Last Updated on June 15, 2017 by cryptocreed
Panamanian based company Orocrypt launched Initial Coin Offering (ICO). The Orocrypt share token sale will start on 14th June 2017 and run for the next 30 days or until all tokens are sold. During the ICO Orocrypt offer for sale 500,000 OROC tokens and it represents 45% of the company’s total equity. The price of per OROC is 9 EURO.
OROC is developed on Ethereum blockchain which is fully compatible with any Ethereum wallet, so anyone can be part of the party. These gold-tokens will be backed up, securely stored, and audited. This token presents to share in the company, Orocrypt’s is linked to the price of precious metals on the Ethereum blockchain. Each token represents a proof of ownership of precious metals.
If the minimum capital is raised before the ICO, Orocrypt will launch its first product in the form of the Gold Token. This token will represent the ownership of 30 grams of LBMA-quality gold. This will be stored in four vaults around the world. Maybe in the near future, the company will expand to Silver, Platinum, and bespoke tokens.
All facts of issuance of tokens will be open and auditable., including holdings, client funds, releasing digital tokens and procuring, and storing gold.
To reduce the risks of adverse legislation in any one jurisdiction. The company’s bullion will be stored in four specific reputable vaults.
The company has identified these specific locations, including the Cayman Islands (held by Byzantium), Zurich (Swiss Gold Safe AG), Liechtenstein (OZL AG), and Hong Kong (Swiss Gold Safe AG). These stores will audit monthly.
Orocrypt has experienced and reputable team which includes former bankers, stockbrokers, accountants, and business professionals with extensive and senior financial management experience.
Orocrypt complies with all Panamanian regulations concerning precious metals merchants.
How Orocrypt gets benefited:
Everyone starts a business for profit and provides better service, hence orocrypt’s profits come from the fees over the gold spot price on all sales which is 1%. There is also a 0.04% transfer fee when tokens will get transferred between wallets.
Share Token Sales
Share token sales is already launched on 14th June 2017. 1OROC is equaled to 9EURO. There are a total of 11,120,00 shares which were divided into 2 classes. Total numbers of class A shares of 845118 (45%) of equity will be offered for the sale. And 354118 allocated to treasury, rewards, payments for services, and employee participation (31%) of equity.
In class B, total numbers of shares which equals 24% of the equity will belong to founders.
|EUR 4.5 million will provide two years of operating capital. Funds not needed for short term expenses will be invested in gold, silver, bitcoin, and ether.|
The two largest investors in the company who buy over 56000 tokens each will have the right to seat on the Board of Directors (BOD). Also for early investors who make purchase tokens during the first week of the ICO will receive a discount of 5% and in the second week will receive a discount of 2% of the tokens price.
Alejandra de Gaustad, Founder, and CEO
José Antonio de la Cerda, Secretary
Darlene Hart, CFO
Margaret Bentham, Director