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Canamex Gold forms alliance for precious metals-backed cryptocurrency raisings

Canamex Gold Corp. said Feb. 22 that it formed a consortium to collaboration on future gold and silver asset-backed cryptocurrency offerings using the Ethereum blockchain technology, in a bid to avoid equity dilution.

The company said alliance members will be able to use the six Ethereum crypto-token domain names, ticker codes and associated smart contracts it previously secured.

The other founding members of the alliance are Guyana Goldstrike Inc., Cabral Gold Inc., Arizona Silver Exploration Inc. and Altamira Gold Corp.

"The alliance seeks to utilize innovative gold and/or silver royalty stream funding models, for gold and/or silver asset backed crypto-tokens, trading and clearing on the Ethereum blockchain, for the purposes of funding gold and silver exploration and mine development, for the alliance members," Canamex CEO David Vincent said.