Elrond is entering into a partnership with the UK-based fintech firm, Aurus, to facilitate the tokenization of silver, gold, and platinum with the help of Blockchain technology. Elrond is home to the internet-scale Blockchain technology engineered to enhance the execution speed and throughput of token transactions. The platform employs the algorithm of Secure Proof of Stake and the advanced mechanism of Adaptive State Sharding to enable linear scalability with a quick, secure, and efficient consensus mechanism.
It is the primary objective of the partnership to reserve the tokens of Elrond that include AWP, AWS, and AWG against precious metals and then issue the gold-backed tokens on the Blockchain of Elrond in the form of EAST tokens.
The firms seek to employ Blockchain technology to improve the liquidity and security of the store-of-value assets and bring down the cost of ownership and transfer of such assets. Beniamin Mincu, the CEO of Elrond Network, is looking forward to creating innovative DeFi use cases for the products that are being launched at Elrond mainnet through the partnership with Aurus.
The partnership between Elrond and Aurus is also seeking to offer a host of opportunities to the DeFi users with respect to engaging with stable cryptocurrency assets pegged to gold, silver, and platinum. The business protocol of Aurus is highly decentralized by nature. Its system functions in compliance with free-market principles by connecting the players of the industries of precious metals with the infrastructure and instruments of DeFi. The gold-backed tokens of Elrond shall now be made available at the platform of Major Exchange for trading and investment. The collab also seeks to integrate the Aurus tokens more deeply to enable lending and borrowing of crypto loans and stablecoin assets for the users with the help of gold-backed tokens as collateral. On the other hand, according to the Elrond prediction, the deeper integration with Aurus tokens will also allow the fintech firm to enable the direct physical purchase of gold by EGLD payment.