Creder Launches Gold Pegged Coin (GPC) and Goldstation Tokenization Platform

Introduction

The Klaytn Foundation, an organization dedicated to expanding the Klaytn ecosystem, has announced that Creder, a governance council member, will be launching a tokenized gold offering called Gold Pegged Coin (GPC) in January. Additionally, Creder will introduce Goldstation, a decentralized finance platform that allows users to convert physical gold into GPC tokens.

The Launch of Gold Pegged Coin (GPC)

Creder, a South Korean asset digitization startup, is entering the gold tokenization business with the launch of Gold Pegged Coin (GPC). GPC is a 1:1 backed gold token, making it the first tokenized gold initiative outside of Ethereum. Creder has chosen Klaytn, a blockchain known for its low fees and scalability, as the underlying technology for GPC, aiming to democratize access to this innovative tool. Unlike other tokenized gold options like Tether Gold (XAUT), which are only available on Ethereum, GPC provides users with an alternative platform.

The Introduction of Goldstation

In addition to GPC, Creder has unveiled Goldstation, a decentralized finance platform that enables users to digitize their gold bullion using non-fungible tokens (NFTs). These gold NFTs are issued on The Mining Club platform and serve as collateral for minting GPC tokens on Goldstation. This new development opens up various decentralized finance opportunities, allowing users to utilize tokenized gold as collateral and generate revenue.

Availability and Future Expansion

Initially, both Goldstation and GPC will only be accessible to South Korean users. The custody provider for the platform is the Korea Gold Exchange Digital Asset (KORDA). However, Creder has plans to expand beyond gold and include other metals in its platform in the future. The Klaytn Foundation expressed its intention to comprehensively expand the tokenization of precious metals beyond gold.

Gold Tokenization Trend

Gold tokenization has gained significant attention in financial markets, with various institutions launching initiatives in this field. For instance, HSBC recently announced the launch of a gold tokenization platform focused on the London markets, targeting a market valued at $525 billion.

What are your thoughts on GPC and Goldstation? Share your opinions in the comment section below.

Frequently Asked Questions

How much money should I put into my Roth IRA?

Roth IRAs let you save tax on retirement by allowing you to deposit your own money. You cannot withdraw funds from these accounts until you reach 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. First, you cannot touch your principal (the original amount deposited). This means that regardless of how much you contribute to an account, you cannot take out any more than you initially contributed. If you decide to withdraw more money than what you contributed initially, you will need to pay taxes.

The second rule says that you cannot withdraw your earnings without paying income tax. Also, taxes will be due on any earnings you take. For example, let's say that you contribute $5,000 to your Roth IRA every year. Let's further assume you earn $10,000 annually after contributing. Federal income taxes would apply to the earnings. You would be responsible for $3500 This leaves you with $6,500 remaining. This is the maximum amount you can withdraw because you are limited to what you initially contributed.

If you took $4,000 from your earnings, you would still owe taxes for the $1,500 remaining. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). You only got back $4,000. Even though you were able to withdraw $7,000 from your Roth IRA,

There are two types if Roth IRAs: Roth and Traditional. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. When you retire, you can use your traditional IRA to withdraw your contribution balance plus interest. You can withdraw as much as you want from a traditional IRA.

Roth IRAs do not allow you to deduct your contributions. But once you've retired, you can withdraw the entire contribution amount plus any accrued interest. Unlike a traditional IRA, there is no minimum withdrawal requirement. You don’t have to wait for your turn 70 1/2 years before you can withdraw your contributions.

How much should you have of gold in your portfolio

The amount that you want to invest will dictate how much money it takes. A small investment of $5k-10k would be a great option if you are looking to start small. As you grow, it is possible to rent desks or office space. Renting out desks and other equipment is a great way to save money on rent. You only pay one month.

Consider what type of business your company will be running. My website design company charges clients $1000-2000 per month depending on the order. So if you do this kind of thing, you need to consider how much income you expect from each client.

Freelance work is not likely to pay a monthly salary. The project pays freelancers. This means that you may only be paid once every six months.

Decide what kind of income do you want before you calculate how much gold is needed.

I recommend starting with $1k-$2k in gold and working my way up.

Is buying gold a good way to save money for retirement?

Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.

Physical bullion is the most popular method of investing in gold. There are other ways to invest gold. Research all options carefully and make an informed decision about what you desire from your investments.

For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. Owning gold stocks should work well if you need cash flow from your investment.

You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.

Who is the owner of the gold in a gold IRA

The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.

To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.

Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.

If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.

You should consult a financial planner or accountant to see what options are available to you.

What are some of the benefits of a gold IRA

An Individual Retirement Account (IRA) is the best way to put money towards retirement. It will be tax-deferred up until the time you withdraw it. You are in complete control of how much you take out each fiscal year. And there are many different types of IRAs. Some are better for those who want to save money for college. Others are designed for investors looking for higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. Once they start withdrawing money, however, the earnings aren’t subject to tax again. This type account may make sense if it is your intention to retire early.

The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA, you don't have to worry about paying taxes on your gains while you wait to access them. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.

An additional benefit to owning gold through an IRA, is the ease of automatic withdrawals. This means that you don't need to worry about making monthly deposits. To ensure that you never miss a payment, you could set up direct debits.

Finally, the gold investment is among the most reliable. Its value is stable because it's not tied with any one country. Even during economic turmoil the gold price tends to remain fairly stable. Gold is a good option for protecting your savings from inflation.

Statistics

Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
You can only purchase gold bars at least 99.5% purity. (forbes.com)
(Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)

External Links

How To

Guidelines for Gold Roth IRA

You should start investing early to ensure you have enough money for retirement. As soon as you become eligible, which is usually around age 50, start saving and keep it up throughout your career. It is important to invest enough money each and every year to ensure you get adequate growth.

Additionally, tax-free opportunities like a traditional 401k or SEP IRA are available. These savings vehicles allow you the freedom to contribute without having to pay tax on your earnings until they are withdrawn. This makes them great options for people who don't have access to employer matching funds.

Save regularly and continue to save over time. If you aren't contributing the maximum amount permitted, you could miss out on tax benefits.

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By: Sergio Goschenko
Title: Creder Launches Gold Pegged Coin (GPC) and Goldstation Tokenization Platform
Sourced From: news.bitcoin.com/south-korean-tokenization-startup-chooses-klaytn-over-ethereum-for-gold-nfts/
Published Date: Fri, 05 Jan 2024 11:00:34 +0000

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