Blockchain is gaining mainstream adoption in the financial services industry. From reducing transaction times to lowering costs, this technology is changing the way financial transactions are carried out, and its application is far reaching.
The advantages of blockchain technology are playing a crucial role in creating a borderless financial system, enabling investors to trade in asset classes of their choice across the globe at minimal costs.
London-based FinTech start-up, Gigzi, was founded in 2016 with such a vision. Gigzi’s distributed ledger financial system is empowering users through independent wealth management.
Gigzi users can invest in cryptocurrencies and tokenised precious metals and execute cash and bank transfers with the convenience of modern banking while benefiting from stability, security and wealth preservation.
Blockchain: Advantage and restrictions
International money remittances usually cost an average of 5%-20% of the total amount thanks to the involvement of one or more intermediaries. At the same time, transactions can take anywhere between three and eight working days to complete.
In contrast, blockchain technology enables users to settle cross-border transactions in real-time, and cost as little as 0.2% of the total amount being sent. There are, however, certain obstacles facing the deployment of a borderless financial system using cryptocurrencies.
Risks such as volatility, account vulnerability, and the devaluation of wealth are hindering cryptocurrency adoption. For instance, the hyper-volatile nature of cryptocurrency makes it difficult to price goods or services, limiting their use for purposes of trade.
This is where Gigzi comes into play.
Gigzi is changing the game
Gigzi addresses the major challenges of cryptocurrency to create a true borderless financial system by providing access to a wide feature-set that allows users to save, spend, and take advantage of trading opportunities.
For example, Gigzi solves the problem of hyper-volatility in cryptocurrency prices by means of tokenised precious metals. Users can protect their wealth by utilising the stability and constancy of precious metals with three Gigzi Metal crypto-assets — Gigzi Platinum (GZP), Gigzi Gold (GZG) and Gigzi Silver (GZS).
The value of each unit of the Gigzi Metal crypto-asset is pegged to the international price of one gram of the respective precious metal. This allows users to protect their wealth as they will get one gram of precious metal for each unit of the Gigzi Metal crypto-asset that they redeem, even if there is a change in precious metal prices.
This system renders hyper-volatility null and void, as the price of each crypto-asset is anchored by the price of the precious metal. Therefore, investors now have a crypto-asset that allows them to hedge their position to protect their wealth.
Interoperability: solved
Interoperability is another advantage of the Gigzi financial system. Gigzi users can convert Gigzi crypto-assets to and from fiat money, cast bars, or other supported cryptocurrencies.
The Gigzi Treasury enables users to redeem the Gigzi Metal crypto-assets for gold or silver cast bars on demand. When a user requests the redemption of a Gigzi Metal crypto-asset, The mint will fabricate cast bars based on the user’s specification, and safely deliver them to the address provided by the user.
Additionally, users can quickly convert Gigzi Metal into Gigzi Black (GZB), a crypto-asset with a price determined by its demand on the open market. This conversion takes place instantly using live exchange rates to provide users with an agile and flexible method of taking advantage of market fluctuations to generate profits.
Wave goodbye to frustrating delays
Gigzi has set up a network of local partners across the globe to facilitate exchanges between cryptocurrencies and the fiat money of any local market. This functionality allows users to gain access to their funds in the local fiat currency of their choice, but without the delays and inconveniences related to international bank transfers.
Simply put, Gigzi users will have quick and convenient access to their funds wherever they are in the world.
The future is Gigzi
Gigzi is going to change the way in which wealth is stored, traded and protected to create a borderless financial system of the future. The Gigzi crowdsale starts in November 2018. For more information about Gigzi, visit www.gigzi.com
