Orocrypt: A Digital Solution For Gold and Precious Metal Storage

OrocryptDigitized Precious Metals on the Ethereum Blockchain (PRNewsfoto/Orocrypt Inc.)

Since 2000, the price of gold has been on the rise, and today, it is still climbing. Gold, like Bitcoin, presents holders with a real dilemma – while it may be almost indestructible, there are not many safe places to store it. If you’re not content on holding your gold in a bank vault or buried in the backyard, one Panamanian-based company is offering another way. Orocrypt Inc. wants to provide gold investors with an alternative storage option where gold can be placed in a digital gold vault.

Orocrypt plans to issue share-tokens, followed by gold-backed tokens. Starting June 14, the company will start its ICO, issuing OROC, Ethereum-based digital tokens that will represent shares of the company’s stock. Tokens will be held securely on the Ethereum blockchain and compatible with all Ethereum wallets.

The company will sell 500,000 tokens, representing 45% of of its total equity. Investors may buy tokens with Bitcoin, Ether, or Euros.

Orocrypt’s fee structure:

Revenue of the company will be generated by charging a 1% commission fee over gold spot price on all sales of one token or more and a .04 % fee when they are transferred between wallets. Fees for less than one Token will be: 5% for purchases between 0.9 and ½ token and 10% for purchases between ½ and 0.1 Token. (via Medium)

OROC will function like shares of common stock. All holders of OROC will own shares of Orocrypt Inc., have voting privileges, and be entitled to dividends and payout rights if the company were to be sold. One token, priced at €9 Euros, will equal one share.

In the third quarter of 2017, Orocrypt will issue gold-backed tokens, (ORO.G). Each will be backed by 30 grams of London Bullion Market Association (LBMA) compliant bullion gold. The physical gold will be stored in vaults, spread out in different parts of the globe including Switzerland, Liechtenstein, Hong Kong, and the Cayman Islands.

The company hopes to provide silver, platinum, and bespoke tokens in their future offerings.


In its Whitepaper, the company also discusses Islamic financial affairs and the complex relationship between Shari’ah law and gold, stating, “Creating harmonized and authoritative Shari’ah guidance for gold is imperative, therefore, if the asset class is to become more widely accepted by Islamic investors.”

The company also states:

“Orocrypt will apply to be certified as compliant with Shari’ah finance requirements.”

The Orocrypt ICO will be held June 14, 6:00 AM (PDT) – July 14, 6:00 PM (PDT).
*US participants are excluded.

Image: Featured

 

Please Share This Story
  • Orocrypt

    Thank you for announcing our project, Natalie! Just one comment here – the token that will be released on June 14th is called OROC (not OREC).

    • Hi Orocrypt! We apologize for that mistake and has now been corrected. Good luck with the ICO.