Monday, June 12, 2017

Orocrypt ICO to be the next gold backed cryptocurrency as investors begin to demand resource backed virtual money

First there was OneGram, which was a gold backed cryptocurrency that spawned out of Islam's approval of gold investment through Sharia law financing.  And this was quickly followed up by ZenGold, which is a secular based cryptocurrency that will also be backed by physical gold.

Now on June 12 the country of Panama is jumping on board the growing demand of investors who want to get into cryptocurrencies, but are wary of virtual money that is backed only by 'Units of Electronic Work'.

As an investment, holding physical gold has always been troublesome. The fact that it needs to be stored in a safe place so that it can’t be stolen, misplaced or robbed has always been an issue. There is also the question of how to buy and sell gold with the assuredness that it is pure. Selling gold requires time, energy and effort and thus the liquidity of gold is certainly less than cash. 
Now, however, Panama-based company Orocrypt is creating a “crypto-alternative” that will enable easier trading, holding and investing in precious metals, including gold. 
Orocrypt is putting precious metals on the Blockchain 
Orocrypt is all set to launch an equity token followed by a gold token in October, where each token will be representative of 30 grams of LBMA quality gold. This token will be fully backed up by physical gold which will be stored safely and will be audited.
The token will not only be fully convertible into physical gold at the demand of the investor but also compatible with all Ethereum wallets. Orocrypt is, thus, bringing precious metals to the Blockchain. 
The company has built robust mechanisms surrounding this process with gold being stored at diverse geographical locations like the Cayman Islands, Switzerland, Liechtenstein and Hong Kong, and the auditing will be carried out by Société Générale de Surveillance SA. 
Orocrypt ICO all set to roll out 
The Initial Coin Offer (ICO) of the OROC token, which represents common shares in Orocrypt Inc. and gives the token holder rights and privileges akin to shareholders, will begin on June 14, 2017. Only 45 percent of Class A tokenized shares are being sold, so that means there are only 500,000 out of the total 1,112,000 tokens up for grabs.
The price of each share is €9 and these shares are of a non-divisible nature, which means that there will be no shares in decimal points. If during the token issue the investor funds sent to Orocrypt are in excess of multiples of nine, the fraction will be donated to certain charities. 
Investors are eligible for a five percent discount on the token price in the first week of the ICO, and in the second week, a two percent discount is available. – Coin Telegraph


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