News

Published on June 12th, 2017 | by olcaytu2005

0

Digitized Precious Metals on the Ethereum Blockchain: Orocrypt

Gold backed tokens have a pretty bright history in cryptocurrency world. This might be because Gold is similar to cryptocurrencies, an investment oppurtunity for the future. It’s always exciting to see the funding instruments of today’s global finance world merging into blockchain technology. It’s a sign that blockchain technology has finally got the attention of experts in the finance world. Orocrypt, a Panama-based blockchain company, is planning to crowdfund OROC tokens that will represent shares on Orocrypt profits. Orocrypt crowfunding will start on 14th of June and will last for 1 month. Investors will be offered Orocrypt tokens, OROCs. OROC token will be a ECR20 token on Ethereum blockchain.

After the crowdsale Orocrypt will launch ORO.G tokens that are backed by real gold. Each ORO.G token will represent 30 grams of LMBA (http://www.lbma.org.uk) compliant bullion gold. Orocrypt platform will charge %1 fee for the ORO.G tokens and the profits will be shares among OROC holders. So basically, OROC token holders will be able to get profits from the ORO.G token sales that represents physical gold. On top of the %1 fee, there are transfer fees. ORO.G transfer between the wallets will have %0.4 transfer fee. If the sum is lower than 1 ORO.G token, in other words lesser than 30 grams of gold, fee’s will differ. In case the ORO.G amount is between 0.9 to 0.5, 29 grams to 15 grams, the transfer fee will be %5. If the ORO.G transfer is lower than 0.5, 15 grams, the fee will be %10. The Orocrypt tokens will be available to trade through Orocrypt platform as well as other exchanges.

The best part of Orocrypt is that they announced they would be completely transparent. Each and every single assets of the company including client funds and golds will be auditable. This gives more confidence to investors. We have seen blockchain projects backed by precious metals in the past they failed to have a independent audit. The gold that will be represented by ORO.G tokens will be kept in safe storage around to world to ensure minimum risks and low taxes. The selected vaults are Swiss Gold Safe AG’s Zurich and Hong Kong Vault as well as Byzantium’s vault located in the Cayman Islands and OZL AG’s vault in Liechtenstein. Orocrypt want their investors to feel safe and the gold is safely kept by world’s leading vaults. The Swiss and Liechtenstein vaults will be auidited by Societe de Surveillance SA. The bullion gold will be sourced by Rheingold-Edelmetall Liechtenstein and Byzantium Cayman Islands.

Orocrypt Board

The Orocrypt board have wide ranged of finance focused experts. There are former bankers, stockbrokers, accountants and senior business professionals:

Alejandra de Gaustad / Founder & CEO

Jose Antonio de la Cerda / Secretary

Darlene Heart / CFO

Margaret Bentham / Director

Advisors

Bruce Winans / CEO of Captrio LLC

Stuart Bentham / Chairman, Onlime Group

Crowdfunding / ICO

First of all, Orocrypt team has done everything possible to compile with the laws. To minimize the risks on legal aspects they have done everything according to Panamanian regulatinons, including the ones concerning precious metals merchants and those established by the Sujetos Obligados No Financieros, of the Ministry of Economy and Finance. With that being said, let’s look at the ICO details.

The OROC token crowdsale will begin on 14th of June, at 6:00 AM (PDT) and will last exactly 1 month, ending at 14th of July, 2017, 6:00 PM (PDT). As a regular share holder, OROC token holders will enjoy dividends while having the right to vote on company decisions.

OROC tokens allocated for crowdsale is %45 of all issued tokens. It will also represent %45 percent of shares in Orocrypt company. %24 percent of all issued shares will be owned by the founders. The remaining %31 percent of shares will be locked for treasury, rewards, payments for services and employees participation. The only difference between crowdsale shares and the rest of the shares is while the CLASS B shares (%55) would have 10 votes per share, investors will have (CLASS A shares) only a single vote for each share.

The individual ICO token price will be 9 EUR and will not be divisible. Early bird investors during the first week of the ICO stand to receive a 5% discount on the shares. During the second week, the platform will continue to offer a 2% discount. Orocrypt expects to raise EUR 4.5 million through the ICO token sale. This will cover startup costs and operating capital for two years. Funds in excess of short-term cash-flow requirements will be invested in gold, silver, bitcoin and ether.

A single OROC token will cost 9 Euros. Early investors during the first week will recieve a %5 bonus. During the second week investors will have %2 bonus. Orocrypt has set 4,5 million Euros as a hard cap. The team believes that this amount will be able to cover startup costs and at least 2 years of operation costs.

 

Official Company Website – https://orocrypt.com/
Orocrypt Bitcointalk account – https://bitcointalk.org/index.php?topic=1925056
Follow Orocrypt Inc on Facebook – https://www.facebook.com/orocrypt
Follow Orocrypt Inc on Twitter – https://twitter.com/orocrypt
Orocrypt Inc Whitepaper Here – https://orocrypt.com/#documents

 

Tags: , , , ,


About the Author

Bitcoin: A Peer-to-Peer Electronic Cash System



Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top ↑