Aurus, a UK-based fintech, scored a €1 million investment from Dubai-based venture capital Silver Rock Group for its gold-back token project. Founded in 2017, Aurus describes itself as a marketplace for crypto-currencies that represent shared ownership of physical assets. The company noted that together with its vault partners, it safely stores assets and put them on the blockchain, digitizing them, which allows it to distribute the ownership of an asset around the world instantly.
“The first currency we are creating is AurusGOLD, a token backed by 99.99% LMBA standard, 24 karat Gold stored in fully-audited partnered vaults around the world.”
According to Aurus, the AurusCOIN token derives 70% of the revenue created from fees generated by the company’s gold-backed token AurusGOLD (AWG). Guido Van Stijn, Aurus Managing Director, further explained:
“Our aim is to create a stable, globally viable alternative gold product and it seems that the best way to achieve that is to let everyone join our ecosystem. Aurus is about collaboration not competition, it’s about transition and bringing the “old” traditional gold market into the digital 21st century. Making gold as easy as money. We are continuing talks with the wider market to participate alongside us and look forward to engaging interested parties.”
Aurus then noted that the gold-backed token addresses the significant lack of transferability, easy fractionalization and general accessibility of gold. The company added:
“The tokenization process allows for the buying, selling and trading of gold, even in very low values down to less than €1. The result, a system of wealth transfer and preservation not bound by country, government or budget.”
Currently, AWX tokens are still available for purchase in pre-IEO phases.
