LONDON, July 15, 2015 /PRNewswire/ --
Today, GCX is pleased to announce the launch of its Gold payments and savings platform https://www.gcx.io that allows users to use Gold bullion for payments and as store of their wealth.
Gold for savings and payments
GCX digitizes Gold by transforming it into an Internet-friendly payment method. Through GCX, users can easily buy and transfer their Gold across the Globe as simply as sending an Email or SMS. Users receiving Gold, can in turn, redeem this for physical bars, load their Gold balance on to a prepaid MasterCard, or request a wire transfer. GCX will soon be releasing its mobile application for iOS and Android which will offer additional digital channels users can transact with using their Gold bullion.
GCX's Midas exchange and instant settlement platform links institutional Gold industry sellers to retail buyers and various payment rails such as SWIFT, UK Faster Payments and virtual currency networks. Signing up to GCX is free and quick.
GCX Gold Grams MasterCard
Through GCX users could load their Gold grams on an immediately available at launch prepaid MasterCard and use the commodity to pay for goods and services in 35m locations worldwide. This transforms Gold, an asset class that traditionally has not been easily spendable into a highly liquid commodity.
Through GCX, merchants can invoice their customers who can pay using a variety of payment methods, merchants in turn, receive instantly redeemable Gold.
Application developers can use the GCX API to embed Gold payment rails within their applications. Using the GCX API, application developers can create their own applications which embed Gold as a payments mechanism. Examples include micro payments for digital content, cross boarder and peer to peer micro transactions, gaming and financial inclusion.
GCX Gold belongs at all times to the customer, is stored fully allocated in professionally managed bullion vaults by Brinks Global Services Ltd ("Brinks"). The Gold is procured from Metalor based in Switzerland, one of the world's largest Gold refineries with whom GCX has a direct wholesale distribution agreement within the UK.
If clients have built up a sufficient Gold balance in their account, they can request physical fully insured delivery of their Gold bars.
While stored with Brinks and during transit, GCX Gold is 100% insured against all insurable risks, with insurance underwritten by Lloyds of London.
LBMA Gold Fix
The GCX platform was a contender to replace the century old LBMA Gold Fix back in October when GCX was invited to submit a bid for the LBMA Gold Fix. The GCX platform is an institutional quality platform that is now being offered to the retail market.
As an additional worldwide venue where the Gold price is determined based on the aggregated supply and demand of a wide pool of industry participants and retail clients, the Gold price determined on the GCX platform will closely reflect retail client demand and retail market dynamics.
GCX is headquartered in London, UK. The founding team combines backgrounds in IT security, Investment Banking and Exchange Technology and is comprised of Christian Papathanasiou (CEO), Warren Mercer(COO) and Phoebus Giannopoulos(CMO).
Christian, CEO was previously an SVP with Citigroup Global Markets where he was responsible for the global Investment Banking, Wealth Management and Transaction Services application security threat modelling programme with a particular focus on the FX trading platform Citi FX Velocity. He is an IT security thought leader and has presented his research at numerous conferences such as Blackhat and DEF CON. His research has been featured in the likes of Forbes, Reuters and CNET.
Christian is also a founding member of the UK Digital Currency Association ("UKDCA") and has along with the UKDCA evangelised the benefits of digital currencies, often speaking with UK members of parliament and regulatory bodies to help establish the UK as a home for digital currency businesses.
Warren Mercer, COO was previously the Head of Threat Management at NYSE Euronext in Belfast. Warren was responsible for ensuring that the global NYSE Euronext exchange platform was safe from hacker attack.
Warren is also considered one of the world's largest OTC digital currency traders.
Phoebus Giannopoulos, CMO has spearheaded marketing, SEO and affiliate schemes for global 500 companies worldwide. He is the creator of Bitvote - an ambitious tool to help empower digital democracy and collaboration on a large scale.
"Through GCX, we are transforming Gold into a fluid digital asset that can easily be exchanged online through our platform. Thus offering users all the benefits of instant transactions that digital currencies bring, along with the long known property of Gold bullion as a store of value. On top of this we are allowing developers to innovate and create their own applications using our Gold payment rails and platform," said Christian Papathanasiou, CEO, GCX.
GCX has formed strategic partnerships with leading institutions in vaulting, refining, banking and IT security. GCX is resoundingly committed to ensuring compliance with all applicable laws regarding Anti Money Laundering ("AML") and Know Your Customer ("KYC").
SOURCE GCX Ltd