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Ripple Protocol used to tokenize real-world commodities into ‘eMetals’; can be bought using cryptocurrencies of choice

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Ripple Protocol used to tokenize real-world commodities into 'eMetals'; can be bought using cryptocurrencies of choice
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eMetals are the next best thing that will be converted into digitized shares to represent real-world commodities [like metals] and the resultant can be purchased using digital assets as per BPG [Banquecorp Physical Gold] Group’s tweets.

BPG Group is a heavyweight company in the material refinery industry which also deals with efficient methods to reuse scrap metals and they are spread across Europe. As per their tweet on January 7, customers will be able to buy these shares of metals using either cryptocurrencies or fiat currencies.

BPG Group tweeted:

“eMetals will purchase the real-world commodity stocks based on customer demand, and generate IOUs to represent each share. Customers will be able to use select cryptocurrencies, as well as fiat currencies to purchase the IOUs. IOUs will be backed 1:1 to the real-world securities.”

To clarify the matter more, BPG Group said that stocks will be backed as 1:1 and deposited into separate segregated accounts. Moreover, the group added that for the bank’s use they will use “Kamakura study” which will provide default probabilities.

@RickCrypto1 asked if they are backed and regulated by a regulating body which confirms that the group actually have the backings that they claim.

BPG Group replied:



“We will release reports that will indicate that we do possess sufficient capital (stock) to back each individual IOU token on a 1:1 basis. We will disclose the names of banks & brokers as well.”

BPG Group tweeted:

“Equity markets are closed more hours on the day than they are open. User will be able to trade shares of popular commodity companies on eMetals platform 24 hours a day, 7 days a week. #Ripple #XRP #Commodities”

The news of this announcement first surfaced the crypto-world in 2016, when GateHub published a blog about BPG Group about using Ripple protocol.  The blog stated:

“BPG digital gold-backed IOUs, the “XAU”, are now issued within the Ripple protocol. The XAU is enabling digitized gold investment and the ability to use XAU for remittances and payments.
This way the physical gold can be converted into any fiat currency such as USD, EUR or any other crypto-currency. Moreover, an XAU can be redeemed and physical gold that is stored in BPG’s Ljubljana vault shipped to you.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

XRP

Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption

Namrata Shukla

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SCB Thailand asks crypto enthusiasts to wait for announcement regarding XRP adoption
Source: Pixabay

The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].

The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,

“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”

However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,



The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,

“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”

The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.





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