Troygold, the founder of South Africa’s first gold-backed savings account and debit card, has received funding from Crossfin Ventures, Crossfin Technology Holdings’ angel investment arm.
The fintech, which was established in 2018 by two brothers, Bastiat and Dane Viljoen, digitizes gold bullion and Krugerrands so that consumers can purchase, sell, invest, and borrow against their gold.
The continued instability of the global financial system, combined with the declining value of fiat currency, makes a compelling case for a return to gold-backed stores of value, according to Bastiat Viljoen, CEO of Troygold.
“We hope to scale our solution with the new funding to meet more South Africans who want to be free of the inflationary impact of fiat currency and enjoy the stability and security that gold provides,” Viljoen said.
Troygold’s system digitizes gold bars or coins with serial numbers, allowing for partial or complete ownership of the gold.
Each buyer is given an ownership certificate that details the bar or coin they own (along with a serial number) and where it is kept.
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