Symbiont, a distributed ledger provider, has partnered with Orebits Corp. to offer digitized shares of unrefined gold. Orebits clients can electronically trade smart certificates backed by gold reserves, according to a statement released on Wednesday.
Orebits Corp. provides digitization services to trade commodity reserves.
The smart certificates, called “orebits,” will have the same value as one ounce of gold, based on the LBMA AM daily fixing price. The daily AM price for gold on March 17 was $1,228.75. The first orebits were issued on March 10 by John Comeau of 130 International Inc, according to Orebits Corp.
“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.
Mark Smith, Symbiont co-founder and CEO, said in a statement that the digitized offering “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.”
Software provider LockPath announced on Tuesday that it has partnered with BankPolicies.com to help users identify gaps in compliance policies. Users on LockPath’s Keylight platform will be able to highlight areas in their policies where they may not meet compliance requirements.
LockPath provides governance, risk management and compliance software in multiple industries. BankPolicies.com provides financial institutions with policy and procedure templates that firms can customize to meet their needs.
“The relationship we formed with LockPath further demonstrates our commitment to providing our clients with industry-leading and cost-effective document-based compliance solutions,” Brent Medovich, president and founder of BankPolicies.com, said in a statement. “The benefits of our products will be further enhanced by LockPath’s comprehensive state-of-the-art software-based compliance solution.”
Last week, the Securities and Exchange Commission declined to approve a rule change that would have allowed a bitcoin-based ETF to trade on the Bats BZX Exchange.
The Winklevoss Bitcoin Trust would only hold bitcoins as assets, and would be linked to a digital asset exchange owned by Gemini Trust Company.
The SEC said in the notice announcing its decision that the “significant markets for bitcoin are unregulated” and consequently would not be able to enter into “the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust” exchange traded products.
— Read Winklevoss Twins Await Imminent SEC Decision on Bitcoin ETF on ThinkAdvisor.