Speaking of gold, I didn't expect that the gold on the chain could really be exchanged for gold bars to take home. This time Singapore participated in the BIT event and went to a local professional vault. Actually, I came to visit last year and there was a lot of real gold inside, and the security was also quite strict. The one in my hand is a 1000 gram gold bar, heavy and heavy. According to the price on that day, it is about 140000 US dollars, close to 1 million RMB. Speaking of BIT @ BIToffician_CN, it was originally called Matrixport (Gate of Matrix). This English name used to be very difficult to pronounce and I couldn't remember it. The earliest impression of them was that they specialize in various structured wealth management products. After changing its name to BIT this year, its business has become increasingly diversified. From digital asset trading and wealth management to traditional financial assets such as the US stock market and RWA, they have all begun to layout. This time, I focused on learning about their gold RWA product XAUm. Share a few interesting places that may be useful for everyone in the future, especially for friends who have compliant withdrawal needs (really, anyone who understands) 1. Product mechanism, gold on the chain can really be exchanged for physical goods One XAUm corresponds to one ounce of physical gold, with a purity of 99.99%. The gold is held in professional vaults in Hong Kong and Singapore, with proof of reserve and third-party auditing. Eligible users holding approximately 32.148 XAUm can apply to exchange for a 1kg physical gold bar. I am quite familiar with gold trading. International gold prices are generally calculated in US dollars per ounce, with 1 ounce weighing approximately 31.1035 grams, while domestic gold prices are generally quoted in Chinese yuan per gram. A simple conversion would be to multiply the international gold price by the exchange rate between the US dollar and the Chinese yuan, and then divide by 31.1035 to obtain the corresponding price per gram of Chinese yuan. 2. Liquidity and fund efficiency, XAUm is not just a gold voucher, it can also be traded on the chain and used for collateralized lending. Essentially, it is tokenizing gold and allowing it to participate in multiple DeFi protocols, including Morpho, Venus, and more. Circle's Arc ecosystem has recently integrated this target. 3. Physical redemption: The on-site staff told us that in fact, many users have already exchanged physical gold through XAUm. I checked and it does exist, which indicates that gold RWA is not just about speculating on a price on the chain, but can really convert digital assets into gold in hand. So the interesting thing is that this product could theoretically become another way to withdraw money, Previously, when we said gold, it was basically USDT or USDC exchanged for fiat currency. But now we can first exchange the on chain assets for XAUm, and then obtain physical gold through compliant redemption. Bring the assets on the chain back to the real world. Gold is a hard currency, and it's easy to exchange it for fiat currency. If the loss is less than 1%, then a large amount of funds should be okay. I haven't actually operated it, but theoretically it's possible. 4. Another change in BIT: Now even US stocks can be traded BIT is now not just a crypto trading platform, but also connects to the US securities market through licensed securities firms, providing real US stock trading instead of just tokenizing US stocks. At present, our business covers over 16000 US securities and ETFs, including Apple, Nvidia, Tesla, and others. It also provides functions such as US stock margin trading, options, as well as USDT and USDC deposits. The relevant dividends, voting and other shareholder equity shall be executed according to the actual account and securities arrangement. Previously, we regarded Crypto, gold, and the US stock market as several different markets, but now these assets are being integrated into the same trading platform. This is also what all exchanges are doing now. This is not an advertisement, it's purely a study of the business changes after BIT changed its name after participating in the event, to see what is truly useful for us long-term on chain players. In summary, BIT is developing innovative products