The KaratBank Coin is based on the Ethereum blockchain protocol and has been specifically designed to be generally accepted as electronic payment for all who consider gold as a true, traditional, secure and value-stable currency.
Based on the Ethereum blockchain principle, it offers a safe, cost-efficient and fast method of payment and allows the use of smart contracts within its protocol.
KaratBank was launched in February 2018 and the Pre-ICO of the KaratBank coin was opened on the 15th February 2018 along with other elements of the KaratBank Ecosystem.
The KaraBank Coin is a blockchain-based cryptocurrency
Based on the Ethereum blockchain protocol the KaratBank Coin is linked to physically deposited gold in the form of CashGold. A certain number of KaratBank Coins can be exchanged for the appropriate amount of cash gold at any time. The coin will transfer effortlessly, cost-efficiently, securely and in real-time. Its value is predictable because the value of gold is trusted and relatively stable. Therefore the karatBank coin is predicted to be generally accepted worldwide.
What is KaratBank Coin solving?
The main problem is that gold coins were once a strong means of direct payment or currency until banknotes took over and then got unhinged from the gold standard back in the 70’s. Today the value of a banknote or fiat currency relies totally on the trust of each respective country to hold its value. As we know this is proving challenging for many countries across the globe as they print more and more banknotes that ultimately devalues the currency of that country.
The KaratBank Coin is aimed at providing a worldwide currency that is backed by gold! Each coin denotes a certain weight of gold that can at any time be exchanged for physical gold in the form of CashGold (Cashgold is produced by KaratBars GmbH) exchanged into fiat currency or into cryptocurrency worldwide.
KaratBars International GmbH is KaratBanks distribution partner
KaratBars already has over 480,000 customers across 120 countries who are already buying 1g, 2.5g, and 5g gold ingots from KaratBars who are based in Stuttgart, Germany. The total value of their customer base investment is around EUR 120 million so it’s obvious that with these customers will be keen to invest in the KaratBank Coin, helping this ICO to achieve a high market capitalization.
The Vision and Mission of the KaratBank Coin
The vision is for this coin to become a generally accepted means of payment for consumers as well as merchants and services. It is designed to be used as a generally accepted electronic payment for anyone who considers gold as a true, traditional, secure and value-stable medium as each coin will represent a certain weight of gold.
The coin will be available for exchange into physical gold in the form of CashGold, into fiat currencies or cryptocurrency.
The mission is to provide a payment system that is safe, private, and easy to use for the purchase of goods and services. This whole approach will be further supported by KaratBars KExchange, which is a developing portal for businesses to sign up to in order to take payment in Gold. Their KaratPay App will provide a simple payment solution using CashGold, so a whole Ecosystem is being developed outside of the mainstream economy.
CashGold from KaratBars
Gold in the form of gold coins and gold bullion has served as a means of internal payment and solid investments for more than 4000 years. Although legal currencies presently are not backed by gold, gold reserves still serve many central banks in the world as a currency reserve.
Private and institutional investors invest in gold and in times of economic crises gold is perceived to be a stable investment with the potential for its value to increase in comparison to other investments. The intrinsic value of gold is caused by its relative rarity and the high costs of mining.
With gold coins no longer used for currency, it is not practical to hold and pay with gold in its traditional form. So the launch by KaratBars of CashGold is hoping to bring gold back into a practical payment alternative. The idea behind cash gold is to implement small gold ingots into a paper note so it has the look of a banknote. So instead of being a specific country currency, the weight of the implemented gold bar is all that is displayed.
The long-term plans for KaratBars are very exciting as they develop their own shopping portal called KExchange, where members will be able to pay using the new KaratPay App, CashGold or KaratBank Coins.
Go ahead and register for a FREE KaratBars account and check out how you can purchase CashGold notes and the KaratBars gold cards.
If you are interested in buying the new cryptocurrency tokens go to KaratBank.