Kent Swig launches his own cryptocurrency

Investor and Terra Holdings owner is backing DIGau with $6B in gold reserves

National /
Apr.April 13, 2021 12:15 PM
Terra Holdings' Kent Swig (Swig Equities, iStock)

Terra Holdings’ Kent Swig (Swig Equities, iStock)

Real estate investor and Terra Holdings owner Kent Swig has secured $6 billion in gold reserves to back his new cryptocurrency.

DIGau, his digital token, will be pegged to the market price of the gold, Bloomberg News reported. The gold is guaranteed by liens that Swig and partner Stephen Braverman secured against mining claims in Nevada and Arizona through their company, Dignity Gold.

“Gold was one of the original rock-solid backings of all currencies,” Swig told the publication. “We’re not reinventing the wheel here. What we’re doing is applying the world’s stable backing of a lot of things to a very advanced technology.”

While cryptocurrencies like Bitcoin have seen massive swings, pegging the new coin to a physical asset could stabilize it.

Swig’s new coin isn’t the first attempt to combine gold and crypto; other attempts haven’t had much success, according to Bloomberg. But an interest in both has increased in recent years, as investors seek to protect themselves against inflation.

Billionaire Rick Caruso’s real estate firm recently became the largest real estate firm to accept rent in cryptocurrency.

[Bloomberg] — Sasha Jones






    Related Articles

    arrow_forward_ios
    Dwellowner's Eric Eckhardt (Credit: iStock)
    Online brokerage Dwellowner looks to raise $7M via token offering
    Online brokerage Dwellowner looks to raise $7M via token offering
    The quest to aggregate flexible office data
    The quest to aggregate flexible office data
    The quest to aggregate flexible office data
    (iStock)
    The effect of corporate relocation incentives on the office market
    The effect of corporate relocation incentives on the office market
    Realogy CEO Ryan Schneider (Realogy)
    Realogy transactions soar 44% thanks to white-hot market
    Realogy transactions soar 44% thanks to white-hot market
    President Biden at the Leaders Summit On Climate. (Getty)
    Building owners crucial to Biden’s climate goals
    Building owners crucial to Biden’s climate goals
    PropTech API integrations? Now you’re speaking my language
    PropTech API integrations? Now you’re speaking my language
    PropTech API integrations? Now you’re speaking my language
    Cherre CEO L.D. Salmanson (Cherre/Facebook)
    Real estate data firm Cherre raises $50M
    Real estate data firm Cherre raises $50M
    (Tropicana Las Vegas via Facebook, Bally's Corp)
    Bally’s buys Las Vegas’ Tropicana casino for $150M
    Bally’s buys Las Vegas’ Tropicana casino for $150M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...