According to the Block, the DigixDAO community has approved the use of $4.3 million in form of ETH for Digix to make its gold-backed token DGX closer to each day consumers. The DGX token is currently pegged on 1 gram worth of gold.
DigixDAO is the decentralized autonomous organization (DAO) that has been behind the management of Digix as well as allocation of funds. During its token sale that occurred in 2016, DigixDAO was able to raise 466,648 ETH. At the moment the firm has approximately 335,432 ETH in its wallet which equates to approximately $57.3 million by publication time.
Digix is looking forward to creating a worldwide platform where users can directly access DGX over-the-counter (OTC) dealership, the Block reports.
According to the announcement by Digix, Joseph Lee who works as a project manager at NeutralG is poised to be involved in the initiative working closely with Digix staff. Digix also stated that about 7,500 ETH ($1.5m) of the entire funding has already been released to fund the first phase of the initiative.
The firm is working to entice the Southeast Asian nations crypto and gold enthusiasts and plans to create a fiat ramping platform. The firm stated that Southeast Asian region is a prime region due to the massive use of mobile payments as well as epayments for everyday operations.
As per the announcement the fiat DGX currency will be pegged on various Southeast Asian currencies such as Singapore dollar, Philippine Peso, Burmese Kyat, That Bhat as well as Indonesian Rupiah. The firm also stated that fiat DGX currency will also be paired with international currencies like the Euro and the Sterling Pound (GBP).
The firm indicated that the initiative is expected to be fully functional before the end of next year.