Spain’s Oldest Metal Refinery Launches Tokenized Gold, Silver

Why-bitcoin-is-better-than-fiat-and-gold
  • Leading refinery in Spain SEMPSA JP partners with blockchain platform Aurus.
  • The partnership focuses on the development of crypto backed by gold and silver.
  • Tokenized gold and silver are now available at five billion dealers across Spain.

SEMPSA JP, the oldest metal refinery in Spain, has partnered with the decentralized blockchain platform Aurus to introduce cryptocurrencies supported by gold and silver to its precious metal dealers.

According to a press release received exclusively by CryptoNewsLand (CNL), five precious metal dealers operating with the refinery were selling Tokenized Gold (tGOLD) and Tokenized Silver (tSILVER) to a large retail market using their e-commerce stores at minimal costs. These five bullion dealers are located at stores in Madrid, Bilbao, Málaga, Cádiz, Sevilla, and Barcelona.

Both Aurus and SEMPSA JP expressed their excitement to take a step forward towards more accessibility and usability of precious metals using blockchain technology.  Francisco Espinosa, CEO of SEMPSA JP, said the firm is always looking to innovate across the overall value chain of the production of precious metals. He stated:

“We are excited to lead the adoption of safe technologies, such as blockchain, helping to accelerate the digital transformation of the precious metals industry.”

Initially, SEMPSA JP tokenized a portion of 3 kgs. of gold and 25 kgs. of silver bullion with the help of Aurus. tGOLD and tSILVER are basically backed individually by one gram of 99.99% of gold and 99.99% of silver.

Furthermore, all five bullion dealers provide physical redemption services, which allow customers to convert tGOLD and tSILVER for physical precious metal bars and coins 24/7.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.