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Orebits & Symbiont deploy blockchain to digitize gold ownership

First Published 21st March 2017

Smart certificates called 'orebits' provide owners of unrefined, proven gold reserves with access to liquidity for a previously illiquid asset.

Mark Smith, Symbiont

Mark Smith, Symbiont

New York and St. Petersburg, Florida - Orebits Corp., a provider of digitization services for unrefined commodities, and Symbiont, a distributed ledger technology company, have partnered to bring clients of Orebits Corp. the opportunity to invest in unrefined gold via "smart certificates."

The certificates, called "orebits," are digitized assets, backed by proven gold reserves, which can be exchanged electronically on a peer-to-peer basis. The first orebits were issued on Symbiont's platform on March 10, 2017.

"Orebits Corp. has created a new asset class, enabled by Symbiont's distributed ledger technology, which will change the precious metals financing marketplace forever. This new asset class will allow reserve owners to access liquidity from previously illiquid assets," said Scott Mehlman, CEO of Orebits Corp.

Symbiont co-Founder and CEO, Mark Smith, said, "We are excited to be working with Orebits Corp. to bring yet another distributed ledger project from prototype into production. Orebits Corp.'s innovation has created a new avenue for investors to gain exposure to gold, starting at the genesis moment for financial instruments that are tied to gold-namely, when the gold is still in the ground."