Space Mining Startup, SpaceGold, Commences Funding Via Blockchain

With outer space looking increasingly more promising for mining, perhaps it's time we look for an out-of-the-world solution for our metal needs. The European Space Agency has set a target of 2025 for moon mining. It's believed that there are about 4-5 parts per million gold in some asteroids, compared to the earth's far more modest 0.004 parts per million gold compositions. All indicators point to the beginning of a new and profitable mining cycle. And this is exactly where startups like the SpaceGold Corporation come in.

SpaceGold developed a new technology capable of mining space resources using the ionic mass classifiers and kilowatt-power lasers. The startup recently opened a new round of financing from investors. However, it's a blockchain financing cycle this time.

SpaceGold Corporation expects to raise $150 million in the first stage of funding to launch their first satellites and bring the first cargo of gold back from space in a five-year mission. But lofty goals like this need an equally innovative strategy. The startup devised an innovative funding method to help the company access financing. Coming on the landmark signing of an Executive Order at the White House on April 6, 2020, to support space mining, the company leveraged the development to launch an initial token offering.

SpaceGold created a gold-anchored token by the name of SGold, which in essence is much like an ERC20 token. While the ERC20 is a widely recognized standard on the Ethereum blockchain, blockchain technology is more like a decentralized transaction register that helps to ensure transaction transparency and security. SpaceGold's CEO, Jasper Julian, believes that as the cryptocurrency gains more attention, establishing digital marketplaces for the space economy would play a significant role in the maturity of this industry.