MasterCard to Provide Gold-Backed Debit Card
Glint is a fintech startup that is teaming up with the financial service industry to setup the first challenger to cryptocurrencies. They are proposing a debit card which will be backed by physical (not paper) gold.
The partnership between Lloyds Banking Group and MasterCard are creating an app that allows people to load their credit card with various currencies which can be used to buy a portion of a physical gold bar. Customers can select whether to pay in a currency or gold when they are making a transaction.
From Glint’s website it states:
‘Gold is the most reliable store of value – Glint is the only way to spend it. Through our innovative app, Mastercard, and banking integration, you can use gold as money in every sense of the word. It’s entirely liquid yet still gives the same reassurance and universal recognition it always has. We’re taking gold out of the vaults and putting it into your hands.’
Glint works outside of the banking system with allocated gold reserves in secure, independent vaults and allows for real time exchanges. Users can send physical gold or money in any of 90 world currencies via email, text messages or bank transfer.