Coin Market

IPMB report: The first vertically integrated gold tokenization project

Published

2 weeks ago

March 10, 2025

As the global demand for gold remains strong and the asset’s price has reached all-time highs, investors face a difficult choice between various gold investment vehicles. Traditional methods for investing in gold come with a number of drawbacks. Physical gold incurs substantial buy and sell fees, gold futures require advanced financial literacy, while gold-backed cryptocurrencies often lack reliable reserve audits, or their sources of gold are opaque.

IPMB: bringing together gold and cryptocurrency

The International Precious Metals Bullion Group (IPMB) combines vast experience in the gold industry with opportunities provided by blockchain technology to offer a novel approach to gold investing that is reliable and cost-efficient. By controlling the crucial steps of the supply chain, IPMB offers favorable pricing and transparency for investors in its gold-backed GoldPro Token (GPRO) and GEM NFTs.

A recent report published by Cointelegraph provides insight into this precious metals project. It gives an overview of the challenges gold tokenization solutions face, from physical gold issues to providing liquidity and backup guarantees for digital tokens. The report discusses an in-house solution developed by IPMB to track the gold supply chain, its GPRO token fully collateralized by gold, and the gold-backed GEM NFTs. The report concludes with an overview of the IPMB ecosystem and its future development plans.

To learn how IPMB manages the entire supply chain and tokenization of gold, download a full version of the report for free here

Inefficiencies in the gold market

The supply chain for physical gold relies on multiple intermediaries, which results in price premiums that are ultimately borne by investors. Furthermore, physical gold investments incur premiums at purchase and come with substantial buy/sell spreads, as well as custody fees of up to 1% per year. (Figure 1).

In addition to increased costs, complex gold supply chains make it easier to disguise the origin of gold ore and hide unethical mining. For instance, Ghana, a leading gold producer, has faced criticism for unregulated artisanal mining, which harms the environment and often infringes on human rights.

Streamlining the gold supply chain

In contrast to most existing gold tokenization solutions that rely on third-party supplies, IPMB co-owns gold mining facilities in Ghana and controls the entire gold ore delivery process. As a result, IPMB eliminates unnecessary intermediaries and achieves transparency and sustainability for the whole supply chain.

The forthcoming launch of the Goldtrace360, an in-house tracking solution designed by IPMB, will automate the tracking process and significantly reduce latency. Goldtrace360 will utilize IoT technologies to record every step in the gold production process on the blockchain.

To learn how IPMB manages the entire supply chain and tokenization of gold, download a full version of the report for free here

Introducing gold-backed GEM NFTs

GEM NFTs are digital promissory notes IPMB offers for investment grade 24-karat gold. GEM NFTs are ownership titles for gold bars on the Polygon blockchain. They range from 1 gram to 12,500 grams to cater to a wide range of potential investors.

GEM NFTs can be obtained by staking GPRO, the native token of the IPMB ecosystem on the Polygon blockchain. While GPRO tokens are 1:1 backed with gold, their price remains free-floating.

To obtain an NFT of a specific denomination with a discount, the user must stake a corresponding number of GPRO tokens for a period of between three and 12 months. Longer staking is rewarded with a higher discount. If 100 GPRO tokens are staked for 12 months, 89 GPRO will be converted into a GEM NFT and 11 GPRO will be returned to the user. A limited number of NFTs are allocated to staking each month (Figure 2).

If the user triggers GPRO to GEM NFT conversion at the end of the staking period, GPROs get burned. At the same time, the GEM NFT gets assigned a unique 24-karat gold coin or bar and a London Bullion Market Association (LBMA) serial number, which is also reflected in the NFT metadata.

GEM NFTs that are at least one year old can be redeemed for physical gold, and the redemption is free of charge for NFTs of over 100 grams of gold in denomination. If not redeemed, NFTs stay free of insurance, custody or management fees for the first five years following the mint date.

To learn how IPMB manages the entire supply chain and tokenization of gold, download a full version of the report for free here

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Cointelegraph does not endorse the content of this article nor any product mentioned herein. Readers should do their own research before taking any action related to any product or company mentioned and carry full responsibility for their decisions.

Coin Market

Crypto VC giant targets $1B for new funds, expects oversubscription — Report

Published

33 minutes ago

March 22, 2025

Venture capital firm Haun Ventures is reportedly looking to raise $1 billion for two new crypto-related investment funds within the next three months.

