After a successful Rebirth Initial Coin Offering (RICO) period that lasted for 12 days and gathered $851,342.36, Xaurum, the gold backed crypto asset has now been officially added as a trading pair on C-CEX.
During this RICO period, the old Proof of Stake Blockchain (XAU) was abandoned and it was migrated to a tokenized smart contract system built on the Ethereum Virtual Machine (EVM). In this migration period, users were allowed to exchange 1 XAU for 8000 XAUR (a change that will save users mental fees when making small or micro-transactions).
The coinage feature was opened to anyone for a lower price, meaning that all users were allowed to send crypto and fiat currencies in exchange for Ethereum based Xaurum Tokens, which can be tracked here.
Following the RICO period, Xaurum was able to increase their gold holdings, which are managed by the Auresco Institute and now stand at 32870.844 g. According to etherscan, there are now 82,455,625.350798 XAUR tokens in existence, meaning that each Xaurum token is backed by 0.000398648896 grams of gold.
This means that the old Xaurum (XAU) tokens have gone from being backed by 1 gram of gold from the start to being new XAUR tokens backed by 3.19 grams of gold per 8000.
By hosting a RICO period, Xaurum has accomplished a healthy expansion of, not only its gold reserves but also its community since everyone was allowed to participated by sending Bitcoin (BTC), Ethereum (ETH), Lisk (LSK), Xaurum (XAU), and even fiat currencies like USD, EUR and GBP and RUB.
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.