Panama-based financial technology firm Icon Capital Reserve SA is launching a gold-backed cryptocurrency dubbed Aureals.
Each encrypted Aureal is denominated as a one gram weight and measure of physical gold.
Speaking in front of 300 of Latin America’s leading private bankers in Panama today, ICON CEO J. Bradley Hall announced the launch:
The launch of Aureals represents an historic breakthrough in applied mathematics and cryptography. Aureals are sophisticated, proprietary digital bearer bonds built on the open source, ledger book protocols called the block chain that have been battle tested for 6 years.
The Aureals denominated as a one gram weight and measure of gold, can be held as a store of value or exchanged for any other asset of value, including currencies or allocated physical gold, which is stored in non-bank vaults in free zones around the world.
New York banking scion Matthew Mellon who has been an active investor in the digital currency space noted:
The attention to the blockchain phenomenon has been restricted to early adopters but with US$500 million of VC capital now deployed, the size and scope of the opportunity is starting to resonate with a much broader audience. It is still early days but if the blockchain 2.0 is like the internet of 1995, then it makes sense to keep an eye on companies like ICON, because Aureals which act like programmable money could become a killer app, much like browsers and e-mail were 20 years ago.
Icon COO John Gainor commented:
The decentralized computing wave is now a tsunami withold models built around command and control hierarchies imploding and this is bullish for alternative mediums of exchange like Aureals and of course the worlds most trusted store of value, Gold.
In closing Hall stated:
Bitcoin tokens have garnered most of the recent headlines and like many skeptics, we view them as a claim check with nothing to claim. They have however, validated the blockchain that efficiently functions as a secure and discreet global ledger. We have developed a methodology that allows any real asset or set of cash flows to be registered on this secure ledger and then instantly traded using encrypted digital bearer bonds that we call Aureals. If you think about the implications of that for a moment, you may understand how this may represent a profound shift in the way the people create, trade and store wealth.
In August 2014, Icon was admitted to trade on the First Quote of GXG Markets in Europe.