Orebits Corporation, Inc. Announces Orebits Pool, LLC and Orebits.AU Eco-System

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Orebits Corp., a provider of Blockchain-based asset digitization services for unrefined minerals, metals, and un-extrapolated commodities, announces the creation of an entirely new asset class, referred to as “Orebits.AU,” that allows for the inherent value found in unrefined gold reserves to be released and positioned for investment, financial leverage, liquidity and balance sheet enhancement. 

Given the volatility of the current crypto-currency marketplace, inclusive of both real and perceived market constraints surrounding the growing number of initial coin offerings (ICOs), Orebits Corp. has co-developed a fully-compatible product “ecosystem” that will allow for balance sheet capture, accounting for, pledge, hypothecation, re-hypothecation, internal-external audit and management reporting on Orebits.AU as an entirely new asset class. This ecosystem incorporates a number of highly respected entities and concerns in the crypto-technology, cyber-security, distributed ledger, financial audit, compliance, and treasury management sectors.

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“Our primary goal was to not only create and fully support a new and efficient way to monetize reserves,” explains Orebits Corp. Executive Director and spokesperson, Carlos Montoya, “but to develop a top-tier, institutional-grade, asset class, inclusive of the underlying product infrastructure to support it.”

Each Orebits.AU derives its value from in-situ and all other unrefined gold reserves that have been deposited as collateral into Orebits Pool, LLC a special purpose vehicle (SPV). Reserve owners seeking the issuance of Orebits.AU for their reserves, work with the Company to evaluate and document their reserves. Requisite Security Agreements, recorded UCC filings, collateral custody and maintenance agreements support the SPV pool. The underlying gold reserves serve to collateralize each Orebits.AU in circulation at a 5 to 1 ratio. The appraised value of the unrefined gold reserves in the SPV pool sets forth a benchmark valuation of the collateral underpinning Orebits.AU, the latter of which may be further employed by reserve owners in order to secure various types of financing structures, institutional loan agreements, and/or individual or corporate balance sheet enhancements.

The use of Orebits.AU, with its exclusively licensed distributed ledger technology for the gold vertical, allows reserve owners to capture and utilize the inherent value in their reserves, subject to their ability to monetize the Orebits.AU units issued to them upon digitization of their claims.

“Given the extreme volatility currently being experienced in the cryptocurrency marketplace, we felt it prudent to take the extra legal steps and vigorously follow a disciplined course of product development to make Orebits.AU one of the world’s first fully-transparent, reserve-backed, crypto assets,” said Orebits CEO Scott Mehlman. “Doing so allows Orebits.AU, among other investment, balance sheet, or estate planning purposes, to be considered as an ‘acceptable collateral’ asset class for bank platform lending and financial planning programs.”

While the current focus of Orebits Corp. remains centered on gold, its patent-pending technology covers a broad range of in-situ or un-extrapolated reserves including, but not limited to, platinum, titanium, lithium, copper and/or liquid assets such as oil and gas reserves.

 

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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