SEOUL, Korea--(BUSINESS WIRE)--Auric Network Limited (“Auric”), the Hong Kong based blockchain innovation group announces a partnership with Bluebird Merchant Ventures Limited (“BMV”), a publicly listed mining company (LSE:BMV), to give public access to gold ownership at 15% below market price.
BMV’s goldmines, located in South Korea, have been inactive since the 1970s largely due to policy directions adopted by the Korean government that triggered the nation’s industrial revolution. According to the Korean government, the mines contain nearly 800,000 ounces (or over $1.5 billion USD) of ready-to-mine gold, with a geological upside defined in the millions of ounces.
Joseph Lee, CEO of BMV Korea, states, “Through our efforts we have been able to build on the work done by the Korean government in the 1970’s and revive these mines due to vast improvements in geological understandings and technology. There is a lot of unmined gold.”
In the post-COVID world, where global economies are characterized by uncertainty, the public has seen unprecedented levels of demand and interest in gold as a more stable investment asset. However, the lowest market prices of gold are generally unattainable to the general public.
Auric operates a blockchain protocol with its native token, AUSCM, which was conceived in partnership with BMV and Mine Foundation, a commodities investment marketplace. It can soon be exchanged for physical gold at a discounted price. The prerequisite to accessing this opportunity is holding a minimum balance of AUSCMs.
“We are pleased to partner with Auric Network and Mine Foundation to allow everyday people to have access to the economically transformative opportunities presented through physical gold ownership,” Lee reports. “Giving the general public an opportunity to participate in releasing value from the mines as well as give access to an otherwise inaccessible asset class is a win for the average person.”
Currently, Auric Network is listed on Uniswap.org, a blockchain-based exchange. To learn more, follow Auric Network on Twitter at @auric_network and BMW at @bluebirdIR.