KaratGold Coin (KBC), formerly known as KaratBank Coin, is an ERC-20 token built on the Ethereum blockchain. In the whitepaper, KBC is defined as a cryptocurrency as well as a utility token. KaratGold Coin is linked to physically deposited gold in the form CashGold. CashGold was created by KaratBank and Karatbars International in 2015 as a form of exchange which embeds notes with between 0.1 to 0.6 grams of gold. According to the whitepaper, KaratGold Coins can be exchanged for the appropriate amount of CashGold.
The parent company of KaratGold Coin is Karatbars International GmbH. Karatbars International was founded in 2011 in Singapore. The company is led by founder and CEO, Harald Seiz. Karatbars International is a network marketing company that sells real gold, pressed and sealed in plastic credit cards and notes.
In 2014, AMF (the governmental body responsible for financial regulation in the Canadian province of Québec) prohibited Karatbars from directly or indirectly trading in securities under any form of investment and forbid Karatbar affiliates from acting as a securities advisers.
The KaratGold project was launched in February 2018. According to the website, the mission of the project “is to create and develop a global infrastructure that will become a bridge between conventional and blockchain-based financial systems.”
The KaratGold ecosystem includes Karatbars, the KaraBit Exchange (a hybrid cryptocurrency and gold trading platform), K-Merchant (a secure payment gateway accepting crypto payments with a simple scan), and KaratCoin Bank (coined by the company as one of the first fully licensed cryptocurrency banks in the world).
KaratGold Coin held an ICO in March 2018 and raised $100 million USD.Read More