49% jump since January as popularity of alternative currencies gathers pace due to inflation rises
Recent successful UK crowdfunding campaign raised over 150% of target & remains open to US investors
Glint, the global gold-based payments system that allows clients to instantly and securely save, send and spend real gold, has announced that its total transactions have surpassed £200m since launch*.
Glint adds that this latest 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 15% since May, from £175m to over £200m today. This follows a 49% increase from £134.8m in January.
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: “Out of control inflation is forcing consumers and savers to search for not only a hedge, but also an alternative currency. Glint has digitised gold and our recent growth indicates the consumer appetite for an asset that has proven itself over time and is still seen by many as the premier long-term store of value.”
“A viable alternative to government-backed currencies has long been necessary after consumers have been punished for saving for decades. Fiat currencies have demonstrated that they do not maintain their long-term purchasing power as their value erodes due to rising inflation – forecast to hit 4% in the UK this year, already at 5.4% in the US and producer prices reaching a terrifying 9% in China – minuscule interest rates and record levels of national borrowing and debt. Just one of these factors would be problematic but the combination of them all is crippling. With national debt to GDP ratio at over 99% for the UK and 108% for the US, this is a long-term problem that will likely take decades to resolve, if ever.”
“To counteract the declining value of fiat currencies and cash savings, consumers are searching for value elsewhere. Cryptocurrencies have rapidly increased in popularity but the volatility of many of these assets make them unreliable stores of value over the long-term. Although Bitcoin’s value is up around 50% over the last month it is still down 28% on its April peak after a collapse which saw its value halve in just two months. While we understand that the value of gold can also go down, which may affect its purchasing power, many people believe that it is still the fairest and safest way to protect their savings over time.”
“Glint’s mission is to create a global payments ecosystem that gives everyone an equal opportunity to prosper. Until the launch of Glint, gold was not a viable means of everyday exchange and couldn’t be used for electronic payments – which held it back from re-establishing itself as a premier global currency. Through our app and card gold is accessible to all, can now be used anywhere that accepts Mastercard®, plus, unlike many other firms offering physical gold, Glint ‘s 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.