Aurus, the blockchain platform specializing in tokenizing precious metals, has inked strategic partnership with Spanish good delivery precious metals refinery SEMPSA JP.
SEMPSA JP taps Aurus blockchain protocol to offer digital tokens backed by gold and silver to its network of bullion dealers. Specifically, it will enable five precious metals dealers working with SEMPSA JP to sell tGOLD and tSILVER tokens to the broader retail market via their e-commerce stores.
The precious metal-backed tokens carry zero storage or management fees. This offers investors a convenient and cost-effective alternative to traditional bullion products. These tokens can be traded 7 days a week, are highly secure and settle instantly.
It’s important to note that Aurus does not supply precious metals to the ecosystem nor sell tokens to end consumers. Instead, it facilitates the tokenization of precious metals on behalf of their partners by providing technology solutions.
“At SEMPSA JP, we are always seeking to innovate across the entire value chain of the production of precious metals, working together with our clientele to offer the finest products. By partnering with Aurus, we are now facilitating access to SEMPSA JP gold and silver bars in a highly secure, portable, divisible, and liquid form. We are excited to lead the adoption of safe technologies, such as blockchain, helping to accelerate the digital transformation of the precious metals industry,” said Francisco Espinosa, CEO at SEMPSA JP.
“Together with SEMPSA JP, we proudly advance the accessibility and usability of precious metals to the mass market by leveraging blockchain technology. Now anyone can easily buy, store and trade gold and silver 24/7 at minimal costs. This partnership massively supports our vision to create a more inclusive and efficient precious metals market,” added Guido van Stijn, CEO at Aurus.
This alliance comes hot on the heels of a major network upgrade that Aurus has undergone earlier this month to boost the tokenisation standard.
As this constituted a complete relaunch of the Aurus ecosystem, the recent network upgrade entailed the rebranding and migrating of its array of tokens to a more advanced structure. Formerly known as AurusGOLD, AurusSILVER, AurusPLATINUM, the new token names tGOLD, tSILVER, and tPLATINUM emphasize that the bullion reserves backing the tokens are completely independent of Aurus.