GoldMint, a blockchain-based startup that helps gold owners profit from digital assets backed 100 percent by physical gold, recently announced an innovative collaboration with the mineral production company Eurasia Mining. GoldMint’s board of directors and nominated advisors demonstrate significant experience in the rapidly developing world of blockchain technology. Their creative vision is to redefine the architecture of the physical gold market by fostering the necessary infrastructure for physical gold to be traded faster, more efficiently and more transparently. Over time, they expect this will usher in a paradigm shift for the entire gold industry. In Q1 of 2017, GoldMintofficially opened its digital doors with the objective of introducing a new digital gold model. This project is primarily directed toward delivering gold ownership solutions for cryptocurrency investors and enthusiasts worldwide. The GoldMint project is based on the basic belief that physical gold is a stable method of payment and wealth preservation, predicated on the qualities of value and scarcity. Gold ownership, however, requires expensive security, safekeeping and insurance. GoldMint’s innovative approach seeks to address these inherent issues with gold ownership. The GoldMint ICO, which launched on September 20, will offer a new means of exchange for gold: transactions are managed over a blockchain-based platform, and are backed 100 percent by physical gold. This platform will access the private and individual gold trading market — and potentially the larger physical stocks, such as those in central banks. It will also provide an electronic payment solution backed by physical gold, as well as a system for gold-backed peer-to-peer lending.
Through this agreement, GoldMint is establishing a method for applying blockchain-based technology to the development of resource industry projects.
Based in the U.K. and Russia, Eurasia Mining is a platinum, palladium, iridium, rhodium and gold production company with a long-standing history in mineral exploration. It has a fully operational mine in Russia’s Ural Mountains, as well as the exclusive rights to participate in up to 67 percent of the Semenovsky Gold Tailings Project, a project demonstrating significant near-term gold production potential.
With its roster of projects under development, Eurasia is now seeking a fresh set of solutions for bringing these projects to market. The company has a proven track record in successfully developing mineral exploration projects through innovative means. Currently, Eurasia is following ongoing advancements in the worlds of crowdfunding and blockchain technology to assess how these trends can be applied to the world of gold production, exploration and resource development.
These efforts align favorably with GoldMint’s strategic intent of aligning blockchain technologies with the resource industry in order to create greater fluidity among transactions backed by physical gold.
Co-founders Dmitry Pluschevsky, who was a co-founder of LOT-ZOLOTO, and Konstantin Romanov later realized that blockchain technology could be applied to the business dealings of international gold markets, making transactions in physical gold more accessible, efficient and transparent.
In addition, GoldMint will deliver an automated machinery solution called Custody Bot for the immediate tokenization and sale of physical gold at high street locations.
Pluschevsky said that several emerging trends are currently influencing GoldMint’s strategic direction. These include the expansion and hyper-volatility of the cryptocurrency markets, the instability of fiat money and world financial uncertainty.
“We plan to build a global peer-to-peer system of crediting secured by gold so that some people would be able to help others regardless of politics and without risk for both sides,” noted Pluschevsky.
The strategic partnership between GoldMint and Eurasia, then, is one that promises to bring advantages to both sides.
“While the final Eurasia/Goldmint, blockchain-based solution applied to the mineral exploration and resource extraction industry has yet to be fully determined, the potential upside is high in terms of being able to partly replicate the royalty streaming business already proven to be very effective in the mining industry,” Pluschevsky concluded.
For more about GoldMint, review the white paper.
Note: Trading and investing in digital assets is speculative. Based on the shifting business and regulatory environment of such a new industry, this content should not be considered investment or legal advice.