Monday, November 20, 2017

Glint joins companies like GoldMoney in allowing people to store their wealth in gold but use it like a bank account

Some of the most trusted names in the gold markets began the process over two years ago to bring gold back into the monetary system when Bitgold merged with GoldMoney to create a digital platform by which individuals can buy and store their wealth in physical gold bullion while still having access to it through a Mastercard use portal.  Now on Nov. 20 another company called Glint is joining in the mix.

An electronic payment app that allows people to pay for goods and services in gold has been launched by fintech firm Glint. 
Released Monday, the app — also called Glint — allows users to link a Mastercard debit card to their phone, which then lets them buy physical gold bullion that is stored in a Swiss vault. 
Jason Cozens, the company's chief executive and co-founder, said Monday that central banks' quantitative easing policies and the collapse of some banks have made many people realize that traditional accounts are not a risk-free option. 
"Since the financial crisis, people are starting to understand that purchasing power of their money isn't safe," he said. 
On its website, Glint says that once either a currency or gold is linked to a Mastercard, customers can buy "anything from a coffee to a car." The company adds that users can also select the precious metal to make peer-to-peer payments. - CNBC
Unlike Bitcoin and other cryptocurrencies that allow for a peer-to-peer medium of exchange in the particular denomination of a given cryptocurrency, gold backed digital accounts allow for easy conversions into any currency without dealing with the volatility swings encountered when a crypto is converted back into a particular sovereign currency.

The world is aching for a return to sound money, and especially a way for gold to backstop that money even if it is just in the hands of depositors and individuals.  And with sovereign governments desperate to devalue their own currencies to protect their own financial systems to the detriment of their people, finding an alternative to the traditional banking system is one of the reasons why cryptocurrencies and gold backed allocated accounts are striving to become the future of individual finance.

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