Aurus democratizes precious metals with Blockchain solutions built by Zitec

Client Description

Aurus is a UK-based company that empowers the precious metals industry with blockchain-based services to revolutionize the accessibility and usability of precious metals.

A traditional commodity market

The precious metals industry is a traditional one in many respects. Commodities such as gold, platinum or silver have historic credibility and they are widely regarded as safe investments by both private parties and institutions, especially in times of uncertainty. Despite being one of the longest-standing investment options, precious metals have several weak points in comparison to other types of portfolio assets. It is an industry that has been slower to adopt modern practices and technologies in trading processes. Predictability is very high, especially for gold, however, profit margins are small, and revenue is generated slowly.

Storing commodities like gold is also prohibitive, adding to an already difficult ownership model. It can be challenging for an investor looking to expand their portfolio with precious metals for the first time, especially without the proper insights.

For precious metals brokers servicing the retail market, there are several logistic challenges. Whenever a buyer makes a purchase, the gold (or any other precious metal) must be shipped physically.

Aurus wants to make trading precious metals accessible to anyone with as little as a mobile device.

Making gold digital with blockchain technology

Aurus’s team of experts in the financial and precious metals sector had established an ecosystem of gold providers, vaults, and distributors. Aurus then turned to Zitec to provide the technical solution.

Our mobile and blockchain technology development team (MBAT) leveraged blockchain technology to create Precious Metal tokens (AWG, AWS, AWP) and AurusDeFi (AWX).

The tokens are deployed on Ethereum and Polygon blockchain and are completely backed by physical bullions. They are also redeemable at any time, giving them a powerful combination between the credibility of commodities such as gold and the advantages of cryptocurrency.

Zitec also designed and implemented the Aurus mobile app, a one-stop shop for trading and storing precious metals. Our engineers wanted to make an app with enhanced usability to facilitate the usability of precious metals and generate a yield. As a complete technology partner for Aurus, Zitec also provides maintenance and support for future development.

A new way of accessing physical commodities

Aurus has successfully digitally replicated the precious metals market. This has resulted in a highly scalable business model that has democratized access to commodities such as gold and silver. Private investors and institutions can now use Aurus precious metals  tokens to purchase or sell precious metals by using the secure mobile app while having the possibility to redeem the physical commodity at any time. All tokens are backed up by 1 gram of physically allocated gold, silver or platinum.

By having a wide network of partners, Aurus does not rely on a single vault or source of gold, making it a decentralized option. Storage costs have practically been eliminated and transactions no longer have to be completed upon the arrival of the physical commodity, as the tokens provide a seamless way of trading.

If you are interested in learning more about the potential of blockchain technology for your business, feel free to get in touch.

Aurus provides the software, network and crypto infrastructure for global precious metals businesses to merge with the future of finance, in the form of DeFi and Web3 applications — giving them high tech products, a huge addressable market and passive revenue streams. For more info visit aurus.io

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