Blockchain company attempt to transform gold industry

BLOCKCHAIN company, Jinbi Token will provide investors with a more efficient, safer way of owning and tracking their Gold supplies.

The token was built on the Ethereum blockchain and is attempting to transform the Gold industry.

Co-Founder, Andre Rafnsson sums up the main problem faced by Investors: ” Today, people, who wish to buy twenty-four-carat gold, face many challenges. For example, where do people go to buy gold and how do they know if it is authentic? Is the gold from a trusted source? How would they store it? How do they get access to it? The list goes on.”

Jinbi token has made radical moves to fix this problem by being the first token partnered with a gold mining company.

Each token will be assigned gold via smart contracts, meaning that every piece of gold will be accounted for, allowing partners to know where the gold is located and how much each token holds. The multi-trillion dollar industry will now be more easily accessible to investors.

The Gold will be refined by Produits Artistiques Metaux Precieux (PAMP) in Switzerland and The Kaloti Refinery, which is based in Dubai, The country has an impressive record in the gold refinery business.

Using the Ethereum platform all gold stored in their custodian vaults will be insured, documented and made permanently viewable via the blockchain.

On top of this Jinbi will employ Bureau Veritas to conduct quarterly audit inspections as well as an annual audit commencing every January.

Rafnsson said: “We live in a complex and confusing environment to purchase twenty-four-carat gold. It is a well-known fact that you can buy gold with paper contracts, and you could be subject to counterparty risk. But what if you owned the physical assets and they were under your control? Transparency is what the gold industry needs and blockchain is the solution to deliver it.”

This token also allows investors to profit from the production of the gold direct from the source.

They expect to garner 150,000 ounces of Gold by Q4 2019. Token holders will receive their dividends in either Gold, Bitcoin or Ethereum.

The current presale phase of there ICO has made 1,250,000 Jinbi Tokens (JNB) available to early investors and can be found here: https://jinbitoken.io/

Jinbi Token is offering a unique opportunity for investors by marrying the value and stability of gold with the security and transparency of blockchain technology.

 

Disclaimer. The Cryptograph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as investment advice. 

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