Lionsgold, the gold-focused exploration company with assets in India and Finland, and a fintech subsidiary that provides online accounts backed by physical gold, is pleased to report on its work in developing its offering under its majority owned subsidiary TRAC Technology Ltd (“TRAC”) with a view to providing a global digital currency backed by gold (“Goldbloc”) (www.goldbloc.com).
· Goldbloc aims to provide the convenience and utility of a fiat currency bank account, but representing direct ownership of physical gold by the Goldbloc holder.
· Each Goldbloc unit will represent 1/1,000 of a gram of physical gold (approximately £0.03 based on the current gold spot price) and shall be divisible to two decimal places.
· Goldbloc is the evolution of TRAC’s offering of an online physical gold holding and trading account to become a gold-backed digital currency and banking platform.
· To achieve this TRAC has partnered with Railsbank Limited (www.railsbank.com) to integrate its exchange platform and accounts ledger with Railsbank’s banking and compliance platform that is designed to connect a global network of partner banks through its proprietary application programming interface (“API”).
· Market research on Goldbloc is being conducted during November around the upcoming product(s), services and pricing models, with the initial Goldbloc product scheduled for release by the end of this year.
Cameron Parry, Lionsgold CEO, commented:
“We are delighted to be able to announce Goldbloc which we have been developing within Lionsgold’s fintech subsidiary. Goldbloc is designed to be used as a gold-backed digital currency and banking platform, to enable individuals to hold their wealth securely in gold and spend their gold with the convenience of everyday banking.
“We are also pleased to report that TRAC’s CEO Ralph Hazell is working with Nigel Verdon (founder of Currency Cloud) and his Railsbank co-founder Clive Mitchell and their team to utilise the Railsbank global banking and compliance platform.
“We look forward to providing further updates in regards to Goldbloc over the coming weeks.”
About TRAC (trading as The Real Asset Company)
The Real Asset Company enables individuals to buy gold and silver bullion securely and efficiently. The user-friendly platform sits on top of world class global vaulting infrastructure, providing an online account for buying gold and silver and holding precious metals.
Goldbloc is the culmination of ongoing work by TRAC and LION in evolving the original TRAC product offering available via www.therealasset.co.uk and latterly www.indexgold.com. Goldbloc has the potential to enable gold to be used more readily in our daily lives, enable micropayments to be made in gold and allow people to fully utilize gold digitally, with the underlying physical gold owned by the Goldbloc holder.
In July 2017, Lionsgold announced it was increasing to a majority shareholding in TRAC Technology Limited of 55% and in concert with Lionsgold CEO Cameron Parry, holds a total of 60% of the subsidiary.
Railsbank is a banking and compliance platform that connects together a global network of partner banks with companies who want API access to global banking.
Railsbank simplifies on-boarding companies to our banking partners, then gives access via the Railsbank API to banking services such as creating digital ledgers, connecting digital ledgers to real bank accounts, issuing IBANs for ledgers, receiving money, sending money, converting money (FX), collecting money (direct debit), issuing cards, and managing credit.
For further information, please visit www.lionsgold.com
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