BlockBen Releases eBSO Token

Estonian company BlockBen has released its digital asset eBSO on the Ethereum network. eBSO is a platform token that receives a percentage of every transaction of all the assets in the BlockBen ecosystem and is accumulated as physical gold. Trading of the eBSO token begins on the LBANK exchange on September 22.

While cryptocurrencies have undergone tremendous growth, that progress has been hindered by volatility that has scared off some potential participants. BlockBen said it aims to counter that by having eBSO audited and seeing it backed by physical gold. Its code is evaluated through independent technical audits and the token can be liquidated through a company wallet.

eBSO is an ERC-20-based update of the pre-existing BSO token. Since its inception, the original token has accumulated almost $3 million worth of physical gold, which is now part of eBSO’s gold pool that serves as the backing for the coin. As a platform token, eBSO receives a fraction of all on-chain and partner exchange transactions of BlockBen’s products. Additionally, transactions and transfers of the eBSO itself increase the gold pool behind the token. 

The company carries out regular audits on the gold deposit and makes the reports available for everyone on their website. According to BlockBen officials, the growing BlockBen ecosystem and its products draw attention, particularly in the Asian market. 

“One of the reasons for this is the culture of gold that is significant in this region,” they said. “Furthermore, the company has a clear and stable legal background and extensive commercial experience in the European Union. Finally, the company provides an easy transition for buyers to fiat currencies.”

BlockBen said it plans to add more exchange partners in the future. Aside from exchanges, BlockBen has recently started a strategic partnership with Tripara Ventures Foundation LTD in Singapore (formerly Skyline VC), an Asian investment group.