Precious metals tokens to appear on Elrond blockchain

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Blockchain developers Elrond, together with British fintech firm Aurus, will launch tokens pegged to silver, gold and platinum.

The tokens will be named AWS, AWG and AWP, respectively. These will be ESDT tokens and each token will be backed by one gram of the corresponding valuable metal.

“This provides new and important opportunities for participants in the decentralized finance industry. They will be able to access other stable cryptocurrencies that are tied to precious metals rather than fiat currencies, ”Elrond said in a statement.

The tokens will appear on the exchange integrated into the Elrond Maiar wallet. The developers hope that the wallet will receive deeper support for the Aurus tokens. For example, it may be possible to issue new stablecoins based on tokens. In addition, they can be used as collateral in DeFi loan products.

“Blockchain will improve traditional wealth holding assets, making them more liquid, secure and easier to own and move. We look forward to new ways of using Aurus tokens from DeFi project developers, ”said Elrond CEO Beniamin Mincu.

As a reminder, Elrond’s mainnet launched at the end of July 2020. It is a high-throughput blockchain based on staking and sharding.

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