Turbadium, the new cryptocurrency backed by tangible assets that can only be issued by depositing asset tokens
May 17, 2018 --
Turbadium is a newly launched, one of its kind cryptocurrency that is backed by hard and tangible assets. Unlike the other cryptocurrencies that are offered through ICO, Turbadium will only be issued by depositing asset tokens. It is using traditional private funding sources for its early operating and launch capital. The coin will be made available through secondary markets directly from property owners tokenizing their assets and depositing the tokens to generate units of currency. It’s a stable, asset-backed currency created for those looking to access the equity in their home or properties without the need for traditional loan products and the costs/risks that come with it.
Turbadium is a comprehensive platform that allows tokenization of traditionally illiquid assets such as residential or commercial real estate. All transactions are registered on a secure, distributed Unified Blockchain Lattice. The platform issues fungible and general-use cryptocurrency (denominated in turba) only after successfully executing valuation protocols on asset tokens placed on deposit to back the issuance. The valuation protocols are managed and updated directly by the currency holders.
Turbadium Co-founder and CTO Andrew Gaiziunas stated “Our approach resembles that of a decentralized treasury, only issuing cryptocurrency based on verified deposits. Withdrawing the tokens requires the destruction of the currency issued, preventing dilution of the monetary supply. This provides all the benefits of existing cryptocurrencies but with reduced volatility and a superior store of value”. He concluded, “Turbadium represents the triumphant return of Sound Money to the global economy”.
Turbadium is providing a secure and easily accessible platform for property owners and individuals looking for a stable cryptocurrency backed by tangible assets. The general users of cryptocurrency can rejoice and feel secure knowing that their holdings are backed by a transparent, registered and audited portfolio of existing assets. The property owners will have the authority to activate and release the currency equity in their assets depending on the price fluctuations in the secondary markets. It is disrupting the traditional banking and financing systems for real estate by eliminating the costs associated with a conventional mortgage or loan mortgage.
“Turbadium will allow asset owners to access the equity of properties they’re holding without the burdens of interest, loans, credit checks or any risk of foreclosures,” said Turbadium CEO and Co-founder Scott Harms. He continued, “Blockchain and distributed ledger technologies have given us the means to eliminate the need for high-cost, low-value middlemen such as traditional financial institutions, by connecting asset owners directly with individuals seeking a stable store of value.”
After the launch of their Real Estate application, Turbadium plans to apply the same framework to tokenize other sectors including supply chain inventories, factories, production assets, public lands and infrastructure among others. More information can be found at turbadium.com.
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