Glint has launched, re-introducing gold as the global currency and giving users the ability to save, send and spend in gold, combining the world’s oldest store of wealth with the world’s newest digital electronic payments system
Today Glint has re-introduced gold as the global currency. Launching this morning the Glint app (beta) will enable users to store, send and spend their wealth in gold, giving them reliability and independence from the vulnerabilities of fiat currency systems.
“Glint’s ability to use gold as money as part of the global payments system is a landmark event,” said co-founder and CEO Jason Cozens. “Everyone is familiar with gold as one of society’s oldest means of exchange, its universal acceptance, its reliability, its history as a store of wealth and as a means of underpinning the value of ‘paper’ currencies. Unlike ‘paper’ currencies gold can’t be wiped out, devalued or corrupted.”
Glint hopes to give its users the chance to protect their wealth during uncertain economic times. Following the financial crash ten years ago the increase in the fiat money-supply via unprecedented quantitative easing has threatened to erode people’s wealth via rising inflation. Currently UK inflation is at 3%, roughly double economic growth and way above wage growth which remains at a historic low.
By using the Glint iOS app and the Glint Mastercard, Glint clients are able to spend gold via the global payment system. They will also be able to make everyday payments by debit card and will be able to spend in multiple currencies, including, for the first time, in gold. Pricing is based on interbank exchange rates and there are no hidden charges for users.
Gold has historically been seen as the ultimate store of wealth, although in recent years it has been seen as the preserve of the rich who are able to access brokers, dealers and storage. However, by combining gold with electronic payments, Glint makes it possible for everyone to store and spend in gold, however small the amount. Glint is authorised and regulated by the UK’s FCA with clients’ money stored in segregated bank accounts. Physical gold holdings are legally allocated to each individual client and held in a London Bullion Market Association accredited Brink’s bank vault in Switzerland.
From today, the Glint app can be downloaded on iOS in the App Store for download and registration. Once an account has been approved users can start buying gold and will receive their Glint card within 5 working days.
Glint’s co-founders, Jason Cozens & Ben Davies, both have extensive experience in technology and gold respectively. Jason is a 20-year veteran of the e-commerce technology sector, founding Visuality at the dawn of email marketing and virtual reality. Visuality was sold to software company McGuffie Brunton, before Jason founded GoldMadeSimple.com, a company that allowed clients to buy and store physical gold securely.
Ben Davies has over 20 years’ experience within international financial and commodity markets. The former head of trading at RBS Greenwich, Ben co-founded Hinde Capital in 2007, an alternative investment management company specialising in precious metals. Ben is considered an expert in the precious metals sector, and his views on global economic markets are widely cited by the financial media.
Jason Cozens and Ben Davies are joined by number of high-profile investors who bring significant experience and expertise to Glint. These include Bray Capital, an early stage venture investor specialising in start-ups or growing businesses; Haruko Fukuda, former CEO of the World Gold Council and NED of Investec Bank; Oliver Bolitho, former Chairman of Goldman Sachs Asset Management Asia; Hugh Sloane, co-founder of asset manager Sloane Robinson and Lord Flight Of Worcester, formerly of Guinness Flight Global Asset Management.
As well as these individuals Glint recently secured the financial backing of Japanese institutions NEC Capital Solutions and the Tokyo Commodity Exchange (TOCOM). NEC Capital Solutions is an affiliated company of the NEC Corporation, a leader in the integration of IT and network technologies. NEC Capital Solutions has invested in Glint through its venture fund, run in co-operation with Venture Labo Investment. TOCOM is Japan’s largest commodity exchange and among Asia’s most prominent.
The Glint app can be downloaded here