Product and Service Updates March 26, 2014Our mission is to digitize all valuable assets into the Counterparty platform and to build a trustless, yet reputable service that delivers unmatched ability to access asset markets, globally.
BitcoinTangible Trust partners with Diamond DepositoryThis was a particularly important relationship to establish and we're pleased that we are able to announce. BitcoinTangibleTrust has established a Corporate Master Sub Segregate Custodian Agreement with Diamond Depository. This is a substantial accomplishment as it allows us to accomplish the following that are currently impossible to accomplish in any of the metals and BTC exchnages or marketplaces.
- Direct Routing of all Agora Commodities purchases to BTC address linked physical custody accounts
- Segregate all BTT customer assets into individual accounts by name or BTC Address
- Deliver trustless, independent Proof Audit by individual account (Special thanks to Sparta_cuss for direction in this innovation)
- Allow for trustless redemption and recovery of physical assets by private key, without BTT intervention
- Allow for easy retirement of redeemed digital gold or silver assets with physical verification
BitcoinTangible Trust proposes annual custodian pricingWe would like to explore a new pricing fee structure and secure your feedback. BTT Custodian pricing will be a flat, annual fee of 99 basis points, payable on first purchase. Custody charges are calculated daily using the Diamond Depository formula:
closing spot x total ounces in the account x annual rate / by 365.
Spot price is based on the daily Chicago Mercantile Exchange (CME) near month futures closing price of
each metal type. The daily storage charge for each metal type is then summed to yield the monthly fee
(or summed for the applicable portion of the month to yield a partial monthly fee, if appropriate).
Given that your gold may trade on the DEX upon purchase, we invoice for 1 year of custody at time of purchase. At the end of 1 year, custodian fees will be invoiced to you, if you are still the account holder or to the new owner of your digital gold, if traded on the DEX or our website to a new owner.
Example:1 oz. Perth Mint Gold Bar: $1,327.24
Bitcoin Tangible Custodian Fee: 99bps = 13USD or 0.02215 BTC for 1 year.
We welcome your criticisms and comments on this pricing model as we think the community may be able to help us improve how we think about trustless custodian servicing.
Thank you Counterparty Community,
Bitcoin Tangible Trust Team