There’s never been such a powerful combination of trust backing an asset like this before: The 5000+ year history of gold and it’s status as a globally traded high-value asset, and the unquestionable transaction records of a blockchain powered ledger.
But two challenges need to be resolved before anything ‘backed by gold’ could be considered a modern method of transferring value: On-demand liquidity giving the ability to transmit gold around the world to be used in fast-settling transactions, and the ability to use it in everyday life, instantly spendable like cash.
These challenges will soon be behind us, as Aurus prepares to launch the solutions…
First is the AWG token, blockchain powered and borderless, it can be sent anywhere. But what makes it revolutionary is that it will be accepted at gold vaults around the world – where 1 token will always be exchangeable for 1 gram of gold.
This also locks the token’s price to the current market value of gold.
Now with a real gold backed token, real world use becomes a reality as well – this means spending gold like cash, anywhere you can swipe a credit card. Soon this will be possible via the Aurus Gold Card!
Official Launch Details Announced…
CBX will partner with Aurus, for the launch of its gold-backed token AurusGOLD (AWG).
AurusGOLD (AWG) is a semi-decentralized gold-backed cryptocurrency that is independently minted by esteemed gold providers and traders from the traditional gold market.
Each AWG token is backed by 1 gram of 99.99% LBMA-approved gold, stored in professional, fully insured and audited vaulting facilities around the world. The platform employs a smart contract to audit the supply of gold and uses ERC-721 to track the gold bars, making each AWG token traceable to a single gold bar. AWG tokens represent 100% ownership and can be redeemed for physical gold at any time.
Aurus Technologies, the company behind AWG offers a tokenization solution to the traditional gold market. Aurus’ blockchain protocol interacts with a network of gold providers and vaults that work in synergy to autonomously tokenize physical gold bullions into AurusGOLD.
The system enables traditional gold-market participants across the globe to mint and distribute AWG independently, without Aurus ever having access to underlying gold reserves. AWG holders do not need to rely on a single source of gold or a centralized entity. Users don’t need to trust Aurus to trust AWG.
The vision of Aurus is to make gold as easy as money, and via AWG the firm is setting out to bring stability to volatile financial markets and ultimately, a sustainable/reliable alternative to mainstream payment methods. Guido Van Stijn, CEO of Aurus: “Launching with CBX which partners have a strong backing in the commodity industry made the most sense for Aurus. There’s mutual knowledge on the product and the innovations we want to deliver to the industry.”
Meng Chan Shu, CEO of CBX: “After carefully evaluating different commodity-based tokens, we are delighted to partner with Aurus to launch AurusGOLD to the community! Now it will be as easy as ever for traders and users to have exposure to Gold without leaving the Blockchain ecosystem.”
AurusGOLD will proceed listing on Dubai-based exchange CBX.one on the 25th of May 2020.
- AWG deposit & withdrawal will be available on 25th May at 06:00 (BST)
- AWG/USDT trading pair will be available on 25th May at 06:00 (BST)
Official Website: Aurus.io
White Paper / Documentation: https://aurus.io/Aurus_Whitepaper_V3.1.pdf
Information Provided via Press Release
Distributed by Global Crypto Press Association Press Release Services for industry.