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Cryptosphere Courts Gold Bugs as Bitcoin Loses Some Luster
Olga Kharif

November 14, 2019, 7:00 PM ESTUpdated on November 15, 2019, 7:11 AM EST
  • Tether, Bitfinex plan to issue gold-backed token by Christmas
  • Pivot from Bitcoin ‘digital gold’ narrative as trading slows

The cryptocurrency world is seeing a surge in the issuance of gold-backed tokens, with some of the digital-asset industry’s biggest and most controversial participants joining in on the fresh gold rush.
The throng behind the Tether stablecoin and the Bitfinex trading platform plan to issue Tether Gold before Christmas. The token will be backed 100% by bullion reserves, according to Paolo Ardoino, who serves as chief technology officer for Bitfinex and Tether.