I like the idea of owning gold. I mean who doesn’t?

Gold is known for its intrinsic value and is usually associated with wealth. Due to its appeal, rarity, and influence, it is undoubtedly a good investment. Investors even purchase gold to protect themselves in times of economic inflation.

Gold was previously used to back up national currencies but with the emergence of fiat currencies that didn’t need backing by physical commodities, attention seemed to have shifted. Even with that, compared to other currencies, gold has shown the highest resistance to economic instabilities.

It still doesn’t change the fact that gold isn’t accessible by the common man. Or so I thought...

I used to think that Gold was something only the elites could get access to, not until I came across digital assets that represent physical assets and are backed by them. An example of such an asset is GIFT (Gold International Fungible Token).

On the 18th of November this year, Ubuntu Tribe (a project that tokenizes Gold and gives Africans the chance to acquire Gold and utilize it as a store of value) unveiled a new digital asset named GIFT backed 100% by Gold. GIFT is a digital asset aimed at giving Africans access to Gold, thereby distributing wealth that is usually concentrated in the hands of a few. GIFT can be easily purchased directly from the website or on the Utribe Wallet which users can download on mobile phones.

GIFT is an attempt to tokenize and fractionalize Gold such that it can be afforded by every African. The unveiling of this asset took place at the Radisson Blu Anchorage Hotel in Victoria Island and it was a memorable event.

Does this mean I can access real Gold if I purchase GIFT?

Yes. According to the company’s website, the underlying asset, Gold is stored in vaults located in Dubai, Singapore, Germany, Denmark, and Switzerland. Holders of the gold token (GIFT) are free to claim their Gold whenever they wish to and it will be delivered to their locations as the company works with reputable security and logistics companies like FedEx. They can however decide to redeem it in available fiat currencies.

Speaking on the goal behind this initiative for Africans, Mamadou Toure, CEO of Ubuntu Tribe said “It gives a chance not only to join the global economy, to be financially included, but also to create and preserve wealth.”

Ubuntu allows anyone be able to buy Gold with just a mobile phone. In my opinion, this is a very innovative approach and something that could potentially scale in Africa.

Learn more about what GIFT is all about from the founder’s mouth in this video