Gold-backed virtual currency released by Anthem Vault
- Published: Jul 30, 2014, 8 AM
Anthem Vault has announced it is releasing into circulation a new gold-backed virtual currency over the next 12 months, according to a July 16 Reuters report.
The new virtual currency units are called INNCoins, Reuters reports. Each of the 10 million units planned for release between now and July 2015 will be backed by 3.5 ounces of gold.
The price of gold at approximately noon on July 30 was $1,293.87 per ounce, according to GoldPrice.org. That would put the value of one INNCoin at $4,528.55.
Anthem Vault CEO Anthem Blanchard is quoted in the Reuters story, written by Frank Tang, as saying INNCoins should make gold a “more acceptable” form of currency.
Read the full Reuters article.
Anthem Vault, based in Las Vegas, has been a buyer and seller of gold and silver bullion since it was founded by Blanchard in 2011. It posted a link to the Reuters story on its website and tweeted on July 16, “Anthem Vault launches a new crypto currency, the first ever to be backed by gold!”
In other virtual currency news:
- Google now has its own bitcoin converter. According to a July 16 Forbes article, the search engine is working with Coinbase to perform the conversions. The converter, which can be seen here, comes after Google Finance added Bitcoin to its currency tracker.
- Former U.S. Mint Director Edmund Moy tweeted on July 15 that he had purchased his first bitcoin. Moy is slated to be the keynote speaker for the Cryptolina Bitcoin Expo in August after writing favorably about virtual currency for MoneyNews.
- Arizona’s first bitcoin ATM, located in Tucson, Ariz., became inoperative on July 25 after lightning struck the building it stands outside of, according to The Arizona Republic. As of July 30, when the story was published, the machine’s owner was still “trying to figure out where we are at” with its repair. The Republic reports 25 bitcoin ATMs reside in the United States and 145 worldwide.
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