Broctagon Partners with Elite Consulting Group to Launch Gold-Backed Token GoldGo

Broctagon Fintech Group, a multi-asset liquidity and technology provider headquartered in Singapore, recently announced that it has partnered with Elite Consulting Group, a strategy and management consulting firm, to launch the world's first government-recognized gold-backed token GoldGo.

Pegged to the price of gold, based on Thailand's 23K gold standard and secured by blockchain technology, the utility token has been recognised by The Securities and Exchange Commission (SEC), Thailand.  

In contrast to many price-stable cryptocurrencies that claim to have the respective asset backing in reserves, GoldGo offers guaranteed redemption for physical gold in vaults, with each GoldGo (GOGO) Token equal to one gram of gold.

GoldGo provides customers with easier and more secure investments in the precious metal, and removes barriers to entry by lowering the capital needed, while also increasing transparency for gold buyers, distributors, and investors.

Prayuth Supawarapong, CEO of Elite Consulting Group and heading the GoldGo project, comments: “Unlike other cryptocurrencies, our GOGO token is not simply backed by the community, it provides direct access to the underlying asset as well. Gold is expensive to invest in and GOGO allows for more people to gain easy access due to the lower capital needed. Through partnering with Broctagon, the level of transparency we can offer is also unique. Using a private blockchain solution, all of the interactions between users and gold smiths can be recorded and audited at any point in time, so our customers feel secure in their investment.”  

Don Guo, CEO of Broctagon Fintech Group, adds: “Broctagon is committed to providing the technology to help companies innovate. We are thrilled to be supporting Elite Consulting Group with their unique and transformational GoldGo Token. Our blockchain technology solutions for this application are developed with a focus on scalability and efficiency, and will transform the traditional gold business in Thailand by providing a unique level of transparency and access to a market that can be otherwise inaccessible to the mass market.”