Home News Gold-based fintech Glint passes major milestone as it processes over $250m in total transactions since launch

Gold-based fintech Glint passes major milestone as it processes over $250m in total transactions since launch

by wrich
  • Follows recent 32% growth in client numbers during 2021 
  • Growing consumer appetite for alternatives to fiat currency including gold and cryptocurrencies such as Bitcoin 
  • Successful US & UK crowdfunding campaign ongoing – surpasses target with two weeks to go 

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. 

You may also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More