June 8th, 2018 at 5:28 pm UTC · 2 min read
According to the papers, GoldMint takes commitment on development and further promotion of Custody Bot in Dubai. Empresse Bullion, on its behalf, gets unexclusive rights on receiving, installing and using Custody Bot in Dubai.
Custody Bot is a unique development of blockchain-company GoldMint, founders of which are planning on reforming the secured loans system and partly automatize lending. Custody Bot will be used for inserting, evaluating and storing pledged gold items.
A spectrometre and hydrostatic scales are used to evaluate gold items, after evaluation, the items are stored in an individual slot. In the real time, the evaluation process averagely takes 2,5 minutes. Our team is actively working on reducing the time.
According to Goldmints information, the evaluation accuracy is about 98% for items up to 30 grams. In the near future our team plans on increasing to 99,5-99,9%.
Input, valuation and storage data is fixated on Goldmint’s Blockchain, giving the crediting system more transparency. This kind of automatization reduces creditors expenses for evaluating and storing items and by so, making interest rates lower. In April 2018, showcased the Custody bot demo-version.
Stable crypto asset GOLD, 100% backed by physical gold, is also used for crediting. Partly, this asset is needed for refinancing companies, that give out gold-secured loans. Physical gold, that backs the GOLD crypto asset, is bought at the Chicago Mercantile Exchange and the Singaporean Precious Metal Exchange, as delivery futures.
Emperesse Bullion is actively operating in the UAE jewelry market and is interested in perspective technologies that are able to transform the market. The letter of intent, signed by both GoldMint and Empresse Bullion, is valid during a 1 year period.