Orebits & Symbiont Deploy Blockchain Technology to Digitize Gold Ownership

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Orebits, a provider of digitization services for unrefined commodities, and Symbiont, a Blockchain company, have partnered to bring clients of Orebits the opportunity to invest in unrefined gold via “smart certificates.” The certificates, called “orebits,” are digitized assets, backed by proven gold reserves, which can be exchanged electronically on a peer-to-peer basis. The first orebits were issued on Symbiont’s platform on March 10, 2017.

“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.

Michael Zimits, President and COO of Orebits Corp., said:

“The operational efficiencies and data auditability provided by Symbiont allows us to bring exposure to unrefined gold into the capital markets.”

The first reserve owner to issue orebits on the new platform, John Comeau of 130 International Inc., said, “I am pleased to be the first in what will be many customers of the orebits digitization process. Orebits Corp. has given me an alternative financing method for my gold reserves that is both elegant and innovative and will allow me to gain the liquidity that I require.”

Symbiont co-Founder and CEO, Mark Smith, said:

“We are excited to be working with Orebits Corp. to bring yet another distributed ledger project from prototype into production. Orebits Corp.’s innovation has created a new avenue for investors to gain exposure to gold, starting at the genesis moment for financial instruments that are tied to gold—namely, when the gold is still in the ground.”

“The privacy and versatility of Symbiont’s smart contracts enabled us to create the Orebits platform as we envisioned,” said Chris Youb, Chief Technology Officer of Orebits Corp. “An orebit is a fungible, digital asset backed by proven gold reserves.”

“The time for digitized gold ownership has arrived in a big way,” Zimits said. “Orebits don’t require investors to deal with issues — such as margins, storage and insurance — that come with previously available methods of investing in gold.”

Orebits Corp. provides asset-digitization services for owners of unrefined commodity reserves into smart certificates called “orebits.” Each transaction is immutably recorded using smart contracts managed on a distributed ledger, giving reserve owners liquidity prior to the reserves being refined and sold in the marketplace, while supplying peripheral investors with an instrument of financial leverage and flexibility, previously unavailable in any other form.

Symbiont is the market-leading smart contracts platform for institutional applications of distributed ledger technology. Disclosed users of its platform include fifteen financial institutions for Smart Loans™, arranged by Credit Suisse and executed via its syndicated loans joint venture with Ipreo; the State of Delaware for Smart Records™; and a major European insurance company for Smart Swaps™ in the catastrophe insurance market.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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