Quanta Torok, founder of Andalusia Bank, who was introduced to the SL financial community two months ago with his plans for a bank with deposits 100% insured by gold boullion held in vaults in Zurich, has today signed a contract with BNT Holdings to develop his bank software and create a unique inworld precious metals exchange upon which investors can speculate on RL precious metals movements as well as hedge their investments.
The deal comprising L$750,000 setup fees and L$25,000 per month hosting fees, for BNT to set up and host Andalusias sytem on BNTs own servers.
The metals exchange will essentially create an IPO Fund for each precious metal being offered, allowing the exchange to sell 'shares' in ounces or grams of each precious metal. Andalusia will then arbitrage between this inworld exchange and RL metals exchanges to earn profits to pay interest to its depositors and dividends to its metals investors in each Fund. Later, metals futures will be traded as well once ACE's futures trading sytem comes online, this technology will be also applied to this metals market.
Quanta Torok is already a significant investor in ACE's own IPO.
This is the first of several banking contracts BNT is currently negotiating, the others being with RL banks from around the globe seeking an inworld presence. Those contracts will, when signed, be significantly larger than todays deal with Andalusia.
Stay tuned to SLReports.net for more information.
