Mentioned:
A publicly traded company on the Nasdaq is all in on changing the future of the gold business. And they’re betting on the blockchain to do it.
What’s happening:
- Streamex (NASDAQ: STEX) has been making a flurry of moves lately focused on building the future of tokenizing physical gold bullion ownership
Why it matters:
- Streamex is one of the only publicly traded companies in the world focused solely on bringing gold ownership to the blockchain through tokenization which has been a rapidly growing trend globally and has led to private crypto companies such as Tether and Paxos Trust Company to purchase record breaking amounts of physical gold
Going deeper:
- Streamex just recently made waves when they purchased $25M USD of physical gold bullion to hold directly as an asset and tokenize through their gold backed stablecoin known as GLDY
- Streamex has publicly stated their gold backed stablecoin will pay an annual yield of 4% through their partnership with gold leasing giant Monetary Metals
- Legendary mining billionaire and founder of precious metals royalty giant Wheaton Precious Metals (NYSE: WPM) Frank Giustra is also one of of the largest individual shareholders of Streamex and has been buying more shares in the open market
The intrigue:
- Streamex also recently took a 9.9% equity stake in precious metals royalty company Empress Royalty (TSXV: EMPR) which they acquired through an all stock deal done at a premium to market
