Fintech firm, Glint Pay, announced on Wednesday that it has taken its ‘first major steps’ in offering a gold-based corporate facility, as investment manager, Perspective Investments, opened a business account and became the fintech’s largest corporate client.
Perspective Investments said they will use their Glint Pay business account to store capital, and will offer employees the chance to receive a portion of their salary as gold, via the fintech’s new peer-to-peer ‘Glint It!’ service.
The company said that the ‘Glint It!’ facility allows customers to spend and receive spendable gold and currencies. It added that it has created a ‘bespoke product’ for Perspective Investments, in order to meet its demands and create ‘diverse corporate functionality’.
Speaking on the news, Glint Pay Founder and CEO, Jason Cozens, said: “This is a huge and exciting step forward in the industry. We’ve long spoken about democratising gold as a currency for consumers, now we’re on the road to doing the same for businesses of all sizes and sectors.”
“There is clearly appetite amongst corporates to utilise the purchasing power and relative stability of gold. As global economies and markets continue to fluctuate and the outlook remains uncertain, many view gold as more than just the traditional safe haven – it’s now becoming increasingly viewed as a viable and attractive option for consumers and businesses alike.”
He said that the demand from both consumers and corporates for gold-as-currency services was apparent upon the launch of their ‘Glint It!’ platform, and that there is ‘considerable growth potential’ in this relatively untapped market. He adds:
Arno Kitts, Founder & CEO at Perspective Investments, added: “With governments and central banks creating money to cover fiscal deficits, and with inflation higher than interest rates, the case for gold continues to strengthen. We are holding much of our capital and reserves in physical gold via our new Glint accounts. Also, we are offering our staff globally to be paid in Gold if they would prefer this”.
Today’s news follows a previous, and similarly optimistic update from Glint Pay, in which it announced that it had secured an additional £2.5m in funding to support growth plans.