The funding will be used for the integration and testing of blockchain elements on the HelloGold mobile app. Providing a Shariah-compliant platform to buy, store and sell physical investment-grade gold for as little as a fraction of a dollar, HelloGold is migrating its platform to Ethereum smart contracts in the second half of 2018 to enable transparency and security of gold transactions. The funding amount was not disclosed.
Earlier this year HelloGold launched GOLDX—a fully operational, Shariah-compliant Ethereum ERC20 cryptocurrency backed by 99.99% investment-grade gold—using smart contracts to digitise gold and make gold exchangeable outside the HelloGold platform, according to the company’s official press release.
The startup estimates that in ASEAN and China alone, consuming middle class and emerging middle class markets saved approximately USD 500 billion in 2016—of which USD 212 billion was in cash deposits.
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