Using blockchain technology for cryptocurrencies backed by gold has been gaining traction of late. However, it is the implementation of a payment gateway for such tokenised gold is the reason why Shawn Tham believes that going back to basics with the only precious metal that matters is the way of the future. He had this to say about the company’s plans and the benefits of using Puregold Gold (PGG) as a cryptocurrency backed by gold as well as Puregold Token (PGT) as its payment gateway infrastructure.

Could you provide our readers with a brief introduction to Puregold?

Our company has been selling gold in retail stores since 2010. We have a Gold ATM where customers can withdraw gold. Our PUREGOLD ICO has been launched on 15th January 2018 to 14th March 2018. Expansion plans in Asia have already been inked with tie-ups of many merchants coming every day. We aim to make PG tokens the Token of Choice in Asia by Merchants and Users.

What are the advantages of using gold as a currency as compared to traditional fiat currencies?

The advantages of using gold as a currency are numerous and impossible for fiat currencies to match. To illustrate: A transaction between persons residing in different countries can still take several days to go through. There will also be a significant cost to the parties as the average cross-border transaction fee is 7.45%. So transactions with fiat currencies are both more time consuming and come with extra costs.

A transaction can now be done in seconds using Puregold Gold (PGG) via the blockchain for practically zero cost and more securely than ever before.

Gold is still perceived as a stable and reliable investment instrument. The single most important step in forging forwards with this concept into the practical mainstream is to enable people to use gold in the same way they can with any other currency.This would mean the enablement of instant payments with gold currency as though it were cash or money. People will be able to store, spend and exchange gold cheaper and in a more secure environment than what is currently available in traditional banks or fiat currency. The Gold Commerce Platform will be the decentralized core that interlocks the restricted financial world we live in today, with a futuristic gold economy with limitless and borderless opportunities.

What are your plans for the next four months?

Our ICO and PG-PAY launched on 15th January with a private launch party the day before and will end on 14th March 2018. Follow the PureGold.io Journey live on our FB Group and Youtube channel throughout the ICO.

Are there any plans to expand beyond Singapore?

Beyond that, our payment gateway PG-PAY will be expanded to tie-up with China and Africa’s existing POS payment gateway, both with a total of 2 billion daily transactions. Our expansion plans throughout Asia Pacific and Australia are already in the works and we are optimistic and excited about future prospects. Our PG Token is currently listed on COSS.io with more exchanges to come.

More generally, how do you see the cryptocurrency landscape developing, and where do you place yourself in the industry?

A trap that a lot of ICOs fall into is failure to have a coherent business model and lacking experience, consequently leading to many of them failing. This creates distrust and confusion among users and the public. We believe that our years of experience and knowledge of the gold business and our physical assets put us in a strong and strategic position to inspire public confidence.

For further information, please visit https://puregold.io/en.