I looked into crypto backed by gold a while back and never...

I looked into crypto backed by gold a while back and never really understood the point. I don't see why you would want incremental exposure to gold directly without owning the bullion yourself. The whole point of owning the gold directly is that you hide it somewhere where it can't be taken from you in case things get really bad, as an insurance policy. By only owning the crypto some government can still go in and confiscate the gold being held on your behalf. The cypto isn't suddenly going to be worth more either, it will just be valued at its share of the gold that's backing it. The one use case I do see is for countries where it really is looking dire and you can't get access to gold directly AND your crypto is somehow more liquid as a means of payment. I think all the cases where they are trying to make a crypto backed by something is missing the point. The reason BTC is so crazy is there is nothing backing it, that means its floor is 0 and it has no ceiling. Therefore to derive a price and get a profit you have to convince yourself that sometime in the future there will be more people trying to buy it then there is now and that you will have the fortitude of mind to sell it when that happens. Very interesting tack though for this company, hope it works out. Would have preferred news on the licences!