Aufort, an Estonian-government backed fintech company, has deployed a blockchain technology solution which allows Kenyan traders to buy, sell, send and receive physical gold in digital form.
In a statement announcing the company’s new partnership with the Fintech Association of
Kenya (FINTAK), the association’s Chairman Duncun Motanya said, “The potential of this innovative platform to revolutionize the gold trade and utilize blockchain technology to enhance accessibility, affordability and combat fraud is tremendous.”
Aufort’s solution caters to both novice and experienced traders, enabling swift digital
transactions backed by real gold from trusted refineries, thus mitigating risks associated with fraud and inflation.
The company’s solution will enable Kenyans to trade in gold through M-PESA, the most widely used payment method in Kenya.
“The platform is protected, and each user will have a secure blockchain-based account
protected by Google 2-Step Verification, accessible through a user-friendly interface for gold transactions,” said Aufort’s Chief Executive Officer, Bert-Ken Raudberg.
Aufort’s solution has been deployed in 30 countries across Europe prior to launching in Kenya, with the company also set to commence operations in the United Arab Emirates.
Gold, which is considered the world’s most secure asset, is securely stored by reputable global companies and vaults are regularly audited by regulated firms for compliance and transparency.
Through collaboration with FINTAK, the umbrella body of technology-based financial service providers in Kenya, Aufort aims to raise awareness about its groundbreaking platform and foster a conducive regulatory environment for its operations.
