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VNX Announces Upcoming Tezos Stablecoin Integration at Luxembourg Blockchain Week
During the Luxembourg Blockchain Week VNX discussed the upcoming deployment of gold-backed stablecoin tokens on Tezos.
By: Lee Evans
17 October 2023
Disclaimer
Not Financial Advice:Â No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
The Luxembourg Blockchain Week, with Tezos as the champion primary sponsor, was a focal point for many critical discussions and groundbreaking revelations in the world of cryptocurrency. VNX’s presentation, highlighting its state-of-the-art digital asset platform and the impending Tezos collaboration, was particularly interesting.
We were honored to present VNX and discuss the upcoming deployment of VNX tokens on Tezos. Thank you Tezos for the invitation and the chance to connect with the vibrant ecosystem.
📢 Exciting end to the week! Our team, including Product and Operations Manager Nikolay Khort, and CTO Eugene Gavrilov, had a great time at the #Tezos event during Luxembourg Blockchain Week.
We were honored to present VNX and discuss the upcoming deployment of VNX tokens on… pic.twitter.com/vwio7FXMH2
VNX has effectively tokenized traditional assets, providing a stable alternative in the dynamic cryptocurrency market.
VNX Euro (VEUR) and VNX Swiss Franc (VCHF):
Both VNX Euro and VNX Swiss Franc are designated as fiat-referenced tokens (FRTs). These multichain tokens reference their respective fiat currency exchange rates, with VNX Gold serving as the underlying asset. Every token issued corresponds to an equivalent value in tokenized gold, held in reserve. Through the VNX Platform, users can exchange these FRTs for VNX Gold, allowing a conversion of physical gold’s value into a digital representation pegged to fiat currencies.
VNX Gold:
VNX Gold is a token representing ownership of physical gold. Each gold bar, certified by the London Bullion Market Association (LBMA), is associated with specific VNX Gold tokens. Safeguarded in Liechtenstein, the token generation process undergoes regulation by the Liechtenstein Financial Market Authority (FMA).
Gold-backed Stablecoins’ Features:
VNX uses gold, a historically stable asset, as the foundation for its digital tokens. To address gold’s price volatility, VNX has implemented a hedging mechanism when it acts as a reserve for the FRTs. This ensures the stablecoins’ value remains in line with the referenced fiat currency. Furthermore, while VNX Gold is the current primary reserve, there is a provision to integrate other types of reserves based on evolving market conditions. The VNX Platform facilitates this conversion, and more details are available in the official VNX documentation, including their Terms and Conditions and the VNX Gold white paper.
VNX’s Partnership with Tezos:
VNX’s collaboration with Tezos signifies a step forward in the digital assets arena. Tezos, known for its advanced blockchain technology and growing DeFi ecosystem, is poised to integrate VNX’s stablecoins. This union is expected to enhance liquidity and offer more opportunities within Tezos’ DeFi.
The Luxembourg Blockchain Week has underscored the potential and evolution of blockchain technology. With Tezos at the helm and VNX’s innovative digital assets on display, the event has set the stage for a promising future in the cryptocurrency domain.
Rarible is one of the biggest NFT platforms worldwide and integrated Tezos-based NFTs last year.
Now, Rarible has also integrated the EURL Euro-backed stablecoin to enable the purchase of Tezos-based NFTs on the platform.
Not Financial Advice:Â No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
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