DigixDAO tokens to trade on Bittrex exchange

Cryptocurrency exchange Bittrex will be listing DigixDAO (DGD) tokens on the exchange today (June 14).

Digix Global uses a clever combination of Ethereum and IPFS to tokenise gold and put it on a blockchain. Recently, Digix announced a crowdsale of Digix Global's decentralised autonomous organisation (DAO) token, allowing participants to have a say in how this trail-blazing technology should expand the blockchain ecosystem. DAO's are decentralised, crowdfunded, non-hierarchical organisations, which will probably fuel the build-out of the next generation of the internet. The DigixDAO token sale hit its target of $5.5m within 12 hours of opening.

There has been strong demand for DGD tokens from users who did not participate in the creation of DigixDAO as DigixGlobal fortifies its position in the industry with plans for a soon-­to­-be released revamped web­-based application. DGD holders use DGD tokens to pledge on proposals to release funds raised during the DAO creation, with the aim of increasing adoption of DGX (DigixGlobal's gold­backed stablecoin on the Ethereum blockchain).

DGD holders will be able to claim quarterly rewards based on the growth of DGX adoption through active participation in DigixDAO's governance.

Bill Shihara, CEO and Founder of Seattle­-based Bittrex, said in a statement: "Our markets exist to support innovative technology and business models on the blockchain. We're excited to partner with Digix Global and launch markets for their smart contracts on the Ethereum blockchain.

"They are not only contributing to the overall Ethereum ecosystem through the support of DigixDao, but also bringing new use cases to the Ethereum blockchain."

Bittrex is a leading digital currency spot exchange with a global user base of over 130,000, founded in February of 2014 by three cyber­security experts with over 50 years of combined experience.

Bittrex also intends to list DGX tokens once details are finalised between both companies, said a release.

The announcement follows a string of recent business activity at DigixGlobal, including hosting Ethereum co­founder Vitalik Buterin for a series of events in Singapore and rolling out a website redesign, as well as discussions on the way forward for Digix and DigixDAO.

Trading of DigixDAO tokens is expected to begin on Bittrex on Tuesday, June 14 at 17:00 UTC.