Throughout history, hoarding physical gold has proven to be beneficial as the price continues to rise. Now that the digital gold has arrived, keeping gold has never been this convenient. Goldmint is a platform for digital gold investors, where GOLD crypto-assets (GOLD tokens) can be used for lending and pawning transactions. Thus, this platform provides a safe storage space for these purposes.

Trust Management

When an investor owns GOLD crypto-assets, which are backed by physical gold, and stores them at Goldmint, an account is created. It is like a bank account, but stores GOLD tokens instead of physical gold, crypto-currency, or fiat currency. The user can delegate Goldmint company the right to manage GOLD at the account. Hence it is called “trust management.”

With the similar functionality of a bank account, the Goldmint trust account also pays out interest or “investment income” to investors. The interest rate or “investment income rate” (X% annually) is based on market conditions.

Here is how it works: Goldmint serves as a lender and charges interest (Y% annually) to borrowers. At the end of the year, the investor receives profit based on this calculation: Y% — X% = profit.

Lending

In the event of obtaining a credit with fiat or crypto-currency, GOLD tokens will be used as collateral. An agreement of the loan amount and its costs will be agreed before the transfer of the fund. The borrower, who owns GOLD tokens, must agree with the terms of the loan.

The fund can be withdrawn and used via a bank account or a specially emitted VISA/Mastercard card. Interest will accrue when the credit is used and hasn’t been paid back after the grace period. It works like a regular credit card, but it is a secured credit by digital gold.

The loan can be repaid in several ways regarding the amount and the method of repayment. In the case of untimely loan repayment, the GOLD tokens will be transferred to Goldmint and become Goldmint’s property.

Pawning

The GOLD tokens received from the investor are converted into a currency and W% pf the amount (50 <W <96, for example, 80) will be transferred to a pawnshop to be issued after T months under Y% per annum (Y >X >0). After the conversion took place, no more than 4% [(100-W)%] will be used to purchase Q amount of CALL options that will expire in T months and [(X/12)*T*Q] mini gold futures on the stock exchange. Therefore, Goldmint provides a hedge against the increased prices of physical gold and guarantees 100% return of investments through T months with a specific interest rate. This gives Goldmint with 1.1 ounce position of gold.

Two possible scenarios from the pawning functionality of Goldmint:

1. The pawnshop provides a full return in Y%. Goldmint exchanges fiat currency into GOLD tokens and pay of the loan to the investor with X% interest.

2. In the case that the pawnshop does not pay the loan back, Goldmint will take over the ownership of the content of Custody Bot.

In the event that Goldmint takes over the ownership of the content of Custody Bot, the physical gold will be transformed into ingots for storage. Next, Goldmint would issue an equal amount of GOLD tokens to be returned to the trust with agreed upon interest and within the timeframe via the linked smart contract.

Custody Bot is an automatic robotic storage unit used to automatically store, assess, and deliver the physical gold, which is like to replace conventional pawning mechanism. It provides extra security as it would automatically evaluate the authenticity and value of the physical gold with hydrostatic scales, X-ray fluorescence spectrometer, analyzer crystal, and goniometer.

In various pawning scenarios, Custody Bot provides a peace of mind to investors. Goldmint uses Custody Bot with these features in mind.

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