After a summer of soaring cryptocurrency prices, it’s been relatively quiet in the gold-backed crypto space, but we are ready to share some exciting news!
As launching a product that’s fully regulatory compliant has been the number one priority from day one, Aurus has gone through multiple efforts to make sure our product would be legally recognized. In this approach, we have worked closely with the legal firm Capital Law.
Having previously submitted our business model to the Financial Conduct Authority (FCA) Regulatory Sandbox, we were redirected to the FCAs Direct Support team. After nine months of back and forth, the FCA received our final legal opinion on working on our gold-backed crypto. We are confident that neither AurusGOLD (AWG) nor AurusDeFi (AWX) falls under the scope of their regulation, and therefore we are set to launch the Aurus ecosystem on October 15th.
With Aurus, we’ve always strategized creating and launching our crypto gold tokens to work alongside the traditional gold space rather than alter it. The combination of our gold-backed token AurusGOLD (AWG) and AurusDeFi (AWX) token enables the Aurus ecosystem to exist, one that benefits the entire gold industry. Our cohesive ecosystem establishes entirely new distribution channels for gold-backed crypto while simultaneously strengthening existing ones.
Aurus is opening up the traditional gold space to a large market of untapped potential, including small-time buyers and cryptocurrency enthusiasts. The digital nature of AurusGOLD enables anyone to own gold crypto, even just a few cents worth. Aurus provides people with a more convenient and cost-efficient way of owning, storing, and trading cryptocurrency backed by gold.
At Aurus, we are opening up younger demographics to the gold space, from small-time buyers to cryptocurrency enthusiasts, while simultaneously offering a cheaper product for the storing and trading of gold, all while creating unprecedented liquidity in the market.
The Aurus ecosystem offers gold providers a way to turn their static gold holdings into a passive income stream. Gold providers receive 25% of all AurusGOLD transaction fees generated from their gold within the ecosystem.
Last week news came out that Paxos had received the regulatory nod to launch its gold-backed token. Paxos created a trust which is not ruled by the SEC but by the New York Department of Financial Services. Paxos is already gaining some traction, which is also the case with Aurus, where multiple gold providers, brokers, and exchanges have signed up as well as thousands of AWG purchasers having already expressed their interest. As we both now have launched recently but targeting different target markets, we, of course, wish Paxos all the best as we both try to advance in this industry.
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