The Times Australia
Fisher and Paykel Appliances
News From Asia

.

Knox Wire Announces the Launch of Trustless Gold-Backed Currency

PRETORIA, SOUTH AFRICA - News Direct - 19 April 2023 - Knox Wire, the global payments and real-time financial messaging network, announces plans to launch its trustless gold backed currency, PMBC (Precious Metals Backed Currency).




The new product enables governments, corporations and financial institutions to hedge against the instability of the financial system while at the same time keeping funds extremely liquid. Holding the precious metals backed currency provides an entity with the security of physical metals while being able to instantly convert and send cross-border payments to over 20,000 institutions in nearly 200 countries.

This trustless system will provide users with a secure way to store and send wealth without relying on a potentially vulnerable banking system for storage, settlement or redemption. With this new launch, Knox Wire continues its mission of providing an alternative financial infrastructure to send real-time cross border payments.

The Launch of a Gold-Backed Currency with a Trustless Mechanism

Knox Wire's new gold-backed currency operates on a trustless mechanism, providing reliable value stability as the metals backing PMBC will not be held by the company, but regional, redemptive trusts located globally.

These trusts will be in centralized locations in North America, Europe and Asia. They ensure that no entity is solely reliant on Knox Wire, a potentially vulnerable financial system, or any single company, for redemption. This trustless mechanism can provide users with peace of mind that their assets are always backed one to one, and always accessible.

Setting a New Standard in Financial Security

The issue with traditional gold backed currencies is that gold can be prone to volatility on its own. The way PMBC will work to counteract this volatility is by backing each PMBC with one gram of gold, one gram of platinum and one gram of palladium. Reducing potential volatility by distributing any potential market risk between three of the strongest performing precious metals.

PMBC offers substantial benefits to traditional options, including; immediate liquidity, trustless redeemability, distributed backing, and the security of Knox Wire's immutable, distributed ledger. When combined with the services of Knox Wire, PMBC is a solution that sets a new standard for the usability of precious metals.


Hashtag: #KnoxWire

The issuer is solely responsible for the content of this announcement.

About Knox Wire

Knox Wire is a real-time gross settlement network that combines financial messaging and cross-border payments with local payouts to over 20,000 Financial Institutions (FIs) in nearly 200 countries.

More details about Knox Wire are available on the project's and on the social media pages listed below.

|

Active Wear

Times Magazine

World Kindness Day: Commentary from Kath Koschel, founder of Kindness Factory.

What does World Kindness Day mean to you as an individual, and to the Kindness Factory as an organ...

In 2024, the climate crisis worsened in all ways. But we can still limit warming with bold action

Climate change has been on the world’s radar for decades[1]. Predictions made by scientists at...

End-of-Life Planning: Why Talking About Death With Family Makes Funeral Planning Easier

I spend a lot of time talking about death. Not in a morbid, gloomy way—but in the same way we d...

YepAI Joins Victoria's AI Trade Mission to Singapore for Big Data & AI World Asia 2025

YepAI, a Melbourne-based leader in enterprise artificial intelligence solutions, announced today...

Building a Strong Online Presence with Katoomba Web Design

Katoomba web design is more than just creating a website that looks good—it’s about building an onli...

September Sunset Polo

International Polo Tour To Bridge Historic Sport, Life-Changing Philanthropy, and Breath-Taking Beau...

The Times Features

How early is too early’ for Hot Cross Buns to hit supermarket and bakery shelves

Every year, Australians find themselves in the middle of the nation’s most delicious dilemmas - ...

Ovarian cancer community rallied Parliament

The fight against ovarian cancer took centre stage at Parliament House in Canberra last week as th...

After 2 years of devastating war, will Arab countries now turn their backs on Israel?

The Middle East has long been riddled by instability. This makes getting a sense of the broader...

RBA keeps interest rates on hold, leaving borrowers looking further ahead for relief

As expected, the Reserve Bank of Australia (RBA) has kept the cash rate steady at 3.6%[1]. Its b...

Crystalbrook Collection Introduces ‘No Rings Attached’: Australia’s First Un-Honeymoon for Couples

Why should newlyweds have all the fun? As Australia’s crude marriage rate falls to a 20-year low, ...

Echoes of the Past: Sue Carter Brings Ancient Worlds to Life at Birli Gallery

Launching November 15 at 6pm at Birli Gallery, Midland, Echoes of the Past marks the highly anti...

Why careless adoption of AI backfires so easily

Artificial intelligence (AI) is rapidly becoming commonplace, despite statistics showing[1] th...

How airline fares are set and should we expect lower fares any time soon?

Airline ticket prices may seem mysterious (why is the same flight one price one day, quite anoth...

What is the American public’s verdict on the first year of Donald Trump’s second term as President?

In short: the verdict is decidedly mixed, leaning negative. Trump’s overall job-approval ra...