Consumers Can Now Trade Gold on a Distributed Ledger

Consumers Can Now Trade Gold on a Distributed Ledger

Consumers Can Now Trade Gold on a Distributed Ledger

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Symbiont, a distributed ledger provider, has partnered with Orebits Corp. to offer digitized shares of unrefined gold. Orebits clients can electronically trade smart certificates backed by gold reserves, according to a statement released on Wednesday.

Orebits Corp. provides digitization services to trade commodity reserves.

The smart certificates, called “orebits,” will have the same value as one ounce of gold, based on the LBMA AM daily fixing price. The daily AM price for gold on March 17 was $1,228.75. The first orebits were issued on March 10 by John Comeau of 130 International Inc, according to Orebits Corp.

“Orebits Corp. has created a new asset class, enabled by Symbiont’s distributed ledger technology, which will change the precious metals financing marketplace forever. This new asset class will allow reserve owners to access liquidity from previously illiquid assets,” said Scott Mehlman, CEO of Orebits Corp.

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