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FinTech Glint Pay records 700% increase in gold purchases amidst COVID-19

London-based FinTech, Glint Pay Service Ltd. has announced a 700% increase in its clients purchasing gold during the COVID-19 turmoil that is affecting global equity markets. Glint aims to make gold an alternative global currency by enabling its clients to buy, sell, save and spend physical gold through Glint’s prepaid debit Mastercard and multi-currency application.

The FinTech offers a multi-currency payments solution that provides ownership of physically allocated gold and the ability to use it as money digitally through an app and prepaid debit Mastercard.

“Glint’s mission to bring a reliable gold currency to the fingertips of everyone in the world is being validated as the global economy unravels,” said Jason Cozens, Founder and CEO of Glint. “Glint offers an alternative that is valued globally anytime, anywhere. Welcome to money’s new standard. Gold has a crucial historic role as money, and we see it defining a future whereby people can take control over their own income streams and not leave them to the mercies of banks. As the world inexorably moves to being cashless, Glint provides a future-proofed solution to 24/7 globalized living.”

The press release stated that, “….According to the Wall Street Journal of 19 March 2020, the DJ Industrial Average and the S&P 500 have lost around 30% since they peaked in mid-February.  Compounding the situation is the ongoing tussle between Saudi Arabia and Russia over crude oil production levels, which has seen benchmark crude oil prices collapse to below USD 30/barrel for WTI and Brent crude. Central banks around the world have cut interest rates and governments have injected massive amounts of money into the financial system to try to prevent further declines in equities and fend off corporate bankruptcies. Conversely, the price of gold has hit some high points in both GBP and USD, trading on 19 March 2020 at USD 1,470 per ounce.”

Glint has also stated that it will launch P2P payments in a bid to enable clients to send gold and currencies to fellow Glint clients. It’s recently released feature allows clients to experience no fees while making a gold-based purchase in their home currency through Glint Mastercard. It allows for saving, spending and exchange between USD, EUR, GBP and gold wallets.

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