Lionsgold Limited Fintech Gold Update - Goldbloc (9813T)
October 18 2017 - 9:30AM
UK Regulatory
TIDMLION
RNS Number : 9813T
Lionsgold Limited
18 October 2017
18 October 2017
Lionsgold Limited
("Lionsgold", "LION" or the "Company")
Fintech Gold Update - Goldbloc
Lionsgold, the gold-focused exploration company with assets in
India and Finland, and a fintech subsidiary that provides online
accounts backed by physical gold, is pleased to report on its work
in developing its offering under its majority owned subsidiary TRAC
Technology Ltd ("TRAC") with a view to providing a global digital
currency backed by gold ("Goldbloc") (www.goldbloc.com).
Highlights
-- Goldbloc aims to provide the convenience and utility of a
fiat currency bank account, but representing direct ownership of
physical gold by the Goldbloc holder.
-- Each Goldbloc unit will represent 1/1,000 of a gram of
physical gold (approximately GBP0.03 based on the current gold spot
price) and shall be divisible to two decimal places.
-- Goldbloc is the evolution of TRAC's offering of an online
physical gold holding and trading account to become a gold-backed
digital currency and banking platform.
-- To achieve this TRAC has partnered with Railsbank Limited
(www.railsbank.com) to integrate its exchange platform and accounts
ledger with Railsbank's banking and compliance platform that is
designed to connect a global network of partner banks through its
proprietary application programming interface ("API").
-- Market research on Goldbloc is being conducted during
November around the upcoming product(s), services and pricing
models, with the initial Goldbloc product scheduled for release by
the end of this year.
Cameron Parry, Lionsgold CEO, commented: "We are delighted to be
able to announce Goldbloc which we have been developing within
Lionsgold's fintech subsidiary. Goldbloc is designed to be used as
a gold-backed digital currency and banking platform, to enable
individuals to hold their wealth securely in gold and spend their
gold with the convenience of everyday banking.
"We are also pleased to report that TRAC's CEO Ralph Hazell is
working with Nigel Verdon (founder of Currency Cloud) and his
Railsbank co-founder Clive Mitchell and their team to utilise the
Railsbank global banking and compliance platform.
"We look forward to providing further updates in regards to
Goldbloc over the coming weeks."
About TRAC (trading as The Real Asset Company)
The Real Asset Company enables individuals to buy gold and
silver bullion securely and efficiently. The user-friendly platform
sits on top of world class global vaulting infrastructure,
providing an online account for buying gold and silver and holding
precious metals.
Goldbloc is the culmination of ongoing work by TRAC and LION in
evolving the original TRAC product offering available via
www.therealasset.co.uk and latterly www.indexgold.com. Goldbloc has
the potential to enable gold to be used more readily in our daily
lives, enable micropayments to be made in gold and allow people to
fully utilize gold digitally, with the underlying physical gold
owned by the Goldbloc holder.
In July 2017, Lionsgold announced it was increasing to a
majority shareholding in TRAC Technology Limited of 55% and in
concert with Lionsgold CEO Cameron Parry, holds a total of 60% of
the subsidiary.
About Railsbank
Railsbank is a banking and compliance platform that connects
together a global network of partner banks with companies who want
API access to global banking.
Railsbank simplifies on-boarding companies to our banking
partners, then gives access via the Railsbank API to banking
services such as creating digital ledgers, connecting digital
ledgers to real bank accounts, issuing IBANs for ledgers, receiving
money, sending money, converting money (FX), collecting money
(direct debit), issuing cards, and managing credit.
For further information, please visit www.lionsgold.com or
contact:
Lionsgold Limited Tel: +44 (0)20 3778 0578
Cameron Parry (Chief Executive Officer)
Luke Cairns (Executive Director)
WH Ireland Limited (Nominated Adviser) Tel: +44 (0)113 394 6600
Tim Feather / Ed Allsopp
Smaller Company Capital Limited (Joint Broker) Tel: +44 (0)20 3651 2911
Rupert Williams / Jeremy Woodgate
Beaufort Securities Limited (Joint Broker) Tel: +44 (0)20 7382 8300
Elliot Hance
Tavistock (Financial PR) Tel: +44 (0) 207 920 3150
Emily Fenton
This information is provided by RNS
The company news service from the London Stock Exchange
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