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Home News Orebits & Symbiont Deploy Blockchain Technology to Digitize Gold Ownership

Orebits & Symbiont Deploy Blockchain Technology to Digitize Gold Ownership


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:

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“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.

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