Perth Mint launches app

AS part of an ongoing effort to take Australian gold to the world, the Perth Mint has launched a new smartphone app, GoldPass, to make it easier to trade gold.
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Staff reporter

The app, which is being launched this morning at the Precious Metals Investment Symposium in Perth, gives retail investors the ability to securely buy, store and sell gold via digital certificates, as well as transfer gold to other approved app users.

The platform, powered by InfiniGold technology, offers investors the innovation for which Perth Mint products are renowned combined with the flexibility and convenience of being able to manage their wealth at any time.

All GoldPass digital certificates are 100% backed by physical Perth Mint gold stored in its network of central bank grade vaults, with the weight and purity of every ounce guaranteed by the Western Australian government.

"With the uncertainty and speculative nature of cryptocurrencies with no asset backing their value, investors are always keen to discover innovative and credible vehicles through which to safely protect the worth of their portfolios," Perth Mint CEO Richard Hayes said.

"With many commentators suggesting that digital gold products are expanding the market for gold investment, there is a distinct rise in the demand for trusted modern and contemporary means of exchange."

GoldPas digital certificates are an alternative to cryptocurrency investments and will pave the way for gold to be used as an easy and convenient store of wealth with the ability to also transfer gold to other approved GoldPass users.

"InfiniGold's technology is innovative and has also been specifically tailored to digitise Perth Mint gold to satisfy the demands of investors," InfiniGold CEO Andreas Ruf said.

The launch comes about six weeks after the Perth Mint launched an ETF in New York.

Hayes said gold was a tangible and trusted store of wealth with a long and strong history.

"We are making this traditional asset more accessible, trades immediate and revolutionising how customers transact in real time with other GoldPass app users. This is a significant leap forward in gold exchanges globally," he said.

An investor's digital certificates, which reflect their gold balances in ounces, will be visible in the app's interface along with any cash holding in the same way that balances are seen on an online banking system.

Using GoldPass, investors may buy Perth Mint unallocated gold and redeem their digital certificates or ounces for physical gold or cash at any time.

GoldPass is now available for free download for Android and iPhones.

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