Now that the DigixDAO initiative has been getting a lot of attention as of late, various exchanges are looking to sell the DGD token on their exchange. Yunbi, a Chinese cryptocurrency exchange, is one of the first opening a DGD/CNY trading pair.
Yunbi Lists DigixDAO DGD Tokens
Ethereum enthusiasts who have been keeping an eye on the DigixDAO crowdsale will remember how users could be part of this initiative by purchasing DGD tokens. Now that the crowdsale ended a while ago, it was only a matter of time until various exchanges around the world opened a trading market for DGD trading.
However, it is important for traders to keep in mind the DGD token is not the same as the Digix Gold Token. The Digix Gold Token, also known as DGX, is the Ethereum-based gold token backed 100% by gold, which can also be used to exchange this currency for physical gold. Every DGX token is equal to 1 gram of LBMA certified gold.
The DGD token, on the other hand, is an Ethereum-based asset which represents a portion of the DigixDAO itself. Everyone who holds these tokens will receive a prorated reward of all DGX transactions taking place on the Ethereum network. This gives the DGD token quite a lot of potential value, but it is not backed by gold directly.
Yunbi, one of the many Chinese cryptocurrency exchanges, is among the first to open up a DGD market. What is of particular interest is how the company decided to open a DGD/CNY trading pair, which gives Chinese investors direct access to be a part of DigixDAO itself, without having to convert fiat currency to Ethereum and then buy the token.
It is not unlikely some DGD holders will be looking to catch a good profit after being part of the initial DigixDAO crowdsale. After all, anyone who is involved in cryptocurrency as part of an investment wants to make money. But at the same time, the DGD token has a lot of potential to become quite valuable in its own right, just because it generates passive income for token holders.
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