Bitcoin’s full market cap now backed by gold

Maya Preferred 223 (MAPR), a stablecoin with each unit worth about $34,000 in gold and silver assets, announced that their ambitious plan to back Bitcoin with gold and silver has entered its final stage.

Part of Maya Preferred 223’s business plan is to stabilize the cryptocurrency market by using its own coin to back other cryptocurrencies and tokens with gold and silver reserves. Maya Preferred 223’s developers, U.K. Financial Ltd, recently transferred 21 million MAPR, an amount equal to the total number of Bitcoins, to escrow accounts. The reasoning behind the move is that if the crypto market drops or Bitcoin loses its value, the Maya Preferred team is guaranteeing they will back the flagship cryptocurrency, supporting it with the silver and gold assets currently behind their MAPR.

The next cryptocurrency that will be backed with MAPR, is DFS Inc. token, a utility gaming token, based on Ethereum. Maya Preferred is signing a contract that will hand over 51% control of the tokens and then the team will start backing DFS with $2.50 of assets per token.

James Dahlke, CEO and co-founder of Maya Preferred 223, had this to add: “We started our project when the price of gold was $28 a gram and now it is around $40. When MAPR was first listed on 21th of March 2019 on FatBTC, the price for it was $1500 and now it is over 17 thousand! Every 90 days we add new mines or replace small assets with bigger ones. Everything is being done so that Maya Preferred 223 tokens can’t help but rise!”

Maya Preferred’s next big development milestone will be the launch of its own exchange. MAYA EXCHANGE will use MYEX Token as its primary exchange pair for all currencies. All available tokens tradable on MAYA EXCHANGE will be directly supported by Maya Preferred 223 (MAPR).

Maya Preferred 223, developed by U.K. Financial Ltd., is currently traded on two crypto exchanges, FatBTC and Cat.ex, for 1.5 BTC per MAPR, which comes to $17,016.96 (at the moment of writing.)