On Monday 29th July of this year, Glint Pay Inc. a company founded by entrepreneur Jason Cozens launched a gold-backed debit card in the U.S.
In this video we address how it works, how safe it is, and asks is this the future for payment systems!
Meanwhile take a look at the videos below which address similar subjects and a cashless society:
Is a Cashless Society Closer than You Think?https://www.youtube.com/watch?v=8ILVWfoMMs4
Gold & Silver Price Forecast 2019 - illuminati silverhttps://www.youtube.com/watch?v=lDetJrKX6S4&t=2s
Gold & Silver Price Predictions 2019 in Sterling - illuminati silverhttps://www.youtube.com/watch?v=RKL-8XCpU1M&t=5s
$1800 Gold and $22.50 Silver in 2019 - Is This Possible?https://www.youtube.com/watch?v=ZdNbdGY5AxY&t=6s
Inverted Yield Curve Explained – Stocks, Gold & Silver Price Ramificationshttps://www.youtube.com/watch?v=JtisgfcBHhM&t=1239s
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Today is Tuesday 3rd September 2019 and we are looking at the gold backed debit card Glint as recommended by one of our subscribers.
On Monday 29th July of this year, Glint Pay Inc. a company founded by entrepreneur Jason Cozens launched a gold-backed debit card in the U.S. Based in London, the company has made Boulder its U.S. base of operations.
At the launch Cozens said:
“We want gold to be considered like any other currency…..We want to give a reliable currency to the world.”
Now this card is not new in that they rolled out its debit card early last year, in Europe, and has operated in the UK since November 2017 and has had more than 50,000 downloads of its mobile application and more than $50 million in transactions.
Like most other challenger banks and fintech companies, Glint works almost entirely from your smartphone, with the exception of the physical card that they will send after registering.
Users can download the Glint application on their mobile devices and quickly register. Money is wired from an existing bank account to purchase physical gold held in a vault in Switzerland. The exchange is made at the spot gold price, less a 0.5 percent transaction fee.
Registered users are provided with a Glint Debit Mastercard, pursuant to a license from Mastercard USA. Glint is an agent of Sutton Bank, and the accounts are regulated under the Federal Deposit Insurance Corp. A customer retains ownership of his or her gold until it is spent, and the vault holdings are audited daily. On a positive front, because Glint uses Mastercard, it is accepted in over 30 million locations worldwide.
When comparing to cryptocurrencies Cozens adds:
“Glint is an alternative to the banking payment system, and we think it is a more reliable one than crypto.”
In terms of guarantees beyond the normal Financial Regulation Registrations he added:
"The gold is held in Brink’s in Zurich, Switzerland and it’s 100% guaranteed by Lloyds of London and Brink’s – the latter has custodial insurance with Lloyds………If the company were ever to lose a bar, it’d be out of business. That pertains to the agreement we have with our bar list – call it $50 million, as an example. We would have a client list that adds up to $50 million in gold that matches that list……..As part of our legal structure, we confer all property rights to the individual so that in the event of our default, the gold is still legally owned by you."
So, what’s your opinion of this type of card system – are you convinced? Is it just another step closer to an eventual cashless society and will it eventually mop up those gold reserves which physical stackers currently hoard at home, or in some safe depository?
Do share your thoughts.