OroPocket, a fintech solution that provides real-world assets like gold, silver into online gold and silver, announced a new feature yesterday. In order to allow users to get direct ownership of their vaulted gold and silver, OroPocket announced that it will be moving to a dual-vault system. This means that there will be a UK vault and an Indian vault. With this, users can get deliveries of the assets to their homes. To facilitate the delivery feature on OroPocket, we are making the Indian vault the default one for everyone globally. Users can easily convert digital gold to physical gold and the delivery comes with insurance, to ensure your gold reaches you safely with a premium tamper-proof delivery.
OroPocket provides online gold & silver that is vaulted in India’s most secure and 100% insured facility under IDBI Trusteeship Services Limited to make sure that the user assets are backed 1:1 and are audited regularly to represent the rights to the underlying assets. Registered under SEBI, IDBI Trusteeship Services Limited checks and oversees the daily reconciliation, deposit, and withdrawal of gold and silver from vaults. IDBI Trusteeship Services Limited also confirms that the net gold purchased by customers from OroPocket to date is backed by a similar amount of physical gold or silver stored in safe custody vaults which ensures that customers' interests are well protected.
Commenting on the announcement, Tarusha Mittal, COO & Co-Founder, OroPocket said:
“We at OroPocket, have been working towards making investments in digital assets like gold simpler and more transparent so that you can get the most out of your savings. In order to provide the best-in-class services to our users, we’re glad to announce the dual vault feature. Under this, users can liquidate their assets whenever they want and can transfer their gold or silver to the Indian vault at the same price. They can also enjoy the ease of service by directly buying gold or silver from Indian vaults and converting them into physical gold by ordering at-home delivery.”
While the new features do not affect the users’ existing assets, the dual vault system has a few changes for customers having their assets in the UK vault as they will not be able to purchase new gold and silver in UK vaults, however, they can easily sell their assets in the UK Vault. Those having their gold or silver in the UK vault can still keep their assets in the vault. For Indian vault customers, there are no changes.
Commenting further on the announcement, Mohit Madan, CEO & Founder, OroPocket said:
“All the future purchases including gold and silver AIP on OroPocket app, would happen in the Indian vault from now on. This will enable us to start physical deliveries of gold and silver to the customer’s doorstep. Users can liquidate the assets whenever they want and can transfer their gold or silver to the Indian vault at the same price.”
Apart from the dual vault feature, OroPocket also announced that in order to be able to provide additional financial services to their users and to enable developers’ support, they will be soon launching their developer program. Under this, OroPocket will act as a platform to build a bunch of financial services applications using our APIs.
OroPocket is India’s leader in digital gold and silver. We offer an asset-backed banking solution that enables users to invest in assets online - as a safe hedge against inflation and at the same time utilize these investments for day-to-day transactions. The aim of OroPocket is to enable people with any amount of capital to have financial freedom and owned funds.