London, July 8, 2021--Glint, the global gold-based payments system that allows clients to instantly and securely save, spend and share real gold, has announced that its total transactions have surpassed $250m since launch*.
Glint adds that this landmark demonstrates the huge consumer appetite for alternative currencies such as gold and cryptocurrencies, including Bitcoin. The value of total transactions processed by Glint has jumped 16% in three months, from $215.5m at the end of March to over $250m.
Glint experienced its highest ever trading month in May – with $9m in total gold transactions, up 52% in a month from $5.9m.
Glint has enjoyed rapid growth over the last six months, with a 32% increase in new clients looking to spend and save gold – hitting 82,900 clients in June, up from 62,900 at the start of the year.
Glint’s UK crowdfunding campaign through Seedrs has recently successfully closed, raising over £3m, 152% of its target, from 1,200 investors. The campaign remains open to US investors through Republic.
Jason Cozens, Founder & CEO of Glint, explains: “Consumers have been crying out for a viable alternative to government-backed currencies after decades of being punished for saving. Surpassing the $250m milestone demonstrates the scale of this consumer appetite for alternative ways to spend and save.”
“Similarly, the growing popularity of Bitcoin and other cryptocurrencies, indicates that the alternative currency market is rapidly expanding. Rising inflation is one of the major drivers of this, it’s a growing concern for consumers and savers alike – in the US, inflation has hit 5% whilst producer prices in China are up 9% in a year, at their highest rates since 2008. In the UK, inflation has already surpassed the Bank of England’s 2% target and there are reports that it could even hit 4% this year. No wonder consumers are searching for an alternative to act as a hedge against inflation.”
“Alternative currencies have flourished over the last 12 months as consumers increasingly turn their backs on the traditional monetary system - they are searching for a global alternative currency that can be used on an everyday basis, maintains its long-term value and is independent of the banking system. Fiat currencies have demonstrated that they do not maintain their long-term purchasing power as their value erodes due to a combination of inflation outstripping interest rates, record levels of national borrowing and debt as well as the continuation of quantitative easing, still with us over a decade after its temporary introduction.”
“Cryptocurrencies enjoyed stratospheric growth during the first few months of the year, however they have since collapsed in value, with many of the gains since the turn of the year all but wiped out. However, despite the recent turmoil, Bitcoin remains around 225% up over 12 months whilst Ethereum has gained over 700% during the same period, still benefiting the early adopters but its enormous losses having a drastic effect on many retail investors who put their money in after the massive hikes. It is this volatility that prevents cryptos from becoming a viable alternative to fiat currencies as an everyday means of exchange and store of value.”
“Glint’s mission is to create a global payments ecosystem and our rapid growth demonstrates the necessity of providing a financial system that gives everyone an equal opportunity to prosper. Whilst the value of gold can decline, many believe it is proven as the ultimate long-term store of value. Until now, it has not been a viable means of everyday exchange and couldn’t be used for electronic payments – this prevented its use as a premier global currency. Glint has digitized gold with our app and card which can be used anywhere that accepts Mastercard®. Plus, unlike many other firms offering physical gold, with Glint our clients legally own their gold.”
This latest growth follows key developments in recent months including:
Securing “Principal Member” status with Mastercard®, meaning it can now issue the Glint card directly to UK customers, unlocking new commercial opportunities and revenue streams
The UK launch of Glint It!, Glint’s peer-to-peer (P2P) tool allowing real gold and other currencies to be sent instantly and securely between Glint accounts – a global first. Glint It! is currently available in over 200 countries. In the US, Glint has recently launched Glint It! for USD with plans to allow gold
Strengthening the leadership team with Emmanuel Ide joining as the new Head of Engineering to develop Glint’s technology platform and customer experience and to position Glint as the leading global alternative currency payments system
* Total transactions include client deposits, card spend, gold trading, foreign exchange and client withdrawals.
Glint Pay Services Ltd. (glintpay.com) is a fintech company, based in London, Boulder (US) and Tokyo, that uses gold as an alternative global currency to enable its clients instantly to buy, sell, save, spend and now, share their physical gold and other currencies, through the Glint Mastercard® and Glint App.
Glint offers no credit facilities, it allows users to transfer, receive and save real gold, which is secured in Brink’s vaults in Switzerland.
The new Glint P2P offer, Glint it!, allows customers to instantly send or receive money, including real, spendable gold and other currencies between Glint account holders. This facility is available as part of the Glint app which can be downloaded to smartphones from Apple’s App Store and Google Play.
Glint is authorised and regulated by the UK’s Financial Conduct Authority which has given permission for Glint to issue electronic money (e-money) and provide payment services (FRN 900657).
Gold is not regulated by the FCA. However, Glint’s clients know their gold is secured in a Brinks Vault in Switzerland. Brinks is insured by Lloyds of London and their policy covers the replacement value of Glint client’s Gold as held in their vault.
The Glint card is issued in the UK by Glint Pay Services Ltd pursuant to licence by Mastercard International Inc.
Glint is a U.S.-based authorized Card Program Manager. Funds are held at Sutton Bank, Member of the Federal Deposit Insurance Corporation (FDIC), in an FDIC-insured account.
Glint Pay Inc. employs effective Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and fraud prevention systems and controls to mitigate and combat risks.
Whilst we strongly believe that gold is the fairest and most reliable currency on the planet, we obviously need to point out that it isn’t 100% risk free. Whilst we have seen a steady increase over time, the value of gold can fall, which means the purchasing power of the customer can also fall.
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Source: Company press release.