MRHB.Network, a halal decentralized finance ecosystem, partners with Gold & Silver Standard (GSS), part of the Ainslie Bullion Group, a leading Australian bullion dealer since 1974, and will be listing the GSS Gold Standard ($AUS) and Silver Standard ($AGS) 100% bullion backed tokens in MRHB’s Sahal wallet.
The partnership with Gold & Silver Standard will provide to MRHB’s ethical community a new halal offering – gold & silver tokens with $AUS and $AGS to $USDC/USDT pairings made available on TijarX, the upcoming commodities DEX integrated in MRHB’s Sahal Wallet, which will be launched in late September.
“MRHB is very proud to be partnering with Gold & Silver Standard from the Ainslie Bullion Group,” says MRHB CEO Naquib Mohammed. “Gold and silver bullion-backed stablecoins will be a great addition to our DeFi offerings. In these times of ‘crypto winter’ and global recession, when people are finding ways to protect their wealth from volatile markets and inflation, gold and silver are supposedly the safest hedge against the situation, and have been a stable form of storing wealth since 1500 BC.”
Naquib adds, “We are more than confident that the partnership will be welcomed by our investors and ethics concerned community, as the volatility of the crypto market is one of the main reasons keeping potential new entrants out of the ecosystem. Due to the benefits of tokenization and borderless trade possible on the TijarX DEX, investors will be able to buy the cheapest gold and silver in the world, even in small amounts.”
For Gold & Silver Standard, this means that their gold and silver bullion-backed tokens, the biggest selling in Australia, will now be made much more easily accessible to not only the Islamic Finance investment community but the wider global crypto and Web3 community.
“We are excited to bring our gold and silver standard stablecoins to previously excluded communities through our partnership with MRHB,” comments Paul Engeman, Director of Gold & Silver Standard and Ainslie Bullion, Brisbane, Australia. “We are confident that Gold & Silver Standard’s Australia-based vault provides one of the safest places in the world to store bullion and safeguard token value. Bullion-backed cryptocurrency has been growing in popularity worldwide, and we look forward to cementing our goal of being the #goldsilverstandard of the metaverse.”
Stablecoins are known to be secure investments against the generally volatile backdrop of the cryptocurrency markets. A research report by the Social Science Research Network found gold-backed stablecoins to be less volatile than Bitcoin. Indeed, data from Arcane Research shows that gold-backed tokens have seen massive growth in 2022 with a market cap that has surpassed USD 1 Billion.
The Gold and Silver Standard tokens will be made available in AUS-USDC/USDT and AGS-USDC/USDT pairings, allowing all MRHB users to safely make gold and silver investments using US dollar-backed stablecoins. Each AUS and AGS token owns exactly one gram of gold or silver bullion, present physically in Reserve Vault in Brisbane, audited quarterly by global assurance firm PKF, and insured by the world’s leading insurer.
In early September this year, the MRHB Team visited the HQ of Ainslie in Brisbane to personally ensure the tech and physical infrastructure of GSS.
“Gold & Silver Standard outperforms its competitors, making it the ideal choice for investing in real gold and silver. They are fully redeemable for metal, independently verified, fully allocated with direct legal ownership, available to trade 24/7 and brought to you by a nearly 50-year-old bullion dealer, independent of government and financial institutions and domiciled in geopolitically safe Australia,” said Engeman.
As part of the partnership, MRHB and GSS will be creating multiple Gold & Silver backed crypto offerings in a 3-year roadmap.