Fintech startup Glint de-cloaks to offer a multi-currency comment and label that supports spending gold


London-based Glint has been flattering cat-like about what it designed to offer, notwithstanding several appropriation rounds and a deceptive outline that it wanted to a emanate new “global currency” formed on gold. Well, currently a fintech startup is finally de-cloaking with a staggered launch of a multi-currency account, app and label that does indeed let we store your income in bullion and modify it behind to fiat banking during a indicate of payment.

Initially, Glint, that is regulated by a FCA underneath an e-money establishment license, is ancillary Sterling and gold, with some-more currencies to come. Exchange rates between currencies are betrothed to be “the genuine sell rate,” and a Glint label itself is a Mastercard and therefore widely accepted.

However, while some users might join for a low sell rate and a Glint wallet’s multi-currency support, a startup’s split is of march a approach it does in outcome spin bullion into a widely supposed tellurian currency, despite it by proxy.

Available primarily in a U.K. and for iOS only, a approach a app works is as follows: once we have successfully sealed up, including flitting a imperative anti-money laundering checks, we are asked to tip adult your account, many like a series of pre-paid cards. You can afterwards select to possibly leave your income in Sterling or modify it into bullion (and in destiny any of a other upheld currencies). Then when we compensate for things with a Glint withdraw label we tell a app that ‘wallet’ (a sold fiat banking or gold) we wish to spend from, and Glint does a acclimatisation on a fly, including effectively offered a compulsory bullion to cover a cost of a purchase.

In terms of how your bullion is stored, Glint says that earthy bullion land are legally allocated to any particular user and hold in a London Bullion Market Association Accredited Brink’s bank safe in Switzerland. For a privilege, I’m told a startup charges an annual storage fee, that is taken monthly in arrears.

Much like a evidence behind Bitcoin, a wider grounds is that by storing your income in gold, we equivocate a sensitivity of fiat currencies and strategy from executive banks. Unlike Bitcoin, however, bullion as a storage of value is flattering fast and, of course, comparison than even fiat money.

Meanwhile, as I’ve remarkable before, Glint’s founders both know a thing or dual about gold.

CEO Jason Cozens co-founded GoldMadeSimple.com, a website that helps clients buy and sell earthy bullion and have it stored firmly or delivered. He also formerly founded dual other companies: Visuality — where he is pronounced to have pioneered Virtual Reality, e-commerce and online marketing, offered to ERP program association McGuffie Brunton — and Bite, a digital offered agency.

Glint COO Ben Davies is pronounced to have over 17 years’ knowledge within general financial and commodity markets. He was a former conduct of trade during RBS Greenwich, and co-founded Hinde Capital in 2007, an choice investment government association specialising in changed metals.

To date, Glint has lifted £6.1 million. Backers embody many recently NEC Capital Solutions (through a try account co-operated with Venture Labo Investment) and Tokyo Commodity Exchange, in further to Bray Capital and a series of angel investors from a banking and item government industry.

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Posted by on Nov 20 2017. Filed under Startups. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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