Trovio, a Singapore-based fintech company, has recently announced that it will no longer be partnering with the Perth Mint on its cryptocurrency project. Instead, Trovio will focus on the development of its own product called GoldPass, which is a digital platform that allows customers to buy and sell gold, silver, platinum, and palladium.
Trovio’s decision to part ways with the Perth Mint comes amid increasing scrutiny around the use of cryptocurrencies in the precious metals industry. While some companies have embraced the use of digital currencies as a means of facilitating precious metals transactions, others have raised concerns about the potential risks and uncertainties associated with these technologies.
According to Trovio CEO, Nicholas Theng, the decision to focus on GoldPass was driven by a desire to offer customers a more secure and reliable way of buying and selling precious metals. “We believe that GoldPass offers a more transparent and secure way of trading precious metals than using cryptocurrencies,” he said.
Trovio’s move away from cryptocurrencies is part of a wider trend in the precious metals industry, as more companies look to traditional technologies and platforms to facilitate their operations. While the use of cryptocurrencies in the precious metals industry is still relatively new, experts predict that it will continue to grow in popularity in the coming years.
Overall, Trovio’s decision to focus on GoldPass is a strategic move aimed at offering customers a more secure and transparent way of trading precious metals. As the precious metals industry continues to evolve, it will be interesting to see how the use of cryptocurrencies and other new technologies will shape the future of this market.
References:
- “Trovio ditches Perth Mint cryptocurrency project for GoldPass” – ABC News, 21 March 2023. Available at: https://www.abc.net.au/news/2023-03-21/trivio-dumps-perth-mint-cryptocurrency-questions-for-goldpass/102120160
- “Blockchain and the future of the precious metals industry” – Mining Technology, 13 November 2021. Available at: https://www.mining-technology.com/features/blockchain-and-the-future-of-the-precious-metals-industry/
