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The world gold miner tokenizes assets and opens trading on the Simex and Coinsbit exchanges

In recent years we have seen a rush on the crypto market by investors large and small, drawn to the promise of colossal rewards by a plethora of emerging players. What followed was the widely publicized ‘Great Crypto Crash’ of 2018 that led many coins to either fail completely or struggle to recover fully.

Contents

A Business Model for Renewed Hope
The GoldFinX Solution Already Underway Today

The bubble burst because many players crowded the market quickly and recklessly. Critical details, namely building a viable, sustainable business model and getting an experienced management team on board, became an afterthought. Some, of course, was also found to be fraudulent.

We have entered a new era in cryptocurrency. It’s pretty undeniable that investors today are less interested in blindly betting on the future as they were in past years. We have all become more discerning and more interested in use cases and actual revenue lines. Investors no longer want to throw money at ideas; they want to see something real.

Enter GoldFinX, the next-generation fintech based on a strong and profitable business model that has been architected to be vastly scalable and focused on delivering long-term value. By targeting a largely neglected subsector of the world’s multi-trillion dollar gold market, the company opens up access for retail and institutional investors alike to tap into a fail-safe opportunity while simultaneously improving lives and the environment.

This presents a ground-floor opportunity in a high-growth, burgeoning segment of the gold production and extraction market, a consistently attractive investment with a price that has increased by around 10% per year since 1971. There is no guesswork involved. Based on a robust and scalable business model that is being rigorously implemented by a world-class team of experts, GoldFinX is focused on delivering long-term value. The initial phase of its roadmap is projected to reach €15 billion in revenues within the first ten years.

GoldFinX’s fair trade cryptocurrency, GiX, whose value is protected and enhanced by gold, is selling at 2 Euros until its listing on CoinsBit on March 27, 2020. But on March 27, GoldFinX goes to trading on the Coinsbit and Simex exchanges. Users from all over the world will be served by the Coinsbit exchange, which has fast deposit replenishment and withdrawals from Visa and Mastercard. Work with customers from the US will be the Simex exchange. The mission is to restore coin holders’ faith in cryptocurrency and show that, with the right project, it’s not too late to enjoy the best that the market has to offer.

A Business Model for Renewed Hope

The rise of cryptocurrencies and blockchain technologies has opened up extraordinary possibilities that were not available before. Specifically, by shining a light on a sector that holds tremendous promise yet has been hugely neglected – artisanal and small-scale gold mining (ASGM). GoldFinX’s breakthrough platform addresses a gaping need in a market that has remained underserved while breaking down barriers to entry for smaller investors while remaining extremely attractive to institutional investors as well.

For these small-scale miners, there is a huge challenge in terms of increasing production, who usually rely on very basic, poor-quality tools and dangerous methods to do their job, severely limiting their production capabilities. Without reasonably fair and easy access to credit, they cannot increase their production. And they have no hope of increasing production without the efficiency and effectiveness achieved by having state-of-the-art equipment at their disposal.

Also, employment is scarce, and people desperate to support their families are unable to do so from agriculture alone. Local small-scale gold mining operations offer a lifeline. However, the vast majority work in ‘informal’ mines that do not comply with any industry standards or safety regulations.

Child labor and inhumane conditions are devastatingly common in these artisanal operations, and with little legal support due to informal operations, illegal operators control the flow of gold in these areas and force the miners to accept much less than market value for the gold they produce

With no security or legal protection, these people face the everyday reality of serious risk to their health and, sadly, reports of injuries and death are not uncommon. Largely unskilled and untrained miners are trapped in a cycle of grinding poverty, but they have no alternative choice for survival.

In addition to the horrific working conditions, current ASGM practices pose a substantial ecological threat. The widespread use of toxic chemical processes, including mercury and cyanide, destroys the local environment and causes irreversible water and air pollution. In fact, the ASGM sector is responsible for nearly 40% of the world’s total human-made mercury emissions.

At its core, the problem is that small-scale miners can’t access the financing they need for modern resources and technology to enable environmentally-friendly and safe extraction. Avoided and largely unknown by mainstream lenders, the sector faces a real blockage to progress.

To prevent any further devastating social and environmental consequences, it is vital to level the playing field and accelerate the formalization of the ASGM industry.

The GoldFinX Solution Already Underway Today

GoldFinX’s blockchain technology can address many of the issues faced by the ASGM community. For starters, it provides a decentralized way for artisanal and small miners to raise capital through the sale of digital assets. Such financial inclusion, unheard of even a decade ago, provides opportunities to an otherwise unbanked or underbanked market. For instance, these crowdfunded investments can go toward buying state-of-the-art equipment, improving processes, and gaining access to markets otherwise not available via traditional means.

All these changes can help ASGMs increase their production from 2,000 to 5,000 percent with improved capabilities. Using blockchain technology, GoldFinX will also establish a supply chain system that will accurately document the provenance of the stored gold to ensure that it is fully traceable, validated, and aligned with regulatory requirements.

GoldFinX has already started the proof of concept in the Ivory Coast. GoldFinX’s first project has already produced 2 kgs of gold to date, with an expected production of 5kgs-10kgs per month once the mine is running at full capacity at the end of May. Also, other mines in the Ivory Coast will begin production shortly, with mines in Tanzania and Canada to follow suit in the coming summer months. These artisanal gold mines act as a basis for the diversification of risks as we test our procedures before quickly scaling to many more mines at the end of the year.

In return for financing small-scale operators, GoldFinX will receive a 20% share of the total production for the lifecycle of each mine. The initial phase alone is projected to reach €15 billion in revenues within the first ten years, of which an estimated €2.5 billion will remain in gold reserves accruing in a Swiss bank.

This means that the value of the cryptocurrency is protected by physical assets to give coin holders an extra level of security and assurance as a hedge against any macro volatility. By its nature, the GiX combines the best features of fiat currency and stable coins.

At the core of GoldFinX’s ethos is a real purpose: to empower small-scale miners and finally put them on the map. it is acting as a platform to connect the everyday investor to a previously inaccessible investment opportunity while giving miners access to profitable growth.

Further, through acquiring GiX, investors are directly transforming miners’ working conditions. Making good investments and helping to make the world a better place are not mutually exclusive. ‘Doing good’ is just good business sense.

06.03.2020

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LetKnow.News

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