DeFi meets gold in the new project rolled out by CREDER, a digital transformation and real-world asset (RWA) tokenization joint venture company founded by BPMG (GemHUB's operator) and ITCEN Group (a Seoul-based IT service management company). Soon-to-be-launched GPC (Gold-Pegged Coin) tokens, pegged to the real-time market price of gold, will be made available on Goldstation, a decentralized finance GPC-dedicated platform built on Klaytn.
The announcement was made by the Klaytn Foundation, an entity established to develop the ecosystem of South Korea's leading Layer 1 blockchain Klaytn. CREDER is a member of the Klaytn Governance Council, a governance body in the Klaytn environment.
According to the project's website, GPC is "100% physical gold-based RWA issued on Klaytn network," making it easier to invest in the precious metal without actually buying physical gold – heavy, hard to store, and potentially vulnerable to theft. The Goldstation platform allows users to purchase gold through the L1 blockchain platform with safe storage included by default.
GPC is issued as collateral with CREDER's Gold NFT. The token is linked to the international gold price. Holders can trade it at an NFT marketplace or decentralized exchange (DEX)
or HODL it in their crypto wallets. Users who want to convert their GPC into NFTs will be able to do it via The Mining Club, CREDER's platform for proving the digital ownership of real gold assets on blockchain. The tokenization takes just a few clicks and requires connecting crypto wallets supporting Klaytn, e.g., Metamask, Kaikas, or Klip.
The initiative is ground-breaking in three ways. GPC is the first gold-backed DeFi token available outside of the Ethereum mainnet. It is also the first gold-pegged asset that doesn't charge percentage-based fees for transactions. Combined with Klaytn's low gas fees, GPC is an approachable investment option for individuals with limited capital, as it remains cost-effective no matter the transaction amount. GPC charges only small NFT conversion and blockchain operation fees.
Moreover, Goldstation is the first-ever DeFi platform for gold-related RWA powered by a non-Ethereum blockchain. The ecosystem is due to launch on 24 January 2024. Initially, Goldstation will be available only for the residents of South Korea. However, the Klaytn Foundation plans to launch the service globally in the future.