AgAu, the Swiss silver and gold electronic money system has secured investment from high-profile bankers and commodity trading experts. 

Zug-based AgAu AG, the company behind AgAu.io, the peer-to-peer electronic money system aiming to issue tokens backed by silver and gold, has announced the completion of a high-profile angel investment round at a strong valuation.

The system is expected to launch in the second half of 2020, with AgAu saying it wants to be a “poster child of success for Switzerland” and prove that the country’s entrepreneurial spirit is still strong despite the COVID-19 crisis. 

Commenting on the news CEO and Founder of AgAu, Thierry Arys Ruiz, explained:

“Switzerland has a historic relation with gold and the country has long been considered the safest jurisdiction in the world for privacy and private property. We are combining 3 of the major strengths of Switzerland: Commodity Trading (Gold & Silver), Banking, and Technology in one powerful idea: AgAu.” 

Investors backing the AgAu project include Nicolas Chikhani, former CEO of Arab Bank Switzerland, who has joined as an investor and board member, and other investors and advisors from Switzerland and the MENA region. Details of other high-profile investors, hailing from leading financial institutions and with deep expertise of the commodity trading business, will be announced later in the year. 

Founded in 2018, AgAu AG derives its name from the atomic symbols of silver (Ag), and gold (Au). It plans to issue digital tokens corresponding to the direct ownership of allocated physical silver and gold bullion stored in Switzerland. 

The company says it aims to be the easiest way to transact the direct ownership of allocated and redeemable physical LBMA quality gold and silver. It stresses that all precious metals held will be audited and secured in regulated private vaults outside of the banking system. 

AgAu defines its mission as follows:

“To increase the freedom of exchange of goods, values, and ideas, while establishing a secure, stable, and decentralized money platform that will enable everyone to protect their wealth and execute payments worldwide.”

AYO.NEWS says:

The marrying of traditional assets like silver and gold and blockchain technology is gaining traction and represents a fascinating tangent for investors. 

In January Tether launched a gold-backed stablecoin, Tether Gold (XAUT), each of which represents ownership of one troy fine ounce of physical gold. XAUT is available as both an ERC-20 token on the Ethereum blockchain, or a TRC20 token on Tron (TRX), and is backed by physical gold held in a Swiss vault. 

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