Last Updated on
Panama-based blockchain platform Orocrypt has announced the start of their token ICO. The crowd sale began June 14, 2017, at 6:00 AM (PDT) and finishes on July 14, 2017, 6:00 PM (PDT). The Orocrypt ICO gives investors and cryptocurrency enthusiasts a chance to get their hands on some of the Orocrypt (OROC) tokens.
[Note: This is a press release.]
The Orocrypt platforms native token holders are considered shareholders in the organization. OROC tokens are built on Ethereum Blockchain and are therefore fully compatible with all ether wallets.
Orocrypt offers investors who are hesitant to invest in traditional cryptocurrencies an opportunity to invest in a digitized version of precious metals like gold. After their ICO, Orocrypt plans to launch their gold-backed (ORO.G) tokens, with each token backed by 30 grams of LBMA compliant gold bullion.
Once the digitized gold tokens go live, Orocrypt will charge a small commission fee of 1% of gold spot price on the sale of all tokens. When sending ORO.G tokens, users can expect to pay a comparatively small transaction fee of 0.4%. During the crowd sale, it is in investors’ interest not to buy minimal amounts, as fees for buying 0.5 to 0.9 ORO.G tokens is 5% and 10% for 0.1 to 0.5 tokens.
The OROC tokens will be traded on the Orocrypt platform, P2P sites and a number of other exchanges. The Orocrypt team pride themselves on transparency, the platform guarantees
the issuance of digital tokens, holding of client funds as well as procurement and storage of gold, all of which are open and easily auditable.
To mitigate legislation risks associated with a single jurisdiction, Orocrypt chooses to keep all their collateral gold bullion in a number of vaults, located in different locations across the globe. The company’s Swiss Gold Safe AG vaults