OroPocket reveals India’s first Gold-backed Token on Tezos Blockchain

Oropocket has now announced that it is tokenizing silver and gold on the Tezos Blockchain protocol.

Oropocket is a fintech platform in the DeFi market. The company empowers users to indulge in 100% asset-backed banking on the blockchain. 

Mohit Madan, CEO of OroPocket, said, "We aim to provide the highest security possible for our users, and we recognized this strength in Tezos after conducting several trials with various blockchain protocols. Furthermore, its on-chain governance feature reduces the likelihood of forking. Forking happens when there is a disagreement on improvements to a blockchain protocol, resulting in a split of the blockchain, which produces two versions of digital representations of your assets in the network. Users would then have to go through a troublesome process of having to clarify which version is valid. On-chain governance on Tezos avoids this problem altogether and allows sustainable scalability and consistency in upgradability in a constantly evolving technology landscape."

David Shin, Head of Asia at TZ APAC, said, "We at TZ APAC are excited to advise the team at OroPocket to launch their service on the Tezos blockchain. We see India as a very important blockchain market in Asia. By offering the very first gold and silver-backed digital assets on Tezos, it opens up a tremendous opportunity to reach the vast potential of users in the Indian market. To better facilitate a successful deployment, we have also tapped our local strategic partner, Tezos India, who will aid the team at OroPocket with technical support, development tools as well as community outreach activities which are crucial for its sustainable growth."

With the gold and silver-backed tokens, users are now able to independently track and verify their holdings at any point in time. The process removes the need for the tedious process of consulting a notary. The usage of the blockchain protocol allows all the shareholding information to be accurate, transparent, and thorough.

All these tokenized assets, which include the XTZSilver and XTZGold are backed by the physical silver and gold assets in a 1:1 ratio. The assets are audited by third parties and stored in vaults in Singapore, UK, and Switzerland.

Users can invest as per their needs as little as 0.01 USD to hold XTZSilver and XTZGold. All the assets are being insured by Marsh Ltd with Galmerly Ltd.

Apart from that, OroPocket is also working to offer to add services on top of these fractional assets such as instant loans; asset-backed debit cards, and remittances. These debit cards provide users with high liquidity as they can shop online, offline, or cash withdrawal cash at ATMs.