The Glint gold system is a financial technology platform that allows users to buy, save, send, and spend real, physical gold as if it were a regular currency. Users manage their gold holdings through a mobile app and can make purchases with a Glint Mastercard debit card anywhere Mastercard is accepted.
How it works
- Physical gold backing: Glint users own fractions of real, physical gold bullion that is securely stored in a Brinks vault in Switzerland. These holdings are insured by Lloyds of London and are not at risk from banking system failures.
- Spending and conversion: When a user makes a payment with their Glint card, the system automatically sells the necessary amount of gold from their account, converting it into the local currency to complete the transaction.
- User benefits: The system appeals to those concerned about the devaluation of fiat (government-issued) currencies due to inflation. By using gold as a medium of exchange, Glint aims to provide a more reliable store of value.
- Not a bank: Glint operates as a non-bank payment provider and is regulated by financial authorities like the UK's Financial Conduct Authority (FCA).