SINGAPORE, 14 May 2018 –Southeast Asian Fintech firm, HelloGold, has reached 85,000 downloads of the HelloGold mobile app. The HelloGold Foundation is introducing a new feature – a discount utility and token burn – to the HelloGold Token (HGT) – the new utility will allow anyone holding or buying HGT tokens to purchase HelloGold’s GOLDX at a discounted fee. Launched earlier this year, GOLDX is the first Shariah-compliant Ethereum ERC20 cryptocurrency backed by 99.99% investment-grade gold.
GOLDX uses smart contracts to digitise gold and make gold exchangeable outside the HelloGold platform. By redeeming HGT tokens for GOLDX, holders can buy digitized gold at international spot prices. HelloGold will also burn up to 50 percent of the redeemed HGT tokens every month with no total burn limit.
Robin Lee, CEO of HelloGold said, “HelloGold has grown rapidly since the first round of our token sale in December, becoming an established provider of gold-based financial products to the underserved and unbanked. Reaching 85,000 app downloads and almost tripling our team by the end of our first year, we’ll continue to add greater value to our supporters.”
Through a new online purchase portal launching in Q3, customers will receive a discount on GOLDX worth more than US$15 for every 100 HGT tokens redeemed.
In parallel to this token burn, HelloGold has announced a milestone burn. As HelloGold reaches each milestone in customer numbers and Assets Under Management (AUM), ten million HGT tokens will be burned, up to a total of 100 million HGT.
Lee continued, “With over sixty percent of our customers purchasing gold for the first time, we’re breaking new ground to enable people to save and build a better future with gold. In the coming months, we’re preparing our core platform for international expansion as well as the launch of new financial products.”
“While there are many asset-backed token projects in the market, the GOLDX token is one of the very few that is backed by fully allocated investment-grade gold. In the bullion industry, allocated gold is considered by investors to be the safest form of bullion investment. With daily trading volumes of US$250 billion in gold compared to US$2 billion in cryptocurrencies, HelloGold believes that GOLDX can become the stable digital token amongst the more popular and more volatile cryptocurrencies,” Lee concluded.
HelloGold provides a mobile application to buy, store and sell gold for as little as a fraction of a dollar. HelloGold completed the first round of their Token Sale for HGT tokens last September to accelerate their growth, and to develop blockchain on their gold application. HelloGold plans to launch the second round of their Token Sale for HGT tokens in the second half of 2018.
At HelloGold we believe that Gold protects your savings, so we’ve made it our mission that everyone should have access to it affordably and securely. HelloGold is a start-up that creates accessible and straightforward gold products for everyone. Founded in 2015 and launched in Malaysia, HelloGold built the world’s first Shariah-compliant gold digital application that changes the way you buy and sell gold. HelloGold was awarded the Most Innovative Islamic Retail Banking Product in 2017, Malaysia’s Most Prominent Wealth, Asset & Investment Management of the Year in 2018, and won a membership to the TenXClub – Malaysia’s most promising start-ups according to the Ministry of Finance. Learn more at https://www.hellogold.com and https://www.hellogold.org
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