Glint Pay on Crowdcube


#1

(Viktor) #2

As a curious fintech user (not a FT team member), should I use this? Any good use cases?


(Alex Sherwood) #3

4 posts were split to a new topic: Onedox on Crowdcube


(Vladislav Kozub) #4

Really do not get the idea of gold in people’s everyday life. It barely has any value nowadays except a nice look (most of its use is for jewellery after all).


(Big Boss) #5

Yea… Why own gold when you can own equities?! :thinking:


(Vladislav Kozub) #6

Ask @Diversify, he is a big fan of gold


#7

Knew someone mentioned Glint before, it’s all coming back to me. I’m guessing this is also somewhat relevant:

and given Gold is less volatile it makes more sense?


(Vladislav Kozub) #8

But the target market of Glint is probably not vulnerable Venezuelans (or other suffering economies), who simply would not have access to it. Doubt it makes sense in the EU or the US.

But who knows, I though Bitcoin was overvalued in 2016 :joy:


#9

:green_apple: :pear: @Justin @Vlad the context for Gold is money i.e. currency. What is the real return of cash holdings (missing from your graphic)? Negative due to the inflation rate.

Glint’s mission is to ‘reintroduce gold as money’ so let’s at least try to include this perspective.


#10

London is the home of the multi-trillion dollar gold market.


#11

They’re running the following promotion, so maybe it’s a good opportunity to take advantage of trying before you buy in so to speak.

To mark the launch of additional currencies, Glint is to offer the first 50,000 people to load £1,000 or 1,000 euro into the gold account (fee is 0.5%) fee free gold/FX buy and spend until the end of 2019.


(Tommy Lowe) #12

I’d really like to give this a trial, but I don’t think I want to go as high as £1k :confused:


#13

Likewise. I’m just sticking to cost averaging my way in & if I so happen to be one the first 50k to benefit before the year is out then I’ll consider it a bonus.


#14

Not against gold as an investment per se, but really don’t get the idea of aligning what is basically your current account with an investment vehicle.

Obviously you can’t really spend gold - you’re converting out every time you spend. From the graphic below, Glint apparently take 0.5% every time you do so. Plus 0.5% on the way in. So for the privilege of spending money in gold you’ve already lost 1%.

If I’m reading this wrong, apologies and someone from Glint, do correct me!

If you want to buy gold, just buy gold through a commodities broker account or a gold ETF. Then leave that there as an investment.

I assume the whole card, payment idea is to align it with the Monzos of the world…


#15

I do believe there’s some novelty to Glint but also some genuine utility. I don’t intend to use Glint Pay for payments (more as just another savings account), but the option to do so is of value.

This is easier said than done and until Freetrade/Revolut launches affordable investing, Glint remains an elegant mobile only way into gold imho. Even then, 0.5% is a fair price for instant liquidity to transact with the free card.

That’s just my view as a user but I can also appreciate the other side.


(Alex Sherwood) #16

Is there utility when it comes to payments - I’m wondering if I’m missing something here or is that not what you meant?


#17

Presumably utility is just an easy way of buying/saving in gold?


#18

Yes, with the option to “spend” it also.


#19

I could be wrong but I think there’s no cost for spending what they call ‘Liquid Gold’, however there’s a small storage fee of 0.125% per/year.

Agree, it also feels niche in Western Europe. Maybe more likely to do well in other markets like Asia…


#20

The fee exists. On one of the Crowdcube discussions a Cofounder explains why it’s a fair price if anyone is interested to know their logic.

Indeed, this will apply for 2019 onwards.