SEMPSA JP taps Aurus to offer tokenized precious metals

abdelaziz Fathi

Aurus, the blockchain platform specializing in tokenizing precious metals, has inked strategic partnership with Spanish good delivery precious metals refinery SEMPSA JP.

SEMPSA JP taps Aurus blockchain protocol to offer digital tokens backed by gold and silver to its network of bullion dealers. Specifically, it will enable five precious metals dealers working with SEMPSA JP to sell tGOLD and tSILVER tokens to the broader retail market via their e-commerce stores.

The precious metal-backed tokens carry zero storage or management fees. This offers investors a convenient and cost-effective alternative to traditional bullion products. These tokens can be traded 7 days a week, are highly secure and settle instantly.

It’s important to note that Aurus does not supply precious metals to the ecosystem nor sell tokens to end consumers. Instead, it facilitates the tokenization of precious metals on behalf of their partners by providing technology solutions.

“At SEMPSA JP, we are always seeking to innovate across the entire value chain of the production of precious metals, working together with our clientele to offer the finest products. By partnering with Aurus, we are now facilitating access to SEMPSA JP gold and silver bars in a highly secure, portable, divisible, and liquid form. We are excited to lead the adoption of safe technologies, such as blockchain, helping to accelerate the digital transformation of the precious metals industry,” said Francisco Espinosa, CEO at SEMPSA JP.

“Together with SEMPSA JP, we proudly advance the accessibility and usability of precious metals to the mass market by leveraging blockchain technology. Now anyone can easily buy, store and trade gold and silver 24/7 at minimal costs. This partnership massively supports our vision to create a more inclusive and efficient precious metals market,” added Guido van Stijn, CEO at Aurus.

This alliance comes hot on the heels of a major network upgrade that Aurus has undergone earlier this month to boost the tokenisation standard.

As this constituted a complete relaunch of the Aurus ecosystem, the recent network upgrade entailed the rebranding and migrating of its array of tokens to a more advanced structure. Formerly known as AurusGOLD, AurusSILVER, AurusPLATINUM, the new token names tGOLD, tSILVER, and tPLATINUM emphasize that the bullion reserves backing the tokens are completely independent of Aurus.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<