AgAu.io, a peer-to-peer electronic money system aiming to issue tokens backed by silver and gold, has completed its angel investment round. High-calibre investors such as Nicolas Chikhani, former CEO of Arab Bank Switzerland, contributed to the series.
Combining three of the major strengths of Switzerland - commodity trading (Gold & Silver), banking and technology, AgAu, founded in 2018 by Thierry Arys Ruiz, has built a peer-to-peer electronic money system on the Ethereum Blockchain to issue stable ERC20 compatible tokens. Each of the AgAu tokens are backed 1-to-1 and represent the direct property of 1 gram of allocated good delivery standard LBMA (London Bullion Market Association) quality (99.99%) gold or silver; redeemable against physical gold and silver bars. AgAu uses blockchain and smart contract technology to obtain both transparency and Immutability of decentralised data proving the integrity of assets.
Ahead of its launch, scheduled for the second half of 2020, AgAu has secured capital in a seed round. Participants include commodity trading experts and investors such as Nicolas Chikhani, former CEO of Arab Bank who has also joined as a board member. Further undisclosed investors and advisors from Switzerland and the MENA region also contributed to the round.
“I am very pleased to have won the trust of the pre-eminent personalities in the industry to help to accomplish our mission,” said Arys Ruiz founder and CEO of AgAu. AgAu’s mission is to increase the freedom of exchange of goods, values and ideas while establishing a secure, stable and decentralised money platform that will enable everyone, to protect their wealth and execute payments worldwide.
(Press release/RAN)
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