- HelloGold received an undisclosed Series A funding from Silicon Valley’s 500 Startups.
- It will be using this funding to migrate its platform to the Ethereum smart contracts, and to integrate and test more blockchain elements for the mobile app.
In its latest news, HelloGold just received Series A funding from Silicon Valley’s 500 Startups, a venture capital firm for an undisclosed amount.
And this is all thanks to blockchain.
HelloGold’s mission is to allow everyday people to diversify their investments into gold, all done through a user-friendly app that is powered by blockchain. It brands itself as the world’s first Shariah-compliant platform to buy, store and sell real investment-grade gold.
Since this is meant for investments, users aren’t usually able to see the gold for themselves unless they make their way out to the Singaporean vault that stores them.
Gold can be bought on their app for as low as RM1, and all of the transactions are kept transparent through a public ledger powered by blockchain.
After cryptocurrency, their next step is even more blockchain.
Now equipped with cashflow from 500 Startups, HelloGold will be using it for integration and testing of more blockchain elements for the HelloGold mobile app.
Its goal is to migrate its platform to the Ethereum smart contracts in hopes of greater transparency and security for their customers’ gold.
Robin Lee, CEO and co-founder of HelloGold hopes that the port will help HelloGold scale quicker, and have a lower cost base, so that they can reach more of the underserved and unbanked markets.
“With Asia making up 71% of the gold market in 2016, gold is a powerful means of wealth preservation and financial inclusion,” said Robin.
Robin said that, “We’re honoured to have 500 Startups support HelloGold as we use blockchain to reduce barriers and accelerate access to more affordable financial products in Asia.”
“By integrating blockchain into the HelloGold platform, customers will benefit from greater transparency, better security, and greater flexibility.”
According to 500 Startups’ Khailee Ng, they had seen HelloGold’s potential early on, when they nominated them for the TenxClub by the Malaysian Ministry of Finance.
“Our investment in aligns well with our global initiatives such as the new Blockchain Track launched in San Francisco in March,” said Khailee.
This funding follows HelloGold’s foray into cryptocurrency with GoldX, a cryptocurrency that is actually backed by real, physical gold.
It was made to be a means for transferring gold between individuals who don’t own HelloGold accounts, but has also been touted as a way for crypto-investors to diversify their portfolio.
Feature Image Credit: HelloGold