Thursday, March 15, 2018

Gold backed payment systems rapidly growing as cryptocurrencies fail to get traction as an alternative medium of exchange

With the problems that Bitcoin has manifested regarding speed and number of transactions, the potential of cryptocurrencies competing with current payment systems has so far failed to really get off the ground.  However in a new report over in Europe, gold backed accounts tied to payment platforms are starting to really take off.

The standard of course is GoldMoney, which allows individuals to hold their wealth in an account backed by physical gold while still being able to function as if it were a traditional bank.  And now another company is rapidly growing to compete with them in the alternative banking arena.

While companies are racing into the future to create the latest digital currency, one company has looked to the past for the ultimate global currency. 
U.K.-Based fintech start-up Glint Pay continues to grow in popularity throughout Britain and Europe as the company has breathed new life into the gold market, monetizing the precious metal for the 21 century. 
The company made international headlines in late 2017 after it announced a partnership with Mastercard and Lloyds Banking Group to create a gold-backed debit card. Through its online app, consumers can load money into their account and then convert that money to gold. Consumers can then use the debit card to make everyday purchases. 
In an interview with Kitco News, co-creator of Glint Pay, Ben Davies, said that his firm has no intention of moving into the frenzied cryptocurrency sector because the world already has the perfect international payment system. - Kitco


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