SendGold, a Gold-as-a-Service app that enables physical gold investment and payments in a digital environment, today announced the March 2018 launch of its app in Singapore.
With the growing demand for gold across Asia, SendGold changes the way consumers can transact gold by allowing the user not only to buy and sell gold but also to send it as a payment or gift to friends or family members through their mobile devices. Targeting the 2 billion millennials who are in control of 16 percent of Asia Pacific’s wealth, SendGold aligns the investment interest and usage preferences of these users who have a significant cultural affinity for gold and are technology-savvy.
“Gold is the world’s oldest form of currency, and SendGold has brought it right into the digital age. Our business is to grow the wealth of our customers by making physical gold investment hyper liquid, simple, social and accessible to all,” said Jodi Stanton, SendGold Co-Founder and CEO.
The SendGold platform consists of the SendGold consumer app, but also includes a suite of open APIs that lets distribution partners integrate an instant gold investment and currency option on a turnkey basis with zero regulatory overhead. “We’ve got three distribution partners signed up already,” continued Ms. Stanton, “including a global rewards platform, a major mobile games platform company, and the EZ Coud Company based in mainland China”.
How it works
SendGold works by letting consumers buy, sell, send or pay for anything with gold via any device with an internet connection. Registering a SendGold account takes just 2 minutes. The user can then enter Buy, Sell, and Send orders that are generally processed within 10 seconds.
Innovative features of the SendGold App include:
Friendly User interface: Easily track the performance of your gold over time with simple tools and easy-to-understand graphic displays.
Gifting is simple: To send gold, all the user require is a mobile number or email address and they can send payments in gold.
Global Applications: Supports instant retail P2P payments and investment, gold currency inside mobile games, instant loyalty rewards of gold, and gold inside existing web and social properties.
Security: All gold is fully-insured against damage or theft, physically audited, tracked and securely held in a purpose-built vault. End-users own 100 percent title to physical gold bullion, held in Australian vaults and insured by Lloyd’s of London.
Integrated into banking networks: SendGold is fully-compliant, integrated into the global banking network, and has been approved for 350 inbound payment types and redemption across 140 currencies.
The SendGold team is composed of financial and web industry veterans from Microsoft, McKinsey, J.P. Morgan, and Price Waterhouse Coopers. The team began in blockchain in 2013 and put the first version in production on blockchain in 2015. “We didn’t launch the blockchain version because of our ongoing concerns about blockchain speed, security, and banking and regulatory compliance,” Stanton added, “but as regulations become clearer and Blockchain 3.0 architectures show they’re fast and secure enough, we’ll add a blockchain version to our suite of products”.