Finvasia has taken a stake in Genius Digital Partners, the developer of UGold, after supporting the firm passively for several months. The decision to add the company to Finvasia’s holdings came after the tokenised gold continued to gain traction in the market.
Tokenised Gold Sees Demand
UGold's market capitalisation has reached $11.5 billion, nearly doubling from $6 billion about two and a half years ago. The daily trading volume of the tokenised gold has also exceeded $100 million.
“This milestone isn’t just about market cap; it’s about building a product with real-world use that has stood the test of time,” said Tajinder Virk, Co-founder of Finvasia.
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Finvasia will now integrate UGold across several of its licences. It will further support the token with infrastructure and business introductions. It will also help distribute the token through its network in Europe, the UAE, South Africa, the United Kingdom, and Australia.
Genius Digital Partners, the company behind UGold, was founded by Vasilis Oxenuk, a Wall Street investor. Ilya Sorokin, now its CEO, later joined him.
Backed by Physical Gold
According to the company, UGold’s gold peg is not maintained through algorithms or synthetic models. Instead, the token is “fully backed by one ounce of 99.99% pure physical gold,” which the company claims is securely stored and can be delivered upon request anywhere in the world.
“We wanted to give the world something simple, useful, and real—a better way to own gold,” said Sorokin. “What Vasilis and I are most proud of is that we’ve done it consistently and without compromise.”
Sorokin also served as CEO of ACT Trader, another company under Finvasia’s umbrella, for more than eight years. His LinkedIn profile shows he is now an advisor to the CEO of that company.
Finvasia, which operates in fintech, health tech, banking, and payments, also owns some well-known brands in the contracts for differences (CFDs) industry. It owns the multi-licensed broker FXView and ZuluTrade, one of the largest copy trading platforms.
This article was written by Arnab Shome at www.financemagnates.com.
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