Entering what is becoming a very competitive gold-backed cryptocurrency sector, the startup Midas Rezerv has launched a decentralized distributed gold-backed token platform.
Midas Rezerv is offering individuals a solution to own, trade, and pay with physical gold via tokens called MRCoins that are based on decentralized bitcoin blockchain design.
According to the startup, the gold holdings are stored in non-bank, fully-insured vaults located in Free Trade Zones, with a permanent proof of holdings available for public access online and via the blockchain.
Each MRCoin is backed by 1 gram of real investment gold bullion, which is fully auditable in real time, and is digitally marked to specific vault location that it is stored in. Midas Rezerv offers very low transaction fees.
Alexi Lane, Founder of Midas Rezerv, commented:
Midas Rezerv brings together 6 years of blockchain technology with 6000 years of gold history. Now anybody can own and securely store physical gold within the reach of a smartphone, and conduct trading and payments in gold within seconds and at a very low cost. If you own MRcoin, you own the gold.
MRCoin is a bearer-bond coin redeemable for gold or cash through authorized dealers and bitcoin exchanges, according to the company. Initial trading of MRCoins vaulted in Amsterdam (MRCAM) has commenced on Master Exchange.
Midas Rezerv is seeking to create entry and exit points for gold traders and long-term investors to work in the market for both bitcoin and fiat currencies. The startup indicates that it is working directly with top-tier storage vaults from around the globe, and has currently secured relationships with vaults in Amsterdam, Dubai, and Hong Kong.
Midas Rezerv is a platform created and provided by Amilabs, Ltd. – a company that describes itself as “specializing in Bitcoin 2.0 infrastructure.”