Certain types of cryptocurrencies are designed in such a way that their price reflects the price of a precious metal like gold or silver. (Note that terms like ‘silver-backed cryptocurrency’, ‘gold stablecoin’, ‘silver crypto token’ and ‘gold-backed cryptoasset’ all mean the same thing.)
The way you buy and sell gold- and silver-backed cryptocurrencies is basically the same as other cryptocurrencies like bitcoin (BTC) or Ethereum’s ether (ETH). That is, by going through a crypto exchange or broker.
And so, just like you would do once you have bought BTC or ETH, it is important that you transfer your gold- and silver-backed cryptocurrencies to a hardware wallet.
(Why is it important? Well, when you buy cryptocurrencies on a crypto exchange and “leave” them on there, the cryptocurrencies are not under your control. So, if the exchange gets hacked or shuts down, you might end up having no cryptocurrencies.)
Ainslie Wealth is an Australian bullion dealer and crypto broker that offers a gold-backed token called the Gold Standard (AUS). It also offers a silver-backed token called the Silver Standard (AGS).
Continue reading to learn how to store AUS and AGS on your crypto hardware wallet. (For the purpose of this resource, Ledger is used as the example hardware wallet. Discover more crypto hardware wallets in our Store Cryptocurrency in Crypto Hardware Wallets resource.)
Storing Ainslie Gold & Silver Tokens with Ledger
Ledger offers two widely used hardware wallets: Ledger Nano S and Ledger Nano X. If you have a Nano S or Nano X, you will be able to store AUS and AGS.
That is because Ainslie Wealth’s AUS and AGS tokens are ERC-20 tokens. Think of ERC-20 as a design standard. We see these standards all around us. A great example of standards are AC power plugs and sockets. In Australia, if you’re manufacturing electrical equipment, it must follow the AS/NZS 3112.
ERC-20 is a token standard that applies to Ethereum. There are thousands and thousands of ERC-20 tokens. Basically all of the most popular Ethereum-based tokens are ERC-20-compliant.
Sending Ainslie Gold & Silver Tokens to Your Ledger
To send AUS and AGS tokens to your Ledger hardware wallet device, you need to use the Ledger Live app. (Ledger Live is an app that compliments your Ledger device. It can be downloaded on desktop and mobile.)
As of April 2020, AUS and AGS are not supported in Ledger Live. But, because they are both ERC-20 tokens, they can be managed using external wallets such as MyEtherWallet (MEW) and MyCrypto. Follow Ledger’s guide on setting up and using MEW and setting up and using MyCrypto.
Regardless of which external wallet you choose, you will need to install the Ethereum app on your Ledger device. By doing this, you are able to use Ledger Live to manage ETH and ERC-20 tokens via the external wallet.
Need help transferring cryptocurrency to your hardware wallet from an exchange? Read How to Send Cryptocurrency to Hardware Wallets From Exchanges.