Exploring the different markets outside of cryptocurrency can prove worthwhile. Numerous platforms now provide exposure to stocks, equities, or even precious metals. Uphold’s Universal Gold certainly sounds appealing, especially for owners of the native debit card.
The Concept of Universal Gold
As the name suggests, Universal Gold is a tokenized version of physical gold. This is not a new concept in the cryptocurrency and blockchain industry. Numerous projects have provided to grant users exposure to gold, although none of these custom tokens have really paid off in the end. Exploring this market is still a valid option, and Uphold is doing exactly that.
Through Universal Gold – or UPXAU – users will be given access to government-insured gold. Every token represents 1 troy ounce of gold stored in the vaults of Perth Mint in Australia. Digitizing access to the world’s leading precious metal is great news for cryptocurrency holders. Gold has gone through bullish momentum in 2020, and the trend isn’t slowing down just yet.
Spending it With a Debit Card
One aspect that makes Universal Gold different from other gold-backed tokens is the usability. Instead of being limited in terms of what to do with the token, it can be spent like cash or other assets. Holders of the Uphold debit card can spend their UPXAU balance at any retailer accepting debit card payments, both online and in-store.
Given the vast number of assets supported by Uphold, it is a very powerful debit card solution. Having the opportunity to spend Universal Gold along with Bitcoin and XRP on everyday purchases is something many people want to achieve. Similar to other assets, spending Universal Gold will get users a 1% cashback for every $1 spent in UPXAU. Getting gold back for spending gold is a very unique offering to explore.
Physical Delivery is Possible
The other core advantage of universal Gold is how users opt for physical delivery. More specifically, every UPXAU owned by users can be redeemed for physically deliverable gold at the Perth Mint. While this may not be an option many people will explore, it is a valuable addition. Giving users full control over what they can do with this new asset elevates Uphold to a whole new level.
Last but not least, Universal Gold is designed to be transparent. Users can verify the backing of every UPXAU token on a public blockchain. This process is made possible with the help of CertiK, a blockchain security firm. Offering this transparent verification makes UPXAU different from most other gold tokens.
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