A Panama-based company has proposed to digitise ownership of precious metals by harnessing the power of Ethereum blockchain.
Not available for US persons
Orocrypt plans to issue Ethereum tokens representing one Class A common share. The stakeholders will be the individuals/organisations who participate in the upcoming sale of Orocrypt’s 500,000 class A shares representing 45% of the company’s equity. The cost per one Orocrypt Inc. Share Token (OROC) is 9 EUR.
Investors will be able to purchase stakes for Euro, Bitcoin or Ether in real time. An excerpt from the Orocrypt whitepaper:
For instance, an investor sends 10 bitcoins. With an exchange rate of euro/bitcoin of 1,135.001, (10 bitcoin divided by €9) buys 1,261 share tokens. If at share token sale closing, bitcoin has declined to 1,000 euros, the investor still gets the same 1,261 share tokens, effectively buying each share token for 7.92 euros. Conversely, if bitcoin rises to 1,200 euros, then the investor will be paying 9.5 euros for each share token.
The ICO will start on June 14, 2017 and will run until July 14, 2017 or until all OROC are sold, whichever comes first.
Orocrypt Inc., as the company is titled, will issue “precious metal tokens” that are backed by securely stored
Read more ... source: NewsBTC USA
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