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Goldex raises $1M for its market app for ‘ethical’ bodily gold buying and selling – TechCrunch

Goldex, a buying and selling app that claims to energy so-called “ethical pricing” for retail gold investments, says it has now raised greater than £1 million ($1.25 million) in a pre-Series A round led via a bunch of angels and institutional buyers.

Amongst the ones collaborating within the round are Prepaid Financial Services (a European fee card issuer); Gaël de Boissard, former Executive Board Member of Credit Suisse; Richard Balarkas, former president and CEO of Instinets; Nachi Muthu, former global head of IT buying and selling era at Credit Suisse; and Craig James, founder and CEO of Neopay.

Goldex used to be introduced in overdue July this year. The corporate used to be based via former City digital buying and selling pioneers from Credit Suisse and UBS, Sylvia Carrasco and Fernando Ripolles, who sought after to take away boundaries to retail gold buying and selling and deal with one of the crucial questionable practices within the gold funding markets.

The U.K. app claims to find the most efficient price among the entire gold sellers providing bids and provides throughout the Goldex platform. Sylvia Carrasco, CEO of Goldex, says the investment “has taken us a step closer to becoming the leading gold trading platform that is both ethical and fully transparent to consumers.”

Goldex isn’t by myself within the house. Glint is a competitor, however it does now not dangle any bodily gold — while Glint does — and Glint units the price for getting and promoting it.

Instead, Goldex routes all purchasers’ orders to the most important global peer-to-peer gold change in 5 global vaults (London, Zurich, New York, Toronto and Singapore). The corporate claims this guarantees a median financial savings of 8-12 p.c at the trades and makes an attempt due to this fact to steer clear of price manipulation in addition to making improvements to transparency over fees.

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