Jinbi Token, a UK-based gold-backed blockchain company, is set to revolutionize the multi-trillion gold industry. Using blockchain technology, Jinbi will ensure that gold assets are tracked securely throughout the production and distribution process.

Gold has continued to grow as a popular asset thanks to its increasing value and rich history. When compared to paper currency, gold has grown in value through the ages. Due to the growth in demand, paper contracts for gold have continued to rise in popularity. Individuals may be subject to counterparty risk. Jinbi Token ensures that individuals are in control of the physical asset when they purchase Jinbi (JNB) tokens.

On Monday, June 18 2018, Jinbi Token will launch a public pre-sale, followed by a crowd sale on Thursday, June 21, 2018, to raise funds that will power the platform. It is one of the first tokens to be partnered with a gold mining company. Tokens will be assigned gold via smart contracts, meaning that each piece of gold will be accounted for, from mining to storage. Blockchain technology provides an easy, safe and simple way to transact in an efficient, anonymous, and high-frequency manner.

There are six key stages to the Jinbi Token process. Firstly, the business holds a legal off-take agreement with the mining partners for the production of gold. The gold is produced and then refined by a world-leading precious metals company. After this stage, the gold is then insured and stored securely in vaults. International certification agency Bureau Veritas will perform as the third-party auditor.

Once approved and verified, the gold is linked to smart contracts which are permanently on the public blockchain. Jinbi Token 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 gold 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.

“We live in a complex and confusing environment to purchase gold. It is a well-known fact that you can buy gold with paper contracts, but you could be subject to counterparty risk. But what if you owned the physical assets and they were under your control? Transparency is what the gold industry needs and blockchain is the solution to deliver it.”

Jinbi Co-Founder Joe Crawley added, “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.

“A maximum of 10 million Jinbi tokens will be available to the public, priced at $7.04 per token. We are developing exciting partnerships at the moment and look forward to sharing more information in the near future.”