- Gold companies are now tapping into blockchain-based tokenization
- AgaBullion and Aurus Technologies signed a partnership
- The partnership’s goal is to release gold-backed crypto into the Turkish market
While Michael Saylor is saying Bitcoin is replacing gold, some companies are trying to leverage the positives of both assets. Merging the power of both gold and blockchain, AgaBullion and Aurus Technologies partnered to release gold-backed digital tokens in the Turkish market.
The Chief Executive Officer of AgaBullion is very optimistic when it comes to the partnership. In an interview, AgaBullion CEO Sarp Tarhanaci said,
We see a huge potential for digital precious metals.
According to Tarhanaci, partnering with Aurus gives their company the opportunity to use a blockchain platform that can implement fractional gold ownership in Turkey. In the partnership, investors will be able to have ownership of LBMA-accredited gold through AurusGOLD — the digital token of Aurus Technologies.
Aurus developed an ecosystem that includes refineries, vaults, and brokers that synergize to autonomously create precious metal-backed tokens such as AurusGOLD (AWG), AurusSILVER (AWS), and AurusPLATINUM (AWP).
AurusGOLD is a gold-backed ERC-20 token running on the Ethereum blockchain. Through Aurus’ blockchain-based solution AurusGOLD (AWG) is created and distributed by precious metal dealers around the world.
The AgaBullion team also expressed their delight in the partnership. According to them, since AgaBullion is an approved member of Borsa İstanbul. It has the ability to offer the infrastructure, market knowledge, and network of clients to expand further the usability of digital gold and other precious metals in Turkey.