Geneva, Switzerland – In the midst of the debate over liquid supremacy between gold and cryptocurrencies, a technology and finance world leader issues the first “ever-increasing gold-backed coin,” drawing the attention of the entire market and promising to establish an unprecedented business model. This project is called GoldFinX.
According to its website, the hybrid model of this venture has two defined objectives. First, helping to finance the artisanal and small-scale gold mining sector (ASGM) –battered due to the hindered access to funds that affect the extraction methods, and subsequent horrific environmental impact.
Second, in exchange for this financial service, GoldFinX will obtain a lifetime percentage of the gold production, which will then be used as a “minimum ground” for its GiX coin (using the Ethereum protocol). Investors and enthusiasts will be able to acquire an asset containing both the stability of gold and the liquidity of crypto.
Thus, GoldFinX leaders Jean-Michel Alfieri (President) and Philippe Bednarek (CEO) told the press that GiX is designed to be a fair-trade crypto finance coin. In their words, GiX contrasts with current digital capital offers based on digital resources lacking features and convenience.
GoldFinX is an initiative of the Atlas Group of Companies, a company dominating the tech and finance innovation scene since its foundation in 1994. The group has extended its presence into countries like UK, France, Switzerland, Dubai, Portugal, and Singapore.
The status of gold mining
According to data provided by the UN, at least 20% of all the gold mined around the world comes from small-scale mines. Around 40 million people are in the artisanal and small gold mining sector. In turn, these workers indirectly support more than 200 million people by injecting capital into rural economies. However, the poor practices in these mines create numerous environmental and health problems, where issues concerning mercury have prompted global concern for several years.
As a response to the state of the mining landscape, the Chief Operating Officer of GoldFinX, Francois Dumont, affirms that the enterprise initiative seizes the responsibility of creating a more robust market. This solution will directly benefit more than 40 million people involved in gold mining, starting with 15 selected gold mines located in 12 different countries.
More specifically, the fast-growing Fintech firm highlights in its plan that the “public ledger” attributes of blockchain technology will allow the creation of accurate records of gold production – to integrate the legal protection of the Core Model of Gold Extraction – as well as operational purchases made with the micro-currency GiX.
The future currency par excellence
As it has been expressed by Bednarek, the primary purpose of GoldFinX is to propel a movement of democratic profitability. Following these lines, it’s expected to raise up to 250 million euros. During the presale phase — set to finalize on March 31 — investors have the chance to acquire GiX assets at a 50% discount (1 euro per coin).
Once the said capital is invested in the exploitation of gold on a small scale, it will generate 15 billion euros in revenues and 2.2 billion in return on investment (percentage of gold) – sheltered later in a Swiss bank vault to support the currency, thus creating a cyclic process. Additionally, coin holders will obtain additional benefits from the gain in value of the GiX coin in the crypto-market, as well as any rise in the price of gold itself over time.
Company Name: GoldFinX Pte Limited
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