The innovative GoldMint project, with tokens backed 100% by gold, is developing a unique vending machine: Custody Bot. The new storage unit is the latest accessory in crypto transactions, serving as a bridge between users’ liquid and illiquid assets. Custody Bot is programmed to automatically receive, store, and assess physical gold and connect it to the blockchain system, allowing users efficiently and effortlessly to convert their physical gold into cryptocurrency that can be used in instant global transactions. All of this is done without human intervention.

Jewelry kept in Blockchain

Custody Bot is an innovative vending machine device and safe deposit box that operates on the GoldMint platform. It directly connects small banks, financial institutions, pawnshops, and private individuals to blockchain, where all gold deposit and storage data will be kept. Deposits can include anything from jewelry and coins to gold bullions. Using a spectrometer and weight system, LINUX OS computer, and special transfer mechanisms, Custody Bot offers speed and security as well as transparency and autonomy.

Accessing 1% of world gold circulation

Custody Bot’s initial stages will include gaining access to 1% of global gold circulation (over 300 tonnes of gold) through installation in pawnshops around the world. From there, the automated storage facilities will be introduced to shopping centers, accumulating another 5% of gold circulation. Eventually, GoldMint plans to gain access to a final 10% of gold reserves, worth more than $100 billion, and to develop a special version of Custody Bot for popular installation. In the upcoming years, Custody Bot automated vending machines will allow gold to be stored, traded, and invested in with ease and convenience like never before.

Gold & Mint

Based on Graphene technology, GoldMint is built on a private blockchain and consists of GOLD tokens (100% backed by real gold assets) and MNT tokens (GoldMint’s own altcoin). GOLD’s guaranteed return and stable monetary value help ICO investors hedge against risks. ICO investors will be offered MNT tokens pre-launch, which will later be convertible to the GoldMint blockchain currency. Future MNT-GOLD digital assets will retain a 1:1 ratio, with the ICO cap set in fiat currency 15 days prior to the ICO.

The project is based in Singapore and now is preparing for its ICO, dates of which are  to be announced on 20th of August. The detailed overview of Goldmint can be found in project’s White paper.