After a summer of soaring gold prices it’s been rather quiet in the gold-backed token space but we are ready to share some excitement!
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 towards the Financial Conduct Authority (FCA) Regulatory Sandbox, we were redirected towards the FCAs Direct Support team. After 9 months of back and forth, earlier this month the FCA received our final legal opinion on the working of our tokens. We are all confident that neither AurusGOLD (AWG) or AurusCOIN (AWX) fall 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 the creation and launch of our tokens to work alongside the traditional gold space rather than alter it. The combination of our gold-backed token (AWG) and revenue sharing sharing token (AWX) enables an ecosystem to exist, one that benefits all entities in the gold industry. Our cohesive ecosystem establishes entirely new distribution channels for gold while simultaneously strengthening existing ones.
Aurus is opening up to the traditional gold space up to a large market of untapped potential including small time buyers and cryptocurrency enthusiasts. The digital nature of AWG enables anyone to own gold, even just a few cents worth. Aurus is providing people with a more convenient and cost-efficient way of owning, storing and trading gold.
At Aurus we are opening up younger demographics to the gold space, from small time buyers to crypto currencies enthusiast, while simultaneously offering a cheaper product to the storing and trading of gold, all creating unprecedented liquidity to the market.
The Aurus ecosystem offers gold providers a way to turn their static gold holdings into a passive income stream. Gold providers receive 15% of all AWG transaction fees generated from their gold within the ecosystem.
Tokenizing gold is hot
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, what 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.
Via our website aurus.io you can express your interest in our tokens which will be made available on the 15th of this month.