PureGold, a gold oriented business from the Asia Pacific region with over 10 years of experience in minting gold coins and bars, has decided to use blockchain technology. The firm is set to launch its payment gateway PGPay which would enable users to make payments against real physical gold.
The platform would offer two tokens called Pure Gold Token (PGPay) a utility token with a market cap of 50 million and another token called Pure Gold “Gold” (PGG) which is a digital form of gold equivalent to the value of 1 gram of gold. The market cap of PGG token would depend upon the amount of Gold held in the reserve. Both the tokens would function on different ledgers, but the PGG token won’t be put on blockchain since its value depends on the physical value of gold.
PGT token, on the other hand, would be a utility token with several use cases including use for paying transaction fees, get discounts, and pay for goods and services to merchants affiliated with the Puregold platform. The price of this token will be determined by the market but would be available for $0.45 during the public sales.
The firm is offering the PGPay tokens in public sales using the token Swap system. In the token Swap process, users can get their hands on PGPay token against Ethereum payments. Each ETH token can be swapped for 700 PGPay tokens.
Users are required to send the ETH to the exchange address mentioned on the website, and users would receive their share of PGPay tokens against the ETH they have sent, after the completion of the transaction. The firm would be offering these tokens in pre-ICO and ICO form where there would be 10 million tokens on offer while the ICO would see 50 million of these PGPay tokens up for sale.
The firm has set a minimum swap limit of 3 ETH during the pre-ICO sale which will decline to 0.1 ETH in ICO sale. There is no maximum limit for the swap.
A payment gateway backed by real gold
The future of payments network is digital and in recent times more and more companies have realized it. Puregold being in the business of providing minted gold to users for a decade has decided to create a payment network backed by real gold, where its utility token PGPay can be used for making retail payments, paying transaction fees on the PGPay platform, and can also be exchanged against the second token PGG, which represents the digital value of 1g gold.
Puregold is working to create a digital golden era where users can not only buy and sell gold but also use it for exchange just like any other currency. But physical gold is not really good for transportation and daily use, thus by using the modern-day technology of blockchain, gold can remain stored in one place but its value can be exchanged almost anywhere instantly.
It’s a win-win situation for the customers as well as retailers, where customers can benefit from using the increased market price of gold to make their retail payments while merchants can benefit from the fixed 1.5% transaction fee.
The PGPayment gateway would work via puregold mobile commerce app which would utilize the top payment networks of the world and utilize the contactless payment technology as well. The mobile app would provide a range of services including,
- Gold currency exchange;
- Transaction history;
- Manage payment details;
- Filter by currencies, payment time, shopping methods, etc;
- New store connections; and
- Customized loyalty and cashback programs.
The platform also promised numerous attractive services to attract merchants and spread the network of the PGPay. These services include,
- Conversion between Gold currencies and fiat money on Puregold’s Platform
- (available after this Token Swap campaign has ended);
- Increases the speed of payment, it now takes approximately 1 minute compared with
- days for current payment methods (other than cash);
- Reduced costs. On average payments through the Puregold infrastructure will be 4 to
- 5 times cheaper than the cost of card acquiring;
- Flexibility with a wide range of payment solutions; and
- Reliability, all solutions have been tested over years of development and real-time use.
Puregold has also launched its open-source API which can be used by different service providers to make PureGold wallets, exchanges, automated payment system and many more.
The firm is planning to use the capital generated during the ICO sale towards expanding its service and business model.