CACHE is governed by a shareholder agreement which delegates operational policy decisions to the board of directors which is comprised of three individuals who are registered as such with the Accounting and Corporate Regulatory Authority of Singapore (ACRA).
Gregor has 20 years of software development experience and over the past decade has brought over 375 tons of gold and silver to Singapore, most of which are stored at The Safe House.
Brian has more than a decade of digital commercialization experience. He has designed compliant IT systems, helped to prevent fraud in collaboration with the Singapore Police Force, launched the largest cryptocurrency ATM network in Singapore and co-developed an insured Bitcoin custody solution..
Nizam is an experienced attorney and consultant with over 27 years of expertise in financial services regulatory compliance and litigation. He brings invaluable regulatory and compliance know-how to CACHE.
Nizam spent six years as a regulator at the Monetary Authority of Singapore (MAS), where he was Deputy Director and Head of the Market Conduct Policy Division. At MAS, Nizam worked on various policy reviews leading to the enactment of key legislation including:
Otbert is a former PwC partner and head of the risk advisory services of ABN AMRO Bank. He brings over 20 years of governance, regulatory, compliance and risk management experience to CACHE in addition to his blockchain expertise gained as co-founder of the insurance technology company, Inmediate.
CACHE was founded and developed by 23 individual shareholders. Their background includes software development, legal, vault operations, audit, precious metals and blockchain. Approximately half the shares are held by the project architect, ensuring clear control in advancing the firm’s projects and future direction.
In our experience, small teams of highly motivated and skilled industry veterans are the most effective method to develop complex systems and ensure quality standards. Self-funding by like-minded individuals also naturally minimizes waste and avoids the distractions and loss of control inherent in raising funds externally.
Ownership in CACHE is characterized by two classes of shares:
If you would like to become involved in this project, please contact us at [email protected].
CACHE Private Limited was incorporated in Singapore to design and develop a regulated, transparent, freely tradable, fully redeemable gold token that can scale to millions of ounces (billions of dollars USD).
The six required characteristics for establishing such a token are:
It was clear that a sub-optimal implementation of any of these six criteria would cause CACHE Gold to fail, as was the case with many previous gold token projects.
Furthermore, for the token to scale to billions of dollars in circulating supply, it would have to utilize a simple, open standard that makes it attractive for third party liquidity and storage providers while at the same time adequately addressing AML/CFT concerns and regulations.
We were fortunate to be able to work with the Ministry of Law and other governmental agencies in Singapore to help ensure a solid regulatory basis for CACHE Gold under the new PSPM Act of 2019. The appointment of Nizam Ismail and Otbert de Jong as CACHE directors also brings first class compliance and regulatory experience to CACHE’s board of directors.
We developed GramChain® to function as a Proof of Reserve (PoR) asset tracking system for CACHE Gold that can be easily deployed to third party vaults and provides unparalleled transparency while ensuring strong checks and balances. GramChain® also provides fungibility of stored bullion by enforcing physical gold standards, ensuring packaging and provenance conformity and facilitating a quick and easy redemption process.
CACHE Gold will have many uses. Among them is listing on digital asset exchanges to provide a safe haven asset that reflects the spot price of gold (with a target variance of no more than +/- 1%) and to provide substantial liquidity through partnerships with liquidity providers around the world.
CACHE Gold tokens can be obtained directly by transferring physical gold to a GramChain® vault, indirectly by buying gold from a liquidity provider and depositing it at a GramChain® vault or by purchasing them on an exchange. Direct deposits or redemptions require a verified account with CACHE. CACHE does not sell tokens commercially to individuals or companies for fiat currency, it relies on liquidity providers to do this instead.
The role of liquidity providers is to buy and sell CACHE Gold tokens and/or to facilitate the redemption of tokens. A bullion dealer, acting as a liquidity provider, earns a margin the sale of physical gold for tokenization and the redemption of CACHE tokens for physical gold.
To apply to become a liquidity provider, please contact us at [email protected].
CACHE earns 0.25% (25 basis points) per year as a storage fee that is used to pay for insured vault storage as well as a 0.1% (10 basis points) transfer fee. CACHE uses these proceeds to pay for insurance, storage, third-party auditing and GramChain transaction fees.
Commercial vaults will receive storage fees as well as reasonable additional fees to cover the additional work involved in the administration of CACHE Gold accounts. GramChain® scanners are designed by vault operators for vault operators and are easy to implement, easy to use and operate completely independently of existing vault management systems.
To apply to become a storage provider, contact us at [email protected]. All approved storage providers receive GramChain® scanners, RFID tags and on-site training. Current storage providers include Dillon Gage, Brink's, Loomis and The Safe House.
By limiting itself to the development of tokenization standards, CACHE becomes a common tool for established industry partnerships to digitize gold, and in the future, other assets. In turn this structure allows CACHE to scale by leveraging industry partnerships in a collaborative and transparent manner.
CACHE Gold tokens are flexible, low-cost gold titles and can always be efficiently redeemed for physical gold stored at any of the participating vaults, the use cases for CACHE tokens are myriad, many of them yet to be discovered.
Please download the CACHE Structure Document for more operational details.