Glint, a financial technology startup based in London that is creating a gold-backed electronic currency, raised $4 million (£3.1 million) from individual backers in the financial services and asset management industry, alongside early-stage investor Bray Capital.
The startup will debut its service in the fourth quarter of this year, TechCrunch reported.
“At a time of extraordinary monetary policy and when trust in currencies, banks and existing payment systems has been eroded, Glint helps us move to a more stable global economy,” according to Glint’s website. “A new global currency, account and app, Glint is a timely innovation with immediate and reliable application. A game changer, it brings you money that is reliable and independent and gives you more control in the way you store, spend, exchange and transfer money.”
The investors include Haruko Fukuda, former CEO of the World Gold Council and NED of Investec Bank; Oliver Bolitho, formerly Chairman of Goldman Sachs Asset Management Asia; Hugh Sloane, co-founder of asset manager Sloane Robinson; and Lord Flight Of Worcester, formerly of Guinness Flight Global Asset Management.
The startup already was authorized and is regulated by the U.K.’s Financial Conduct Authority.
Glint CEO Jason Cozens co-founded GoldMadeSimple.com, a website that helps clients buy and sell physical gold and have it stored securely or delivered.
Glint COO Ben Davies is said to have more than 17 years of experience in global financial and commodity markets. He was the former head of trading at RBS Greenwich, and co-founded Hinde Capital in 2007, an alternative investment management company specializing in precious metals.
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