Vaultoro Becomes the First Hard Asset Custodian to Join The Standard DAO

Vaultoro.com has always been an innovator in the bitcoin space. They were the first exchange (launched in 2015) to offer a Gold / Bitcoin trading pair in which people could trade allocates, insured and audited gold bullion with crypto. Vaultoro was also the first exchange to integrate the lightning network and played a part in resolving bitcoin’s blocksize debate.

Vaultoro is innovating once again. Since day one, the Co-founder of Vaultoro, Joshua Scigala, has been asked to tokenise the gold secured on the platform, but he has refused. His reasons are solid as there was no way to take the storage fees that cover insurance, auditing, guards with guns and the cost of the top-tier vaulting facility if a token holder lost their keys or died.

“All blockchain gold projects that simply tether a blockchain token to a gram of gold are Ponzi schemes because they need to get new people in to cover the storage fees of people that have not moved their coins or lost their keys,” Said Scigala.

TheStandard.io, co-founded by Joshua Scigala, solves this issue while also solving many problems with projects like Maker DAI.

Joshua Scigala went on to say, “The Standard is a next-generation suite of stablecoins soft pegged to different fiat currencies but fully backed by physical allocated gold and crypto. The gold held by clients on Vaultoro gets tokenised and can only be sent to a smart contract. People can not withdrawal the gold tokens from the contract. All they can do is lock it and use it as collateral to generate sEUR, sYEN, sPESO or any other stablecoin generated by The Standard protocol. The smart contract pays the storage fees diligently every month whether the key holder loses the keys or passes away. We have solved the biggest issue in tokenising real-world assets, and that is the demurrage (cost of holding hard assets) that is always attached to physical goods.”

The DeFi industry is now moving more volume than all of FinTech combined, including unicorns like Venmo. But it is still only in the billions. The Standard Protocol aims to bring DeFi from billions to trillions as there is 10.5 trillion dollars worth of gold bullion sitting in vaulting facilities around the world gathering dust. The standard DAO aims to onboard as many vaulting facilities as possible, just like SEPA and SWIFT connected every bank the standard has a game-theoretical mechanism that incentivises vaulting facilities to join the network.

Vaultoro is very proud to invest in The Standard DAO and supply resources to help accelerate and secure the development of the protocol.

Join the waiting list and keep up.

Also, Join The Standard Telegram to see how you can get involved.