Novem Gold AG is a blockchain-based company that digitizes gold on the ideals of safety and regulatory compliance. The company will now list the NNN token worldwide and market it with its specific advantages together with the underlying security of a gold-backed token. This is another milestone for Novem Gold AG who is committed to comply with laws and regulations in its target markets.
What Is the NNN Token?
The NNN Token represents a co-ownership share in a certain quantity of 999.9 LBMA-certified gold. With the purchase of an NNN token, investors acquire a corresponding quantity of gold. Token holders can also redeem 1 gram of gold for 100 NNN tokens.
Gold can be stored by Novem Gold AG as custodian for and on behalf of all NNN token holders. It is stored in a collective deposit, in a high-security facility in Liechtenstein, under a standardized Management and Storage Agreement.
Owners of NNN gold-backed tokens stand to benefit and can:
- Instantaneously sell unlimited amounts of LBMA-certified physical gold anytime, anywhere.
- Enjoy fractional ownership of gold.
- Eliminate middlemen, tracing every NNN transactions via the transparent NEO platform.
- Eliminate insurance, storage or transport costs.
- Enjoy low fees of only 0.05 percent per transaction.
- Prove the origin of NNN tokens and therefore gold, cutting out fraud.
Novem Gold has already partnered with Grant Thornton, a world-renowned audit firm. Grant Thornton’s experience spans over 100 years and has a verifiable track record in advisory, tax, and audit. At any time, Grant Thornton is able to verify whether every NNN token in circulation is backed by the declared LBMA-certified, 99.9 percent pure gold, stored by Trisuna Lagerhaus / OZL. Grant Thornton carries out audits quarterly. Hence, the procedures agreed upon refer to the assessment whether the stock list provided by the custodian of the gold does conform with the gold on stock as of the date of reconciliation.
External audit reports affirming our integrity can be found here.
What Does Reaching This Milestone Mean? And What’s Next?
The public launch of the first NEO-based gold-backed token NNN triggers the second phase of NVM public token sale. NVM is a utility token in the Novem Gold ecosystem.
Novem Gold AG also plans to open more physical stores in select cities worldwide. The first store was opened at Landstraße 1, 4020 Linz, Austria on Sep 2, 2019.
The next major milestone for the NNN Gold-backed token is its launch and listing on cryptocurrency exchanges, and Novem Gold AG is actively engaged in working towards this important goal.
About Novem Gold
Novem Gold AG was founded by two long-term precious metals and gemstone experts with experience in international trade in Germany, Austria, and the U.A.E. After experiencing a wide number of problems associated with trust and transparency in the precious metals industry, they concluded that there had to be a better way for people to buy and sell gold.
Novem Gold AG is located
in Vaduz, Liechtenstein which is a member of the European Economic Area (EEA) .
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