If successful, $500 million will be allocated to early-stage crypto investments, while the remaining $500 million will go toward late-stage crypto investments, people familiar with the matter told Fortune Crypto on March 21.

Different market conditions to 2022 led to lowered expectations

The VC firm, founded by former Coinbase board member and federal prosecutor Katie Haun in 2022, reportedly did not aim for the $1.5 billion it raised in its highly praised funding round in 2022. It cited different market conditions as the reason for the lower target.

However, Haun reportedly expects the two new funds will be “oversubscribed.” In March 2022, Haun secured $1.5 billion in the company’s first funding round, shortly after its launch. Haun had also recruited former executives from Airbnb, Coinbase and Google tech incubator Jigsaw.

The firm’s latest fundraising round is set to close in June and is expected to be one of the largest in crypto funding in the past two years. Venture capital firm Paradigm and digital asset investment manager Pantera Capital both sought similar amounts in 2024.

137 crypto companies raised a combined $1.11 billion in funding in February 2025. Source: The TIE

In June 2024, Paradigm closed an $850 million investment fund, while in April, digital asset investment manager Pantera Capital sought to raise over $1 billion for a new blockchain-focused fund.

VCs predict that stablecoins will continue to be a focus in 2025

More recently, Haun Ventures participated in crypto asset management firm Bitwise’s $70 million funding round alongside investors such as Electric Capital, MassMutual, MIT Investment Management Company, and Highland Capital.

While the specific focus of Haun’s upcoming crypto funds is not publicly known yet, other venture capitalists have recently predicted that stablecoin interest will continue into 2025.

Deng Chao, CEO of institutional asset manager HashKey Capital, recently told Cointelegraph that stablecoins were the strongest proven use case for crypto in 2024.

Meanwhile, market analyst Infinity Hedge predicted that crypto VC investment in 2025 would surpass last year’s levels but wouldn’t approach the peak recorded during the 2021 bull market. VC crypto funding in 2021 reached $33.8 billion, while in 2024 it reached $13.6 billion.

Cointelegraph reached out to Haun Ventures but did not receive a response by time of publication.

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Coin Market

Crypto Biz: As crypto booms, recession looms

Published

6 hours ago

March 21, 2025

America’s pro-crypto policy shift has become a bipartisan commitment as Democrats and Republicans look to secure the US dollar’s influence as a global reserve currency. According to US Representative and California Democrat Ro Khanna, at least 70 of his fellow party members now understand the importance of stablecoin regulation.

According to Khanna, Americans can expect sensible crypto market structure and stablecoin bills this year. Under normal circumstances, this news would send crypto prices soaring, but that’s not been the case as President Donald Trump’s trade policies stoke recession fears.

ARK Invest CEO Cathie Wood is the latest crypto industry executive to sound the recession alarm. While a recession is rarely a good thing, Wood said it could provide Trump and the Federal Reserve with leeway to enact pro-growth policies.

“We are worried about a recession” — Cathie Wood

Although US Treasury Secretary Scott Bessent isn’t worried about a recession, Wood is certainly preparing for that possibility.

Speaking virtually at the Digital Asset Summit in New York, Wood implied that the White House could be underestimating the recession risk facing the economy as a result of Trump’s latest tariff war.

“We are worried about a recession,” Wood said. “We think the velocity of money is slowing down dramatically.”

A slowdown in the velocity of money means capital is changing hands less frequently as consumers and businesses reduce spending. Such conditions usually signify the onset of a recession.

However, recessionary forces could end up being a boon for risk assets like crypto as declining GDP should give “the president and the Fed many more degrees of freedom to do what they want in terms of tax cuts and monetary policy,” said Wood.

Cathie Wood tells the Digital Asset Summit that the threat of recession is building. Source: Cointelegraph

US stablecoin bill is “imminent” — Bo Hines

The US could have comprehensive stablecoin legislation in as little as two months, according to Bo Hines, the recently appointed executive director of Trump’s Presidential Council of Advisers on Digital Assets.

Speaking at the Digital Asset Summit in New York, Hines lauded the Senate Banking Committee’s bipartisan approval of the Guiding and Establishing National Innovation for US Stablecoins Act, also known as the GENIUS Act.

