Singapore-headquartered startup Copernicus Gold, which offers an online platform that enables anyone to acquire, save or pay with digital gold anywhere in the world, revealed that it has secured US$3.5 million in funding from a private investor based in Russia.
The investment was closed in the second half of 2016. “We cannot disclose the name of the investor,” Copernicus Gold CEO Sergei Vozchikov told e27. “The money raised from this round was used to set up the shared value facility in Singapore and market our mobile app.”
Copernicus was launched in August last year by Russian economist and former banker Professor Vladmir Nikolaevich Frolov (Founder), Damir Gaynanov (Co-founder), and Alexey Romanchuk (Co-founder and CTO).
Copernicus Gold is a multi-currency platform built on proprietary private blockchain to enable secure, transparent and real-time transactions. The startup makes it possible to have an entire global payment ecosystem linked to gold because digital gold can be acquired without the limitations of purchasing a physical piece of gold.
On the platform (web, Android and iOS), buyers can purchase digital gold in any measure. You can choose to store digital gold in virtual form to carry out transactions digitally, or you can exchange digital gold for a physical piece of the metal at one of its partner stores in Singapore.
This platform is more useful for those who want to save in gold but can’t, as a single gram of gold costs upwards of US$40. They can use the platform to save in one gram of gold and above.
On the other hand, businesses and large enterprises can leverage Copernicus Gold’s technology to implement an electronic wallet; for example, a cell phone operator. Copernicus can also integrate with existing ecosystems that access people and can be used for payments, like Facebook, Telegram, WeChat or WhatsApp.
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Businesses, and businesses with applications, may soon choose to use their own cryptocurrencies or tokens, and these can be implemented as a payment system using Copernicus Gold’s technology.
The startup claims it currently sells digital gold to over 4,000 customers across 40 countries.