Gold wholesalers are beginning to discover new methods to increase their companies to retail, thanks to blockchain-based tokenization. International bullion buying and selling firm AgaBullion and United Kingdom-based fintech Aurus Technologies have signed a partnership to provide gold-backed tokens within the Turkish market.
The partnership will see buyers personal grams of LBMA-accredited gold by way of AurusGOLD. As a gold-backed ERC-20 token on the Ethereum blockchain, AurusGOLD (AWG) is minted and distributed by valuable metals sellers utilizing Aurus’ blockchain-based resolution.
“Gold is the oldest decentralized finance system in the world,” AgaBullion chairman Gökhan Yılmaz stated, “It has become a globally recognized and established ecosystem.” He added that for the reason that lack of underlying belongings and excessive volatility renders different cryptocurrencies unreliable, a physically-backed token is smart.
“We see a huge potential for digital precious metals,” AgaBulllion CEO Sarp Tarhanaci said. “By partnering with Aurus, we can now use their blockchain platform to facilitate fractional gold ownership in Turkey.”
Turkey’s historical past in investing bodily gold, together with the excessive adoption price of crypto instead manner to defend wealth, makes the nation a gorgeous market for digital gold, AgaBullion informed Cointelegraph.
Speaking on the alternatives within the market, AgaBullion defined that the COVID-19-related lockdown in Turkey made it not possible for residents to entry bodily gold:
“People in Turkey are looking for something reliable and sustainable. Due to its centralized structure, it’s not efficient for consumers to buy gold from online platforms provided by banks. For AgaBullion, the most logical next step is a digital product.
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Turkey is called one of many largest gold markets globally, the place the dear metallic is widely known as a type of wealth. Aurus business growth supervisor Mark Gesterkamp stated:
“AgaBullion is an approved member of Borsa İstanbul, offering the infrastructure, market knowledge, and network of clients for us to expand further the usability of digital gold and other precious metals in Turkey.”
Aurus informed Cointelegraph that the last word aim for AWG is to place it as a method of cost. The group doesn’t need to compete with fiat currencies, however they purpose to provide a dependable and secure different.
Blockchain technology permits for an inclusive and environment friendly system, the agency stated. “It makes precious metals accessible to ordinary people and not just the privileged sophisticated investors that largely dominate the market currently.”