Arizona Silver Exploration Inc (CVE:AZS, OTCQB: AZASF) has announced its founding membership in the formation of an Ethereum blockchain strategic alliance for gold-and-silver-asset-backed cryptotokens.
The alliance’s members will seek to collaborate on the future offerings of cryptotokens and potential future initial token offerings (ITO).
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These offerings may be backed by gold and/or silver forward delivery, using gold and/or silver royalty streaming and other asset backed models, to develop future financing models for financing future exploration, feasibility studies, mine development and/or mine expansion, by its member companies.
The other founding members of the alliance are: Canamex Gold Corp. Guyana Goldstrike Inc. Cabral Gold Ltd and Altamira Gold Corp.
Talks to increase alliance membership
More parties are seeking to join the alliance and discussions are underway, the statement added.
The basis of the alliance is to also increase the trust associated with any future issuance of Ethereum blockchain smart contract cryptotokens for gold and silver, as an alternative means of raising capital, potentially without equity dilution.
The company has secured exclusive rights to six Ethereum cryptotoken domain names, ticker codes and associated smart contracts for gold-and-silver-commodity-backed cryptotokens.
These may be used by the alliance members, and progressively issued in any future ITO, using the models and associated intellectual property, developed by the company.
Greg Hahn, chief executive officer and president of Arizona Silver Exploration said: "I believe the ability to sell asset-backed tokens will open up new funding opportunities for companies with significant resources in the ground, and allow them to advance those projects to development and production while minimizing dilution to shareholders."
In the same statement, Arizona Silver also announced the resignation of Ronald Shorr as one of its directors with immediate effect.