Company proposes to “tokenize” gold to prevent its extraction

Isbel Lázaro.


Inspenet, December 23, 2023.

Héctor Casas, CTO of Roela, describes that the project originated in a typical way for innovative ideas, as a result of a combination of circumstances. ” One of our collaborators was a helicopter pilot to rescue injured miners and from there the idea of ​​analyzing the gold market was born ,” he says.

And adds: “We understood that much of the gold mined today is used as a reserve around the world. In the end, what has been obtained is melted down, put on a truck and then from there it is transported on a ship and usually goes to a bank vault.”.

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Therefore, he continues, they questioned “why should we carry out the extraction of the earth and carry out this whole procedure for gold to function as a store of value? ” They chose to consult a geologist first, who called them “visionaries.”

“Tokenize” gold: How is it possible?

According to Patricia Espíndola, CEO of Aurum41 , their approach is to ” uniquely tokenize gold that has not yet been mined, backing our security token with this valuable resource found in the earth .”

Casas adds that they faced two challenges or needs; The first was to verify the presence of gold, which, he notes, can be easily achieved through Canadian NI43-101 certification, a national instrument for mining project disclosure standards in Canada. Then, he adds, they had to “look for solid regulation.” They found this regulation in Gibraltar, which is considered one of the leading ones globally for digital assets, providing credibility on both counts.

Both certification and regulation are essential to support your business model, Casas explains. ” One guarantees the presence of gold; the other creates a financial backing or security token, which is controlled and regulated .” In other words, the contents of the mine could not be hacked, duplicated or invented.

The ownership of the gold would be shared, since, for this company, once it begins to operate, web3 would enable access to a new technological layer of authenticity and digital ownership of gold. According to Casas, at this moment “We are in the process of obtaining that regulation, which will occur before the end of the year. Currently, we have five fields, two in Argentina, one in Chile and two in Mexico and we are exploring other locations“.

Furthermore, their intention is to be considered strategic partners of large companies instead of competitors. “Our hope is that this process can be replicated by large mining companies for deposits that are not being exploited or that are not economically profitable to exploit. What we guarantee is that in any of our projects, the land will not be exploited“.

Additionally, they have incorporated a social dimension to the non-extractive project, since a percentage of the sales of these properties would go to local communities to compensate for the lack of employment.

For the founders of this innovative project and for other entrepreneurs, without a doubt, a completely new moment has arrived: it is now technologically possible to tokenize polluting or costly activities that do not add value in the following stages of the chain.

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