By
Temitope Olatunji
April 18th, 2024
Orocrypt, has announced the launch of its OCG gold backed tokens. OCG tokens are built on the Ethereum protocol, and are compatible with all Ethereum wallets.
Ethereum blockchain-based company Orocrypt OCG tokens are 100% backed by gold bullion and each represents ownership of 30 grams of fine gold.
Orocrypt will charge a 1% commission fee over gold spot price on the sale of one token or more. There is also a 0.04% transfer fee when the tokens are transferred between wallets. The commissions for purchases involving less than one OCG token range between 5% ( for 0.9 to 0.5 tokens) and 10% (for purchase between 0.1 and 0.5 tokens).
The OCG tokens can be easily traded with Orocrypt or P2P. The company intends to apply for listing in selected decentralized exchanges.
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, 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 from 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 issued a No Action opinion on Orocrypt’s business.
About Orocrypt
Orocrypt is a company that will issue tokenized precious metals vault receipts.
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. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.