Wednesday, July 12, 2017

UK mining company acquires technology to prepare for gold backed banking and future cryptocurrency

A week ago, Lionsgold LTD completed the acquisition of a Fintech company known as TRAC Technologies to help facilitated their newest mission of bringing together a platform for gold backed banking and the eventual creation of a gold backed cryptocurrency sometime in 2018.

Lionsgold LTD is just the latest company in 2017 seeking to integrate gold into commercial banking while also jumping onto the growing bandwagon of gold backed digital currencies.

TRAC – the UK company behind ‘The Real Asset Company’ and ‘IndexGold’ brands – will now be a trading subsidiary under LION’s group structure. 
"TRAC is currently a small business with established banking and regulatory associations that provide the foundation of an exciting opportunity for LION, and while a new digital marketing strategy is being developed and following LION’s recent placing, the timing was opportune to commit working capital and resources behind the enterprise and achieve a majority shareholder position,” CEO Cameron Parry commented on Wednesday. 
TRAC, which would retain the services of its founder Ralph Hazel, aimed to roll out as suite of alternative-banking gold-based products during the second half of the year, including a direct debit card and mobile phone banking-style app, as well as developing a gold-backed cryptocurrency planned for release during 2018. - Mining Weekly
The potential of a return to gold backed commerce in the UK has grown immensely since the Brexit vote of last year since consumer acquisition of physical gold has skyrocketed at the same time the British Pound fell over 30% near the end of 2016.

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