The Jinbi Token, a UK-based gold-backed blockchain company is working so as to revolutionize the multi-trillion gold industry. With blockchain technology, the company will ensure that gold assets are tracked securely throughout the production and distribution process.
In the last decades, Gold has been growing as a popular asset in the society. Compared to paper currencies, gold was able to increase its value and allow individuals to find a place where to store their savings without being worried about losing what they have saved.
With Jinbi (JNB) tokens, individuals are in control of the physical asset. On June the 18th, Jinbi Token will be launching is public presale hat will be followed by a crowdsale on Thursday June the 21st. The intention is to raise funds that will let the platform grow and be developed.
Jinbi Token has been the first toke to have partnered with a gold mining company. Tokens will be assigned gold via smart contracts. Each piece of gold will be accounted for, from mining to storage.
All Jinbi bars are certified 24 carat gold with a fineness of 999.9. Gold bars are produced in various sizes, ranging from 5g to 12.5kg and are individually segregated #jinbitoken #ICO #crypto #blockchain #gold pic.twitter.com/q6vr6I0pQG
— Jinbi Token (@JinbiToken) June 1, 2018
According to the company there are six key stages to the Jinbi Token process. The first one is related to an agreement with the mining partners for the production of gold. Then, the gold is produced and refined by an important precious metal company.
The gold is then insured and stored securely in vaults. And in order to be sure about everything, the international certification agency Bureau Veritas will be performing audits as a third-party.
Once all these steps are done, the gold will be linked to smart contracts which are permanently on the public blockchain. Jinbi's JNB coin will be a safe haven crypto asset class with an increasing gold floor.
Co-Founder of Jinbi Token, Andre Rafnsson said:
“Today, people who wish to buy 24 carat gold face a number of challenges. For example, where do people go to buy hold and how do they know if it is authentic? Is the gold from a trusted source? How would they store it? How do they get access to it? The list goes on.”
The company is expecting to raise $88 million dollars across the duration of the Initial Coin Offering (ICO). There will be minted a maximum of 12.5 million tokens, and an equivalent to 80% of them will be available to the public.
All the unsold tokens from the pre-sale and the main ICO will be iced for two years using a smart contract. After the period ends, the tokens may be sold, re-iced or burned depending on the decision made by the Jinbi management team.
The Jinbi token will have its own exclusive wallet using Pillar’s unique and first to market platform that will provide additional security and transparency to token holders #jinbitoken #holders #ICO #crypto #blockchain #gold #security #transparancy #market #pillar #wallet pic.twitter.com/SffmxI1vor
— Jinbi Token (@JinbiToken) June 2, 2018
One of the Co-Founders of Jinbi is Andre Rafnsson, who has over 20 years of management experience within the pharmaceutical and medical industry.
Joseph Crawley is an experienced manager in base and precious metals, trading and mining. He is the co-founder of Jinbi.
Mr. Crawley said about the ICO:
“Our expectation is to have 150,000 ounces of gold linked to smart contracts by 2019. All bars produced are twenty-four carats with a fineness of 999.5. They will all be delivered brand new and will be stored in various sizes, from 5g to 12.5kg. Once the gold has been allocated, it can then be delivered or stored.”