By @SimonCocking

Understanding the value of GOLD, a new crypto asset developed by Goldmint

Times are changing fast, and there seems to be a near goldrush on some types of crypto currencies, ICOs taking place near weekly, and the value of Bitcoin and Ether rocketing up. As we all know though, these currencies often also experience massive volatility in terms of their values too. The challenge moving forwards is to have a globally traded currency that is both secure, and yet also tied to something of real, intrinsic value. Numerous studies, by Pwc and others have demonstrated that gold remains a highly valuable resource and preferred choice for the storage of wealth. In this context GoldMint is an interesting new innovation, that brings together the historical security of the physical asset of gold, with the digital security and speed of transactions that new blockchain technologies can offer. Gold has been used to store wealth for millennia by humans. With the recent technological developments in crypto assets, there are now exciting possibilities for gold and modern technology to provide innovative global trading business solutions. GOLD, a crypto asset created by GoldMint, may just provide the perfect combination of new and old financial systems. 

Faster, more secure international trading opportunities

We recently attended the WCO [World Customs Organisation] annual conference in Tbilisi, June 2017. There many keynote speeches about the future possibilities of blockchain based innovations to help speed up global trade across international borders. ‘Single window’ is a term which raised a lot of excitement, this is the ability for all of the customers and border control details to be dealt with through one interface. It also offers the potential to have all the paperwork done and approved before the goods even reach the border checkpoint. This would then mean only the actual good themselves have to be inspected as everything else will have already been completed. New technologies such as GOLD, the crypto asset created by GoldMint, offer exciting possibilities that will enable people and businesses to safely move things of value between different countries. This would help avoid the traditional risks and delays that occur when it comes to crossing international borders.

The benefits of gold, combined with the digital security of a crypto asset

Traditionally gold has always been a great way to store wealth, but it was also very cumbersome and unwieldy when you then wanted to extract some of the value from your wealth. As well as risky when transporting, you also needed to store it securely. With GOLD, the gold backed crypto asset, we may be reaching the point where it’s value is still secure but it can also be used more quickly for investments and trading. Historically banks and currency traders have charged high fees for those wanting to move their money beyond national borders. With the emergence of secure blockchain platforms it is now possible to greatly reduce these costs. It is now much much easier for people and companies to do business from both inside and outside of the European Union to Russia, the US, China, and the rest of the world. Crypto asset based trading with digitally tradeable, but gold backed investments offers the ability to perform faster, more convenient, efficient and cheaper transactions.

The GoldMint team’s banking and entrepreneurial experience

With any new venture the next question to ask is always, who are behind the initiative, and what experience and pedigree do they have. Fortunately for this venture the chances of success look promising due to the deep level of knowledge and entrepreneurial knowhow they have assembled. GoldMint  was established in 2016 by the founders of the LOT-ZOLOTO company. This company buys unwanted gold securities from pawnshops, processes them and then supplies them to jewelers. In the first six months of 2017, turnover of LOT-ZOLOTO amounted to 50.2 million USD. The company is a marketplace leader and has an extensive background in gold trading. The GoldMint team, led by Dmitry Plutshevsky, CEO of GoldMint and Konstantin Romanov, co-founder, have a strong background in innovation and developing previous successful projects over the last two decades. Plutshevsky has a good range of entrepreneurial experience across marketing, app development, venture fund investment, and then as a startup mentor at the innovative Skolkovo institution. His experience is complemented well by Konstantin Romanov’s twenty five years experience in the Russian banking sector, including Rosbank among others. For this project they have already put together a strong team of developers and business experts, supported by an even more impressive group of advisors with a healthy range of diverse and useful business experience. It looks like it could be a good combination to help make GoldMint a success too.

Exciting possibilities for future trading opportunities

We are at an exciting time with the recent developments in crypto currencies, backed by blockchain technologies to ensure secure, fast and effective means to perform business transactions globally in near to real time. We are at the threshold of a new period of opportunities and business developments in micro payments, financial trading and many other business use-cases that are still being identified. The GOLD option developed by GoldMint holds exciting possibilities for future transactions too, and may even replace other forms of investing and holding value, such as ETFs and other current options.

If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking

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