Major Feature Updates For OroPocket
We at OroPocket, have been working towards making investments in digital assets like gold simpler and more transparent, so that you can get the most out of your savings. To gift you direct ownership of vaulted gold and silver, 24/7 access to your assets, best-in-class user experience, and peace of mind that comes through dealing with industry leaders we are constantly innovating and ideating. With that, we are elated to announce some major feature updates for OroPocket. Have a look at them first-hand!
Moving to Dual Vaults
We are moving to a dual vault system. This means that there will be a UK vault and an Indian vault. With this, users can get deliveries of the assets to their homes. To facilitate the delivery feature on OroPocket, we are making the Indian vault the default one for everyone globally. Users can easily convert digital gold to physical gold and the delivery comes with insurance, to ensure your gold reaches you safely with a premium tamper-proof delivery.
Your assets are vaulted in India’s most secure and 100% insured facility – IDBI Trusteeship Services Limited to make sure that your assets are backed 1:1 and audited regularly to represent the rights to the underlying assets. SEBI registered IDBI Trusteeship Services Limited checks and oversees the daily reconciliation, deposit, and withdrawal of gold and silver from vaults. IDBI Trusteeship Services Limited confirms that the net gold purchased by customers from OroPocket to date is backed by a similar amount of physical gold or silver stored in safe custody vaults. IDBI has the authority to act on behalf of clients and to protect their interests.
What Does This Mean For OroPocket Users?
While the new features do not affect the users’ existing assets, the dual vault system has a few changes for customers having their assets in the UK vault. For Indian vault customers, there are no changes. Updates regarding the vault system are given below:
- Users will no longer be able to buy any gold or silver in the UK vault.
- Users can only sell their gold or silver in the UK vault.
- Any future purchases including gold or silver AIP on the OroPocket app or BitBns, would all be happening in the Indian vault from now on. This will enable us to start physical deliveries of gold and silver to your doorstep.
- Users that have the gold or silver in the UK vault can still keep their assets in the vault.
- Users can liquidate the assets whenever they want and can transfer their gold or silver to the Indian vault at the same price.
- For example, to transfer one gram of gold to the Indian vault from the UK vault, first the gold would be sold. One gram would be sold in UK, and from the amount collected (grammage of gold) is there in India with respect to that price, they would get that grammage.
We have migrated existing Razorpay based AIPs to deposit-based AIPs on the app. Deposit-based AIPs let you exercise more control of your wealth. You just have to add funds to your wallet on the go.
A deposit-based AIP will give you the following benefits:
- Easy withdrawal and deposit of funds
- Start or pause on your wish
- Learn financial discipline
Introducing OroPocket’s Developer Program
Apart from the dual vault feature, we are also elated to announce that in order to be able to provide additional financial services to our users and to enable developers’ support we are soon launching our developer program. OroPocket will act as a platform to build a bunch of financial services applications using our APIs. We will be sharing the details of the developer program soon with instructions on how you can become a part of it and start your own journey towards wealth creation. Stay on the lookout for more information!
OroPocket is India’s leader in digital gold and silver. We offer an asset-backed banking solution that enables users to invest in assets online – as a safe hedge against inflation and at the same time utilize these investments for day-to-day transactions. The aim of OroPocket is to enable people with any amount of capital to have financial freedom and owned funds.
For any issues, feel free to write to us at [email protected]