Midas Rezerv, a start-up company, has recently started a decentralized distributed gold-backed token platform to offer users a solution to hold, trade, and make payment with physical gold by means of tokens called MRCoins that are based on decentralized bitcoin blockchain design.
The gold holdings will be stored in non-bank, fully-insured vaults placed in Free Trade Zones, with a permanent proof of holdings available publicly online and through the blockchain. The start-up claims to charge very low transaction fees.
"Midas Rezerv brings together 6 years of blockchain technology with 6000 years of gold history. Now anybody can own and securely store physical gold within the reach of a smartphone, and conduct trading and payments in gold within seconds and at a very low cost. If you own MRcoin, you own the gold", Alexi Lane, Founder of Midas Rezerv, commented.
The company aims at creating entry and exit points for gold traders and long-term investors to deal in both bitcoin and fiat currencies. It said that it is working directly with top-tier storage vaults world over, and has recently secured partnerships with vaults in Amsterdam, Dubai, and Hong Kong.
