Lionsgold Limited LON:LION the gold-focused exploration company with assets in India and Finland and a significant shareholder of a physical gold ownership online exchange, has told DirectorsTalk about the release of LION’s financial technology gold application: “IndexGold”. The website and trading platform is now live at www.indexgold.com which enables the public to directly own, store and trade physical gold and silver.
— IndexGold is the result of a collaboration between Lionsgold and TRAC Technology Ltd (“TRAC”) which was initially conducted under a joint venture (“JV”) as announced on 1 November 2016;
— IndexGold benefits from using established technology through a web-based application which enables individuals to directly own and trade physical gold and silver;
— IndexGold has been developed on budget under the terms of the JV. Lionsgold will own 37.7% of TRAC following capitalisation of JV expenditure to date and the investment of the remaining funds budgeted under the JV as announced on 3 May 2017;
— All intellectual property relating to IndexGold and the legacy platform developed and released under The Real Asset Company, is owned by TRAC;
— IndexGold combines TRAC’s fintech and sector experience with Lionsgold’s business development and corporate growth capabilities;
-- IndexGold will benefit from TRAC's existing customer base and legacy brand awareness; and
— Planning is underway for further IndexGold products to be released during H2 2017 to meet consumer demand, enabling individuals to conveniently hold personal assets in an online account backed by tangible precious metals.
Cameron Parry, CEO of Lionsgold, commented: “We are extremely pleased to release IndexGold into the public domain. IndexGold is the result of a successful collaboration between Lionsgold and TRAC that commenced under our India-focused JV, initiated in November 2016. Since that time the potential commercial opportunity has evolved and the parties agreed to progress with a single entity focus, to develop products together and grow consumer numbers, across multiple jurisdictions.
“IndexGold is an online trading platform that enables individuals to have direct ownership of physical gold and silver, with the same convenience as using their other online accounts. The board of Lionsgold believes there is a growing awareness in the mainstream about the importance of holding part of one’s personal cash and cash-like assets in physical gold whilst having the freedom to easily convert back and forth to cash and gold as desired.
“IndexGold sees LION with a revenue generating fintech gold division, utilising proven technology and established infrastructure to meet what the board believes is a growing market need. We look forward to releasing further news regarding IndexGold initiatives over the coming weeks and months.”