InnovaMinex wants to solve a puzzle that has plagued precious metals buyers for decades: where does your gold come from? Precious metals like gold and silver are paradoxes. They're scarce enough to h
InnovaMinex wants to solve a puzzle that has plagued precious metals buyers for decades: where does your gold come from?
Precious metals like gold and silver are paradoxes. They're scarce enough to hold value but trade with enough frequency that markets for them remain liquid. Buyers chase them for financial returns, but also for cultural significance and emotional attachment. Yet for all the metal's importance, few people buying gold or silver jewelry can trace where it came from.
The World Gold Council has tracked the disconnect. Since the 1970s, annual gold production has tripled while the amount people purchase each year has quadrupled. Supply hasn't kept pace with demand, and the buyer's ability to verify what they own hasn't improved.
InnovaMinex built a blockchain platform to change that. The technology lets buyers track metals from extraction to final delivery. Using the system, customers can confirm that their gold came from a legitimate operation, wasn't mined through destructive practices, and didn't end up funding criminal networks.
Fernando Garcia Sanz runs InnovaMinex. He sees blockchain as the solution. "Blockchain technology is the technology of the future, which allows us to expand the boundaries of business in its usual sense," Sanz said. "It can be used in various fields, including the mining industry." The platform uses the technology to "certify the entire process of mining – from gold's origin in the mines to the end consumer," he explained.
InnovaMinex operates seven mining projects across Latin America: GUAYAQUIL, VIZCAYA, BOLÍVAR 2, ANTIOQUIA 3, MINEX 7, MINEX 12, and TOLIMA. The GUAYAQUIL plant is under construction, with gold ore being collected for washing and processing. The company expects to start operations in the first months of 2019, with TOLIMA launching in 2022.
Beyond mining, InnovaMinex created its own cryptocurrency to widen access to gold. The INX token serves dual purposes: it reduces customer costs while ensuring transaction security and transparency. Token holders receive a 25 percent discount on gold and precious metal products compared to market rates.
Sanz outlined the coin's appeal. "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," he said. "INX tokens could bring benefits to holders even if the price of gold decreases."
Token economics extend the incentive structure. Owners who store INX in cold wallets for three months receive their share of 25 percent of InnovaMinex's income each quarter, paid out as discount vouchers. These vouchers work toward purchases of gold and precious metal items, covering up to 90 percent of the total price.
The company has momentum despite the broader crypto downturn. InnovaMinex raised $2.1 million in its first token sale round, which closed on December 9. The second round runs through December 23, the third from December 24 through January 6, 2019, and the final round spans January 7 to January 20. The company is offering up to $15,000 in INX tokens to new participants.
