Gold-backed Jinbi Token Partners with Gold Mining Company for Golden ICO
Jinbi (https://jinbitoken.io/) will be the first token to be partnered with a gold mining company. Each token will be assigned gold via smart contracts, meaning that every piece of gold will be accounted for, allowing partners to know where the gold is located and how much each token holds.
This provides an easy, safe and simple way to transact in an efficient, anonymous and high frequency manner. Jinbi is revolutionizing the security of gold assets - by using blockchain technology and implementing smart contracts - to increase the secure structure of the company.
The business holds a legal offtake agreement with the mining partner for the production of gold. Once the gold is produced, it will be refined by Produits Artistiques Metaux Precieux (PAMP) (http://www.pamp.com/) in Switzerland and Kaloti (http://www.kalotipm.com/). The Kaloti Refinery, which is based in Dubai, UAE is situated within the Free Trade Zone, has a strong track record in the gold refinery business. The gold will then be stored by an accredited and recognised Jinbi partner and inspected by Bureau Veritas, once per quarter.
Finally, once approved and verified, the gold will be linked to a smart contract and will be permanently registered on the blockchain.
Jinbi Token has a working relationship with International Precious Metals Limited, (IPM). IPM aims to achieve five bullion vaults globally and a total of 25,000 safe deposit boxes and one high grade precious metals refinery.
The token will be the first one, other than Pillar, to utilise the new Pillar wallet. The Pillar wallet is set to be the most secure ethereum token wallet which will be launched in early Quarter 3 2018. The Jinbi Token Co-Founder Andre Rafnsson is part of Twenty-Thirty AG, the team that created the Pillar Project.
Andre Rafnsson, Co-Founder of Jinbi said "Our expectations are to have 150,000 ounces of gold, linked to smart contracts by 2019.
"All bars produced are 24 carat gold with a fineness of 999.5. They are delivered brand new and the bars will be available in various sizes from 5g to 12.5kg. Once the gold is allocated it can then be delivered or stored."
