Cryptocurrencies
NYC Real Estate Mogul Secures $6 Billion in Gold to Back New Cryptocurrency
Kent Swig became interested in cryptocurrencies after learning more about the concept from his teenage son.
Photographer: Akos Stiller/Bloomberg
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New York City real estate mogul Kent Swig has secured a minimum of $6 billion in gold reserves to back his new cryptocurrency.
The value of the digital token, DIGau, will be pegged to the market price of the precious metal, guaranteed by liens Swig and partner Stephen Braverman’s company, Dignity Gold, secured against mining claims in Nevada and Arizona.