Xaurum the Ethereum based token that is backed by an ever growing gold reserve was recently added to Bittrex, the multi cryptocurrency exchange market, after successfully completing the Bittrex Compliance Review. The Xaurum team has plans to see the coin added in other exchanges other than C-CEX and Bittrex.
“The process of review took quite a lot of time, however, Xaurum is now one of the rare coins, that has successfully completed the Bittrex Compliance Review, which marks an important milestone in Xaurum’s online verification process. Of course, this does not mean that our team will stop trying to get Xaurum listed on other exchanges.” Xaurum Team
Xaurum recently left its old Proof of Stake blockchain behind and migrated to an Ethereum smart contract system, during a Rebirth Initial Coin Offering (RICO) period, in which users were allowed to buy XAUR tokens. Moving to Ethereum allows the system to function perfectly without the need to maintain a Proof of Stake blockchain. During this period, Xaurum gathered over $851 thousand and was able to increase their gold reserves.
When Xaurum first launched each XAU (old token) was backed by 1 gram of gold, after the RICO each 8000 XAUR (equal to 1 XAU in the old chain) was backed by 3.19 grams.
This means that the XAUR token is not only backed by gold but designed in such a way that its gold reserves are always growing. This is achieved with the Xaurum Gold Mine, a Proof of Work multi-pool that allows users to mine cryptocurrencies and be paid in XAUR. Users can also choose to buy gold-backed Xaurum tokens with the Coinage tool, a KYC/AML compliant platform that allows users to buy XAUR with fiat currencies. The proceeds are used to issue newly gold backed tokens and the profits generated by the Gold Mine and Coinage allows the Gold Reserve to increase, thus allowing Xaurum to function as a real store of value since the gold that backs each coin is always growing. – Read more about the Xaurum system here.
The Xaurum gold reserves have been audited and are managed by the Auresco Institute, a non-profit organization that maintains, acquires and delivers the gold that backs Xaurum. gold is supplied by Nadir (LBMA certified) and stored at Loomis, one of the biggest a cash handling company in the world.