We are happy to announce that we have started working with Aurus, a UK fintech firm that facilitates the tokenization of precious metals such as gold, silver, and platinum using blockchain technology.
Through our collaboration, the firm’s tokens AWG, AWS, and AWP, each backed by 1 gram of pure gold, silver, and platinum, respectively, will also be issued on the Elrond blockchain as ESDT tokens.
This opens important opportunities for DeFi participants to engage with stable currencies of a different kind, ones that are pegged to precious metals instead of fiat currencies. Aurus' business model is decentralized “by default”: a system that functions on free-market principles, and cannot be controlled by one single entity, connecting precious metals industry players to DeFi structures and instruments.
The tokens will be made available on the Maiar Exchange for buying and selling. Our collaboration will also pursue the deeper integration of Aurus tokens into our products, such as using the metal-backed tokens as collateral for borrowing and lending, or perhaps even stable coins.
Furthermore, Aurus will be looking to enable direct physical gold purchases from their partners using EGLD as payment.
“Blockchain technology will enhance traditional store-of-value assets by making them more liquid, secure, and inexpensive to own and transfer. We’re looking forward to seeing the creative DeFi use cases for the products Aurus will bring to the Elrond mainnet.” said Beniamin Mincu, Elrond Network CEO.
“We’re looking to offer the best experience possible to our network of partners, and the Elrond high speed and low fees will enhance our offerings. Our collaboration with Elrond will enable us to generate synergies between our ecosystems, which will further contribute to achieving our business goals faster.” said Guido van Stijn, Aurus Managing Director.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Aurus is a UK fintech company that is empowering the traditional precious metals industry, by providing innovative blockchain-based solutions that facilitate ownership and enhance the usability of gold, silver, and platinum. Aurus is building a global network of brokers, exchanges, and distributors that interact with the Aurus protocol to tokenize precious metals and offer cutting-edge digital products and services to individuals and institutions around the world.