back Back

APT Systems tightens focus on its core Stablecoin and Escrow business

By Edlyn Cardoza

December 06, 2021

  • APT Systems
  • APTY
  • AUREX Trading and Recovery
Share

APT Systems, Spera, Verifundr escrow services, FinTech, USA, AUREX Trading and RecoveryAPT Systems, Inc., a software development and FinTech company, announced that it will move gold operations directly under APT which was further facilitated by the sale of its subsidiary, AUREX Trading and Recovery. This is part of an initiative to tighten corporate focus on its core business being its Verifundr escrow services and upcoming launch of its stablecoin, Spera.

“We are streamlining to maximize our attention on the Verifundr platform and our Spera stablecoin,” says Glenda Dowie, Founder and Chief Executive Officer of APT Systems, Inc. “We are moving to a dedicated gold metal managing operation inside of APT, to maintain our commitment for partial physical gold backing of Spera.”

APT Systems has agreed to sell AUREX Trading, its eScrap recovery subsidiary, to its previous operations manager. The sale is intended to allow APT to remain in close contact with the business going forward and for APT to directly maintain established relationships with the precious metal refining industry. All physical gold inventory currently held and that is in the process of being recovered over the next 90 days will be transferred to APT for eventual backing of the stablecoin.

“This move allows APT to experience the best of both worlds—all of the benefits of gold recovery while removing ourselves from the physical work of sorting tons of circuit boards and electronics in the daily operation of AUREX,” Dowie says. Under the agreement, APT management will work closely with and continue to support AUREX operations over the next six months for a smooth transition.

“With the sale of AUREX, we remain proud of collecting valuable scrap materials which we were able to keep out of landfills,” Dowie says. “We urge interested organizations to contact AUREX to facilitate their recycling and refining needs.”

Dowie notes the move allows APTY to fully concentrate on its core product family of Verifundr escrow, supported by its Spera stablecoin. “The divestiture frees our human capital to focus entirely on Verifundr and Spera for now and to add Intuitrader in the future,” Dowie says. “This benefits our development efforts and our shareholders.”

Previous Article

December 06, 2021

Xen Capital raises US$7.5m to scale alternative investment platform

Read More
Next Article

December 06, 2021

Qapita partners with Citi to develop its private market trading platform

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

APT Systems

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 08, 2024

Revolut debuts crypto trading platform for professional traders

Read More

April 24, 2024

Network International receives SVF licence from UAE Central Bank

Read More

April 22, 2024

Midas raises $45m to roll out crypto, mutual fund & savings account products

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023