, BitGold, a Canadian corporation with offices in Toronto and Milan and a network of secure vaults for gold storage, announced the public launch of the BitGold platform, a software service that connects gold storage with payment networks, resulting in a banking-like platform for gold.
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