Precious metals dealer Agora Commodities has announced that it will rebrand to emphasize its increasing interest in digital currency.
The company expects to adopt the name Crypto Bullion Group, a process that will include the launch of a new online platform. Crypto Bullion Group will continue serving precious metals customers that want access to bitcoin.
CEO Joseph Castillo told CoinDesk that rebranding affirms what he called the company’s growing focus on bitcoin. This process, he said, grew out of the grassroots support of customers and advocates.
Beyond rebranding to demonstrate what he called the company's "philosophical grounding in bitcoin”, Castillo said that Crypto Bullion Group is actively moving to utilize the technology not just as a currency but as a mechanism for smart contracts and transactions.
According to the company, the platform is still underdevelopment, and while there is no set date in place, Crypto Bullion Group hopes to launch before the end of the year.
Focus on cryptocurrency
Castillo said that the rebranding will allow the company to provide a resource for precious metals collectors and investors who want access to bitcoin while, in turn, enabling broader adoption of the technology in general.
Commenting that many other companies are tapping bitcoin as "just another revenue source", Castillo said that an increased focus on digital currency would enable Agora to more directly support the bitcoin ecosystem as a whole.
He told CoinDesk:
“Not that we are going to stop taking US dollars,” he added, referencing competitor Amagi Metals' expected transition to take place by 2017.
Interest in crypto 2.0 capabilities
Notably, Crypto Bullion Group is looking into advanced bitcoin protocol applications in the form of smart contracts. While this process is still in the conceptual stage, Castillo shared insights into how crypto 2.0 processes could be integrated into the precious metals business.
Castillo said that he and his team are looking at how the bitcoin blockchain can be leveraged to both build greater trust among investors and create decentralized contractual mechanisms that reduce costs and reinforce agreements through the use of bitcoin’s globally distributed ledger.
He cited the colored coins project as one concept his team is looking at, noting that a recent meeting with that development team was promising. Ultimately, the company’s goal is to build new tools to make their business run more efficiently, which he sees as a key promise in bitcoin itself.
“I don’t think people are looking at the protocol and thinking, wait a second, there’s more at work here. We can do many more things with it,” he said.
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