‘Buyers Will be Able to Verify the Origin of Gold’ -Innnovaminex CEO [Interview)
Bitcoinist spoke with Fernando García Sanz, CEO of InnovaMinex on their new platform that is applying blockchain technology in the physical mining of gold.
Blockchain technology is the technology of the future, which allows us to expand the boundaries of business in its usual sense. It can be used in various fields, including the mining industry.
– Fernando Garcia Sanz, InnovaMinex CEO
Bitcoinist: Fernando, could you please tell us all a little more about InnovaMinex?
Fernando García Sanz: InnovaMinex is a live project that uses blockchain technology to guarantee the traceability, processing, and transportation of precious metals.
Why did you decide to use blockchain technology in your project?
We decided to use it because it allows us to certify the entire process of mining – from gold’s origin in the mines to the end consumer. Basically, buyers will be able to verify the origin of the metal they purchased.
What advantages will blockchain give to customers?
Everyone will be able to make sure that the gold or jewelry they bought is completely legal and ethical!
Why is your project in gold?
Gold today is a stable investment with a long history that can be trusted. Investing in gold has never been accompanied by volatility. Even when investing in gold was not very attractive, its value continued to grow. The fact that it is a safe haven investment, not dependent on financial market events as many other products do, also speaks in its favor.
What is the project’s main goal?
First of all, we strive to make gold and other precious metals more accessible to a wider range of consumers, using our INX cryptocurrency, which will reduce their cost to end customers and ensure the security and transparency of all transactions. Our project will be able to provide a stable cryptocurrency, giving participants the opportunity to take advantage of its non-linear but strong relationship with gold – INX tokens could bring benefits to holders even if the price of gold decreases.
Could you please tell us more about INX? What are the main benefits of it?
INX is a multifunctional financial tool that has several uses. People who buy gold and other precious metals using INX tokens will receive very significant discounts – for those people, the price of our precious metal products will be up to 30% less than that of the market.
Are you assuming that INX token will grow?
Indeed, the demand for gold already exists and it does not need to be created in any artificial way. Today, gold is the most stable investment vehicle, which has a constantly growing demand. The growth in demand will stimulate the growth and development of InnovaMinex and, therefore, the growth of its crypto.
Are there any more ways to earn money with INX tokens for holders?
Yes! InnovaMinex distributes 25% of its quarterly benefits among the INX token holders who keep them in their wallet for 3 months, in the form of discount vouchers. These vouchers can be used to purchase gold and other precious metals with discounts up to 90%. Thus, we strive to make INX tokens as profitable as possible for their holders and reduce the number of investors who may want to sell them.
How far ahead is the project and do you have a working product?
Our project already has MVP and successful mining and processing companies under it. We are a shareholder of MinexCorp, which acquired 80% of a Colombian company owning several gold-mining leases.
We have already launched our first project for the extraction and processing of precious metals, and more projects will start soon. These projects are GUAYAQUIL, VIZCAYA, BOLÍVAR 2, ANTIOQUIA 3, MINEX 7, MINEX 12, TOLIMA. Among other products, we will release gold and silver coins with special designs, creating a new market that will attract many people, so increasing the value of our project.
What do you mean by gold and silver coins with special designs?
We are planning to launch various collections of cryptocurrency coin molds, made with silver and gold, as well as to issue precious metal ingots and bars, branded with corresponding cryptocurrency logos.
This means that very soon we will be able to hold one Bitcoin or one Ethereum in our hands, gift them to someone close to us, or create our own collection of precious metal coins (note that these coins won’t have the corresponding cryptocurrency values, but those of their weighted precious metal, as well as those of their design and of the limited edition collections in which they are going to be issued).
To begin with, the precious metal coins we plan to release are Bitcoin, Ethereum, Litecoin, Dash, Neo, Iota, Dbix, and INX, and later add other coins. Our designers are already working on it.
How do you see the future of InnovaMinex within 5 years?
Our objective is that 5 years from now, all seven mining projects will be operational. We will not buy mines, we will only partner with local miners, which allow us to significantly reduce costs. MinexCorp is a very serious company with a strong vision of its future.
Working hand in hand with Colombian institutions, we offer better working conditions for the natives, helping them to improve their living standard. Higher wages and good working prospects attract higher qualified employees. In addition, any MinexCorp employee can talk to the owner directly, and the company contributes to helping them in their professional development.
On what basis do you select the right projects?
Today, we are still budgeting with what we have, strict control of our expenses. We consider any type of profitable mining, mainly focusing on gold mines. We study all the projects provided to us, and if we consider that the cost is right, then why not participate?
Today there are a large number of businesses using blockchain technology. How is your project different from them?
InnovaMinex breaks into the market with what we consider to be the most interesting project that uses blockchain technology. It has really excellent prospects and that is a fact which a lot of people are going to take advantage of.
Today we are creating something that nobody has ever done. We have already implemented a number of social projects – we have repaired and built schools, roads, running water and improved production mining conditions. We strive to make working conditions better for all parties involved in the project. We invest time and money for the better future of our community. But above all, the InnovaMinex project is an honest project, everyone involved is really dedicated to making things happen and working hard to make it thrive.
Is there any message you want to send to those who have just met this project?
I would ask everyone… Do you think it is important to improve the human and ecological conditions when mining?… Would you like to fight against corruption in this sector?… Do you think it would be beneficial for everybody to have access to the precious metal market?… And would you like, in addition, to enjoy a business model that many thousands or even millions of people can benefit from?…
If your answers to these questions are “YES”, don’t hesitate, join our community! We believe that many things can be done better and with you, we will achieve it.
[Disclaimer: The contents of this article are for educational purposes only and should not be taken as financial advice. Always do your own research before investing in new projects and always keep your Bitcoin private keys secure.]
Can blockchain technology benefit the gold mining industry? Share your thoughts below!
Images courtesy of Shutterstock