31.01.2022Read Time: 3 min

Aurus Democratizes Precious Metals With Blockchain Solutions Built by Zitec

Several logistic challenges for precious metals brokers servicing retail market

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Aurus is a UK-based company that empowers the precious metals industry with blockchain-based services to revolutionize the accessibility and usability of precious metals.

The precious metals industry is a traditional one in many respects. Commodities such as gold, platinum, and silver have historical credibility, and they are widely regarded as safe investments by both private parties and institutions, especially in times of uncertainty. Despite being one of the longest-standing investment options, precious metals have several weak points in comparison to other types of portfolio assets. It is an industry that has been slower to adopt modern practices and technologies in trading processes. Predictability is very high, especially for gold. However, profit margins are small, and rewards is generated slowly.

Stack of gold bullions tokenized

Storing commodities like gold in some of the most secure vaults in the world is also prohibitive, adding to an already tricky ownership model. It can be challenging for an investor looking to expand their portfolio with precious metals for the first time, especially without the proper insights.

There are several logistic challenges for precious metals brokers servicing the retail market. For example, whenever a buyer makes a purchase, the gold (or any other precious metal) must be shipped physically. Aurus wants to make trading precious metals accessible to anyone through gold-backed crypto with as little as a mobile device.

Making Gold-Backed Digital Currency With Blockchain Technology

Aurus’s team of experts in the financial and precious metals sector had established an ecosystem of gold providers, vaults, and distributors. Aurus then turned to Zitec to provide the technical solution.

Our mobile and blockchain technology development team (MBAT) leveraged metal-backed blockchain technology to create Precious Metal tokens (AWG, AWS, AWP) and AurusDeFi (AWX).

Aurus Mobile App ZitecThe tokens are deployed on Ethereum and Polygon blockchain and are completely backed by physical bullions. They are also redeemable at any time, giving them a powerful combination between the credibility of commodities such as gold and the advantages of cryptocurrency backed by gold.

Zitec also designed and implemented the Aurus mobile app, a one-stop shop for trading and storing precious metals. Our engineers wanted to make an app with enhanced usability to facilitate the usability of precious metals and generate a yield. As a complete technology partner for Aurus, Zitec also provides maintenance and support for future development.

Check out the Aurus Mobile App here: iOSAndroid

Gold-Backed Crypto Provides A New Way to Access Physical Commodities

Aurus has successfully digitally replicated the precious metals market with its metal-backed blockchain. This has resulted in a highly scalable business model that has democratized access to commodities such as gold and silver. Private investors and institutions can now use Aurus precious metals tokens, such as golden tokens or tokenized silver crypto coins, to purchase or sell precious metals by using the secure mobile app while having the possibility to redeem the physical commodity at any time. All tokens are backed up by 1 gram of physically allocated gold, silver, or platinum.

By having a wide network of partners, Aurus does not rely on a single vault or source of gold, making it a decentralized option. In addition, storage costs have practically been eliminated, and transactions no longer have to be completed upon the arrival of the physical commodity, as the tokens provide a seamless way of trading.

Aurus provides the software, network, and crypto infrastructure for global precious metals businesses to merge with the future of finance in the form of DeFi and Web3 applications — giving them high-tech products, a huge addressable market, and passive reward streams. 

Aurus links: WebsiteTwitterTelegramNewsletterYoutubeEmail


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