VNX Adds Europe’s First Fiat

Everyday we see more signs that flag a long period of recession. Just this week Binance’s Proof of Reserves fell by $3.5B. In this environment, VNX believes that tokens referencing traditionally valuable commodities and major European currencies can help rebuild trust in DeFi.

VNX, Europe’s first regulated platform for investing in tokenized precious metals, has launched the VNX Euro (VEUR) and Swiss VNX Franc (VCHF) tokens referencing respective fiat currencies stablecoins on the Dubai-based Emirex crypto exchange.

Commenting on the launch, Alexander Tkachenko, Founder and CEO of VNX, said: “We are thrilled to launch new fiat-referencing tokens and introduce new ways for our clients to utilize commodity-backed crypto in their investment strategies.”

“Launching these tokens is a big step forward in bringing stable and reliable digital assets to a global community,” Alexander added.

From now on, VNX users can request for 1:1 minting of tokens which reference the Euro or Franc. Also, new stablecoins solidify the platform’s roster of tokens backed by physical, trusted commodities, empowering accredited investors searching for asset-backed stablecoins to hold, trade, and earn with.

Greg Mars, Co-Founder of Emirex, said: “Expanding digital assets backed by precious commodities offers a defined route with an inherent value for users to explore crypto on their own terms.”

Increasing the share of EUR and CHF denomination in DeFi can balance the crypto economy, more represented in digital dollars. It also helps to adjust it for European users, which are 17% of the continent’s population.

In addition to VNX Gold token, users can implement VEUR and VCHF for inflation hedging, CEX/DEX trading, and CeFi or DeFi liquidity and staking under Liechtenstein’s Blockchain Act.

VNX Gold tokens represent ownership of physical gold in the specific numbered bullion, which is stored in a high-security vault in Europe. Each VNX Gold token represents one gram of pure LBMA-certified physical gold.

Read Also: LBank Exchange lists VNX Gold, expanding its offering of gold-backed digital assets