After introducing cryptocurrency more than a decade ago, stablecoin was the next big thing in the crypto market. The digital currencies continue to gain popularity, with their adoption rates increasing from both individual investors to businesses. The financial sector is among the sectors where cryptocurrency is making a significant impact. Numerous financial technology companies have been up with projects, although Apollo Fintech’s latest project will be the best the industry has seen.
Apollo Fintech is presenting GSX, a new coin that combines the features of a stablecoin, investment coin, and cryptocurrency. Ideally, it is a stablecoin with the best backing ever, and a unique characteristic of perpetual growth.
GSX is an acronym for Gold Secured Currency. It is a stablecoin that is backed by gold and precious metal-rich land. The idea behind backing a stablecoin with a real-time asset is to tackle the price volatility issues associated with cryptocurrencies. Stablecoins usually have different kinds of backing like fiat currency backing and cryptocurrency backing.
However, Apollo Fintech chose a tangible asset, and in this case, gold and land, which share a characteristic of price stability and perpetual growth in value. According to Apollo Fintech’s GSX Whitepaper, the price per ounce of gold rose to $1,680 in February 2020 from $1,500 in December 2019.
Although GSX is a stablecoin, it is not the primary reason behind its consideration as the year’s best crypto project. Other types of stablecoins have been there before, although some have had a share of shortfalls. Fiat backed stablecoins are usually at risk of inflation, while cryptocurrency backed stablecoins still suffer due to crypto projects’ volatility. GSX is among the first stablecoins with perpetual growth. Besides, it converts coin holders into shareholders with dividend entitlements.
GSX Market Entry
In July 2020, Apollo Fintech announced the presale of its new coin, GSX. The presale was declared to be that of the world’s first stable growth coin, retailing at $0.046. The coin distribution event targets the sale of 100 million coins. According to GSXCDE, over 21 million coins have been distributed so far. The company has a total coin supply of 30 billion. It intends to allocate 10 billion coins to the distribution event and lock the remaining 20 billion coins for one year.
Although the company targets selling 10 billion coins, they appreciate that a 100% entry is not guaranteed. As a result, Apollo plans to burn half of the remaining coins to increase the asset value of those that gain market entry.
How GSX Works
Apollo Fintech’s gold mining projects will support the GSX coin. The financial technology guru prides in over 3,500 acres of gold and other precious metals-rich lands in Zimbabwe. Both the gold and the gold-rich land will be the primary assets backing the new coin. However, the company has a program that ensures the size of its precious metal-rich land grows perpetually.
As a financial technology leader, Apollo has an array of products and services from which it generates income. Part of the revenue from these products and services will be used to acquire more gold-rich land, which means its territories will always increase. As the backing reserve increases, the trust-backed coin’s value will also increase and ensure it never falls below the value of its backing.
Furthermore, the value of the GSX backing reserve will not increase only from the investment of 25% of Apollo Fintech’s products and services revenue. The company will allocate half of its income from gold mining projects after expenses and growth to backing the coin. Referring to GSX, the African-based company’s CEO, Steve McCullah, termed it a never seen before product. Steve was mainly addressing the coin’s ability to earn annual dividends. Apollo plans to distribute the other half of its income from the gold mines to coin holders in dividends.
Benefits of the GSX Coin
GSX will be the first stablecoin with perpetual growth and the first to offer dividends to crypto investors. The coin combines a set of benefits which include:
GSX holders will be entitled to more than the number of coins in their wallets. Holders become company shareholders with rights to company property. As such, they are entitled to the profits and proceeds from the sale of assets.
Continuous growth is the best aspect of GSX. The gold reserves will continually increase, and so will the coin. The project has an estimated asset increase of about 500% in 2021.
Gold Secured Currency will be redeemable for its gold value. Holders whose coins reach the minimum amount of $200,000 will redeem their coins without going through other exchange platforms. Payment for dividends will be made through the GSX coin or the Apollo Currency, and the company will purchase them directly.
Apollo Fintech will allow geologists to do periodic audits of the gold-rich land and the gold ore and avail reports for transparency purposes. According to the whitepaper, the recent geologist report valued the assets at $6.5 billion.
Apollo Fintech is a leading financial technology company that is relentlessly pushing blockchain technology to the limits. The company is utilizing the Apollo Blockchain innovation to provide solutions to real-world problems. However, GSX seems to be its best innovation as much as solving volatility in cryptocurrency is concerned.
Stablecoins have provided a reasonable extent of stability in the crypto world, but their inability to grow makes their worthiness as investment options questionable. By exploiting blockchain capabilities, Apollo Fintech has managed to provide the best investment coin.