|[March 15, 2017]
Orebits & Symbiont Deploy Distributed Ledger Technology to Digitize Gold Ownership
Orebits Corp., a provider of digitization services for unrefined
commodities, and Symbiont, a distributed ledger technology company, have
partnered to bring clients of Orebits Corp. the opportunity to invest in
unrefined gold via "smart certificates." The certificates, called
"orebits," are digitized assets, backed by proven gold reserves, which
can be exchanged electronically on a peer-to-peer basis. The first
orebits were issued on Symbiont's platform on March 10, 2017.
"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," said Scott
Mehlman, CEO of Orebits Corp.
Michael Zimits, President and COO of Orebits Corp., said, "The
operational efficiencies and data auditability provided by Symbiont
allows us to bring exposure to unrefined gold into the capital markets."
The first reserve owner to issue orebits on the new platform, John
Comeau of 130 International Inc., said, "I am pleased to be the first in
what will be many customers of the orebits digitization process. Orebits
Corp. has given me an alternative financing method for my gold reserves
that is both elegant and innovative and will allow me to gain the
liquidity that I require."
Symbiont co-Founder and CEO, Mark Smith, said, "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."
"The privacy and versatility of Symbiont's smart contracts enabled us to
create the Orebits platform as we envisioned," said Chris Youb, Chief
Technoogy Officer of Orebits Corp. "An orebit is a fungible, digital
asset backed by proven gold reserves."
"The time for digitized gold ownership has arrived in a big way," Zimits
said. "Orebits don't require investors to deal with issues -- such as
margins, storage and insurance -- that come with previously available
methods of investing in gold."
To learn more about Orebits and digitized gold ownership, visit Orebits.io
or call (855) 967-3248.
About Orebits Corp.
Orebits Corp. provides asset-digitization services for owners of
unrefined commodity reserves into smart certificates called "orebits."
Each transaction is immutably recorded using smart contracts managed on
a distributed ledger, giving reserve owners liquidity prior to the
reserves being refined and sold in the marketplace, while supplying
peripheral investors with an instrument of financial leverage and
flexibility, previously unavailable in any other form. www.orebits.io
Symbiont is the market-leading smart contracts platform for
institutional applications of distributed ledger technology. Disclosed
users of its platform include fifteen
financial institutions for Smart Loans™, arranged by Credit Suisse
and executed via its syndicated loans joint venture with Ipreo; the State
of Delaware for Smart Records™; and a major
European insurance company for Smart Swaps™ in the catastrophe
View source version on businesswire.com: http://www.businesswire.com/news/home/20170315005332/en/
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