Wednesday, June 29, 2022

Gold-backed digital tokens are coming to the Turkish market following a brand new partnership


Gold wholesalers are beginning to discover new methods to broaden their enterprise into retail due to blockchain-based tokenization. The worldwide treasured metals buying and selling firm AgaBullion and the British fintech Aurus Applied sciences have signed a partnership to supply gold-backed tokens on the Turkish market.

The partnership envisages that buyers personal LBMA-accredited gold by way of AurusGOLD Gramm. As a gold-covered ERC-20 token on the Ethereum blockchain, AurusGOLD (AWG) is minted and offered by treasured metallic merchants with the blockchain-based answer from Aurus.

“Gold is the oldest decentralized monetary system on the planet,” mentioned AgaBullion Chairman Gökhan Yionlmaz, “it has developed right into a globally acknowledged and established ecosystem.” As the shortage of underlying belongings and excessive volatility make different cryptocurrencies unreliable, a bodily secured token is smart.

“We see big potential for digital treasured metals,” mentioned Sarp Tarhanaci, CEO of AgaBullion. “By way of the partnership with Aurus, we are able to now use their blockchain platform to facilitate fractional gold possession in Turkey.”

Turkey’s historical past of investing bodily gold, together with the excessive adoption price of crypto as a substitute option to shield wealth, makes the nation a sexy marketplace for digital gold, AgaBullion advised Cointelegraph.

Talking in regards to the market alternative, AgaBullion acknowledged that the COVID-19 lockdown in Turkey has made it unimaginable for residents to entry bodily gold:

“The folks in Turkey are on the lookout for one thing dependable and sustainable. Due to its centralized construction, it’s not environment friendly for customers to purchase gold from on-line banking platforms. For AgaBullion, the subsequent logical step is a digital product. “

Turkey is called one of many largest gold markets on the planet the place the dear metallic is widely known as a wealth. Mark Gesterkamp, ​​Enterprise Growth Supervisor at Aurus, mentioned:

“AgaBullion is an accepted member of Borsa İstanbul and provides us the infrastructure, market data and the community of shoppers to additional broaden the usability of digital gold and different treasured metals in Turkey.”

Aurus advised Cointelegraph that AWG’s final aim is to place it as a method of cost. As a substitute of competing with fiat currencies, the crew needs to supply a dependable and secure different.

Blockchain know-how permits an integrative and environment friendly system, the corporate mentioned. “It makes treasured metals accessible to frequent folks, not simply privileged, skilled buyers who at the moment largely dominate the market.”