“We saw that vote come out of the Senate Banking Committee in extremely bipartisan fashion, […] which was fantastic to see,” Hines said.

The GENIUS Act seeks to establish clear guidelines for US stablecoin issuers, including collateralization requirements and compliance rules with Anti-Money Laundering laws.

“I think our colleagues on the other side of the aisle also recognize the importance for US dominance in this space, and they’re willing to work with us here, and that’s what’s really exciting about this,” said Hines.

Bo Hines says US stablecoin legislation could arrive on President Donald Trump’s desk in two months. Source: Cointelegraph

Ethena Labs, Securitize launch DeFi-focused blockchain

Ethena Labs and Securitize are launching a new blockchain designed to boost retail and institutional adoption of DeFi products and tokenized assets.

The new blockchain, called Converge, is an Ethereum Virtual Machine that will offer retail investors access to “standard DeFi applications” and specialize in institutional-grade offerings to bridge traditional finance and decentralized applications. Converge will also allow users to stake Ethena’s native governance token, ENA.

Converge will also leverage Securitize’s RWA infrastructure. The company has minted nearly $2 billion in tokenized RWAs across various blockchains, including the BlackRock USD Institutional Digital Liquidity Fund, which was initially launched on Ethereum and has since expanded to Aptos, Arbitrum, Avalanche, Optimism and Polygon.

Canary Capital files for Sui ETF

Canary Capital has submitted its Form S-1 filing to the US Securities and Exchange Commission (SEC) to list an exchange-traded fund tied to Sui (SUI), the native token of the layer-1 blockchain used for staking and fees.

The March 17 filing underscores the race to expand institutional access to digital assets following the overwhelming success of the spot Bitcoin (BTC) ETFs last year. Canary Capital has so far filed six crypto ETF proposals with the SEC.

Sui is the 22nd largest crypto asset by market capitalization, with a total value of $7.5 billion, according to CoinGecko. The Sui blockchain recently partnered with World Liberty Financial, the DeFi company backed by Trump’s family.

Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

Coin Market

Crypto super PAC network to back GOP House candidates in Florida

Published

6 hours ago

March 21, 2025

A Super PAC network funded by the crypto industry is poised to back two Republican candidates for the United States House of Representatives in Florida’s April 1 special elections, according to a March 21 report by Politico. The network includes Fairshake, Defend American Jobs and Protect Progress.

Defend American Jobs will start the spending by airing a $1.2 million ad for Florida State Senator Randy Fine, who aims to replace former representative Michael Waltz, who resigned his House seat to become US President Donald Trump’s national security adviser. “Floridians want crypto innovation!” Fine posted on X on Jan. 14, while also highlighting the need for “clear rules of the road.”

Defend American Jobs is also spending $345,000 to support Florida Chief Financial Officer Jimmy Patronis in his quest to replace former representative Matt Gaetz. Gaetz resigned his House seat after Trump nominated him to become US attorney general, for which he later withdrew his name from consideration.

As Florida’s chief financial officer, Patronis wrote a letter to the State Board of Administration requesting a report on the feasibility of devoting part of the state’s retirement monies to investing in digital assets.

Overall, there are four vacancies in the US House of Representatives, with two of the vacancies in Florida. If the Democrats were to sweep all four spots, the result would be just a one-person advantage for the GOP in the House, a very slim margin.

Defend American Jobs backed Fine and Patronis in primaries

As Cointelegraph reported in January, crypto-funded Defend American Jobs backed Fine and Patronis during the primaries to select the nominees in the special elections.

According to filings with the Federal Election Commission, Defend American Jobs spent more than $500,000 supporting Fine and $200,000 backing Patronis. The two candidates won their primaries in the state’s 6th and 1st congressional districts, respectively.

Defend American Jobs expenditure report supporting Randy Fine. Source: FEC

While Fairshake gets much of the attention in the crypto PAC world, Defend American Jobs also spends millions of dollars supporting crypto candidates. According to OpenSecrets, the PAC raised and spent around $60 million from 2023 to 2024. The PAC’s location is listed as Alexandria, VA and it focuses on securities and investments, specifically crypto.

Unlike Fairshake, which has a tendency to support candidates from different political parties, Defend American Jobs spends almost entirely in support of Republicans, with no spending support listed for candidates belonging to the Democratic Party, according to OpenSecrets.

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