Digitization services provider for unrefined commodities Orebits Corp has collaborated with distributed ledger technology (DLT) firm Symbiont in order to bring the opportunity for clients of Orebits to invest in unrefined gold via ‘smart certificates.’
The smart certificates called ‘orebits’ are digital assets that are backed by proven gold reserves that can be exchanged electronically on a peer-to-peer basis. These orebits offer owners of unrefined, proven gold reserves with access to liquidity for a previously illiquid asset.
“Orebits Corp. has created a new asset class, enabled by Symbiont’s distributed ledger technology, which will change the precious metals financing marketplace forever. This new asset class will allow reserve owners to access liquidity from previously illiquid assets,” Scott Mehlman, CEO of Orebits Corp, said.
Symbiont’s platform issued the first orebits on March 10, 2017. Last October, the blockchain company announced the release of a software development kit for Assembly, which is the permissioned distributed ledger component of Symbiont's smart contracts system.
Speaking on the collaboration with Orebits, Mark Smith, Symbiont co-Founder, and CEO, commented “We are excited to be working with Orebits Corp. to bring yet another distributed ledger project from prototype into production. Orebits Corp.’s innovation has created a new avenue for investors to gain exposure to gold, starting at the genesis moment for financial instruments that are tied to gold—namely, when the gold is still in the ground.”
