Place/Date: Panama - June 1st, 2017 at 8:46 am UTC · 3 min read
Contact: Alejandra de Gaustad, Source: Orocrypt
Orocrypt, a Panama-based blockchain platform has announced the launch of its ICO starting June 14, 2017, at 6:00 AM (PDT). The month-long ICO will offer investors and cryptocurrency community members an opportunity to purchase Orocrypt tokens (OROC). OROC tokens represent shares themselves. OROC are built on the Ethereum protocol, and are compatible with all Ethereum wallets.
After the ICO, Orocrypt will launch gold-backed tokens (ORO.G), each representing 30g of LBMA compliant bullion gold. Once gold bullion-backed tokens are launched, Orocrypt will charge a 1% commission fee over gold spot price on the sale of one token or more. There is also a 0.4% transfer fee when the tokens are transferred between wallets. The commissions for purchases involving less than one ORO.G token ranges between 5% ( for 0.9 to 0.5 tokens) and 10% (for purchase between 0.1 and 0.5 tokens).
The OROC cryptotokens can be easily traded with Orocrypt, on other exchanges or P2P.
Orocrypt has made sure that all aspects of the token issuance, including holding client funds, issuing digital tokens, procuring and storing gold are open and auditable. To reduce the risks of adverse legislation in any one jurisdiction, Orocrypt will have the bullion stored in secured vaults around the globe. Swiss Gold Safe AG vaults are located in Zurich and Hong Kong. Byzantium’s vault is located in the Cayman Islands, while OZL AG vault is in Liechtenstein.
The Orocrypt board is comprised of experienced former bankers, stockbrokers, accountants and senior business professionals. The Swiss and Liechtenstein vaults will be audited by Societe de Surveillance SA. The bullion gold will be sourced by Rheingold-Edelmetall Liechtenstein and Byzantium Cayman Islands.
Orocrypt complies with all Panamanian regulations, including the ones concerning precious metals merchants and those established by the Sujetos Obligados No Financieros, of the Ministry of Economy and Finance. The Superintendencia del Mercado de Valores has been informed of the company’s token sale.
The OROC token ICO begins on June 14, 2017, 6:00 AM (PDT) and finishes on July 14, 2017, 6:00 PM (PDT). All OROC tokens represent shares in the company and entitle holders to dividends, the right to vote, and rights to payout in case of acquisition or sale.
Orocrypt will sell Class A shares which make 45% of the total issued shares. Class B shares, 24% of the issued shares, are owned by the founders. 31% of the shares are allocated to treasury, rewards, payments for services, and employees participation. Both classes of shares have identical economic benefits and the only difference is that the holders of Class A shares are entitled to one vote per share while the holders of Class B shares are entitled to ten votes per share.
The individual ICO token price will be 9 EUR and will not be divisible. Early bird investors during the first week of the ICO stand to receive a 5% discount on the shares. During the second week, the platform will continue to offer 2% discount. Orocrypt expects to raise EUR 4.5 million through the ICO token sale. This will cover startup costs and operating capital for two years. Funds in excess of short term cash-flow requirements will be invested in gold, silver, bitcoin and ether.
Orocrypt is a Panama-based company that will issue tokenized precious metals vault receipts. The Orocrypt tokens offered during the ICO (OROC) represent shares in the Orocrypt corporation.
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Disclaimer Orocrypt is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.