Lionsgold launches online trading platform
(ShareCast News) - Gold-focussed exploration company Lionsgold announced the release of its financial technology gold application 'IndexGold' on Tuesday.
The AIM-traded firm said the website and trading platform was now live, and enabled the public to directly own, store and trade physical gold and silver.
It said IndexGold was the result of a collaboration between Lionsgold and TRAC Technology, which was initially conducted under a joint venture as announced on 1 November last year.
IndexGold benefitted from using established technology through a web-based application, the Lionsgold board explained, which enabled individuals to directly own and trade physical gold and silver.
The platform was developed on budget under the terms of the JV, and Lionsgold will own 37.7% of TRAC following the capitalisation of JV expenditure to date and the investment of the remaining funds budgeted under the JV as announced on 3 May.
All intellectual property relating to IndexGold and the legacy platform developed and released under The Real Asset Company remained owned by TRAC.
Lionsgold said IndexGold combined TRAC's fintech and sector experience with Lionsgold's business development and corporate growth capabilities, and it would benefit from TRAC's existing customer base and legacy brand awareness.
Planning was already underway for further IndexGold products to be released during H2 2017 to meet consumer demand, enabling individuals to "conveniently" hold personal assets in an online account backed by tangible precious metals.
"We are extremely pleased to release IndexGold into the public domain," said Lionsgold CEO Cameron Parry.
"IndexGold is the result of a successful collaboration between Lionsgold and TRAC that commenced under our India-focused JV, initiated in November 2016.
"Since that time the potential commercial opportunity has evolved and the parties agreed to progress with a single entity focus, to develop products together and grow consumer numbers, across multiple jurisdictions."