Cryptocurrency News

New Kind of Tokens Set to Launch in the Turkish Market

As Bitcoin (BTC) continues overtaking commodities that come in its sight, the gold community has started to feel some pressure. For centuries, gold has been the only commodity that has never been overtaken or surpassed by any other asset in the entire world.

Gold has survived for millennia, being the top commodity and the safest mode of long-term investments. However, with the passage of time, Bitcoin (BTC) is becoming safer and less volatile. Despite the current price downfall demonstrated by Bitcoin (BTC), it is expected to take a flight soon.

Even with Bitcoin’s initial all-time high back in early 2021 when it hit the $41.7k mark, the gold investment community was in a state of awe. That was the first time the gold industry had started feeling the pressure. Many analysts and major investors had started comparing Bitcoin with gold and thing were going in Bitcoin’s favor.

Over time, many investors have shifted from investing in gold to investing in Bitcoin (BTC) and the number would continue growing larger with time.

Feeling threatened by Bitcoin (BTC), the wholesale community representing gold has started coming up with different ideas surrounding gold. They are being very innovative about gold and finding different ways to make it more adaptable and attractive for new investors.

With new products and ways, they are trying to reach out to the retailers with different innovations. One of the most remarkable innovations worked on by the gold wholesalers is gold-backed tokenization through blockchain technology.

According to the latest reports, AgaBullion and Aurus Technologies have recently formed a partnership. AgaBullion is an international bullion trading company while Aurus Technologies is a fintech firm based in the United Kingdom.

The reports confirm that both companies have recently formed a partnership to offer a new and blockchain-based product in the Turkish market. The reports confirm that the partnership between Aurus and AgaBullion would see the introduction of tokens launched in the market backed by gold.

With the new product in the market, the investors would be able to invest money and get their hands on AurusGOLD. The AurusGOLD would be backed by actual gold that would be accredited by LBMA. Like most of the new assets, AurusGOLD would also be an ERC-20 token. This means that the particular token will be based on the Ethereum blockchain.

The Ethereum blockchain would allow for the AurusGOLD (AWG) to be minted. Once minted, the precious metals dealers would carry out the distribution process. All of this would be carried out through the blockchain-based solution available through the Aurus protocol.

Gokhan Yilmaz, the chairman at AgaBullion talked about the new project and how much importance it holds to gold. He stated that when it comes to a decentralized finance system, the oldest example of this sector is none other than gold.

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