CACHE Gold, established in 2018, embarked on a mission to digitize gold through the issuance of fungible ERC-20 tokens, utilizing the GramChain asset tracking system. This innovative approach offered a transparent and fully backed solution, providing real-time and tamper-evident Proof of Reserve (PoR).
Recent regulatory changes and proposed amendments are expected to significantly increase our compliance and administrative costs, rendering the issuance of new gold backed tokens in Singapore unfeasible. In light of these developments, CACHE Gold has made the difficult decision to enter indefinite dormancy. This move is aimed at addressing the operational complexities arising from the recent and potential regulatory shifts. Our primary focus during this period of dormancy will be to facilitate the redemption/conversion of any remaining tokens.
If you hold any outstanding CGT, please contact us at support@cache.gold for guidance on CGT redemption/conversion.
CACHE Gold has consistently maintained more than 100% backing for its tokens and possesses adequate net assets to responsibly close operations, settling all liabilities. We have actively reduced outstanding tokens and hold only a minimal number of third-party tokens.
We deeply regret being unable to realize our vision of issuing highly transparent public blockchain gold tokens.