UK-based fintech, Glint, has launched its debit card and accompanying account, which will allow users to purchase gold and use it as a payment option.
The company was founded in 2015 and has since then secured funding worth $6.1 million in two separate rounds earlier this year, although until now its product had remained under wraps. Users can load fiat currencies onto their Glint account to buy portions of gold bars, which are located in a vault in Switzerland. When making a payment with the debit card a user can then choose whether to pay in particular fiat currency, or with gold. If the latter, Glint claims it can sell the amount of gold that equates to the price of the purchase instantly. As of now the app is available in the UK and Europe, with only Sterling and gold being supported, but with further roll out in Asia and the US in the next year more fiat currencies will be added.