As per the announcement, the partnership will offer a network of bullion dealers digital tokens backed by gold and silver. Through the partnership, SEMPSA JP has already used the Aurus blockchain protocol to tokenize the initial allotment of 3kg of gold and 25kg of silver bullion. Notably, five precious metals dealers are working with SEMPSA JP to sell tGOLD and tSILVER tokens to the broader retail market through e-commercial stores. These dealers include Andorrano Joyería (Barcelona, Bilbao), CIODE (Madrid), InverMoneda (Málaga, Cádiz, Madrid, Barcelona, Sevilla), Oro Express (Madrid) and Oro Hispánica (Madrid).
Notably, the five bullion dealers offer physical redemption services that enable customers to redeem tGOLD and tSILVER tokens for physical precious metal bars and coins at any time.
The new tokens will notably be backed by 99.9% gold and 9.9% silver. The tGOLD and tSILVER tokens are free from recurring fees, providing investors with a convenient and affordable alternative to physical bullion. Investors will also enjoy other benefits such as real-time 24/7 trading from any mobile device and instant settlements.
Commenting on the partnership, Francisco Espinosa, CEO at SEMPSA JP, stated:
“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.”
SEMPSA JP was founded in 1920, making it one of the oldest refineries in Spain. Its years of experience have made the company a trusted supplier of precious metals to dealers, jewellers and mints worldwide. Aurus is a decentralized blockchain infrastructure that empowers silver, platinum and gold-pegged assets. Aurus has created a highly scalable autonomous network of precious metals businesses to mint and distribute silver, gold, and platinum-backed tokens globally.
Guido van Stijn, CEO at Aurus added:
“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.”