Mining Company Will Launch Tokens Backed by Gold

The Goldnugget mining company (detailed corporate and technical data here) has been in the industry since 2011. The firm has just announced they will be launching their own token, GN token. The token aims to finance environmental friendly gold mining in Ghana. The issuer of the GN token is Swiss Pieffe Consulting SA.

Please note, that the GN token is not a security, but a utility token based on the Ethereum ERC20 protocol that will be released to the investors. The utility token can be exchanged through a peer to peer network to make payments or purchase the gold mined by Goldnugget. The issuer claims, that the token further reduces the transaction fee and early purchase investors will benefit from discounts on the purchases.

The physical gold mined in Ghana will be then digitized to security tokens which will be available for purchase using the GN token. The security token purchased will represent the physical gold and investors will then be able to earn interest on their gold and trade it.

The utility token is set to be launched through an initial exchange offering with a target of 20 million Euros set to be raised. The gold-backed token IEO will be offered on the Eldoo exchange later in the year. Issuance of the GN token is facilitated by the Swiss-based consulting company, Pieffe Consulting SA.

The company was founded by are Ettore Massimiliano Nassetti and Roberto Piras Arrobbio back in 2011 and will take care of the marketing prospects of Goldnugget’s operations.

In addition, Pieffe Consulting SA intends to promote auctions on the platform, the participation of which will be reserved for token holders. The auctions will be dedicated to the blockchain-based financial instruments of the platform with gold as the underlying.