Should you buy Glint’s digital gold?
Glint Pay Credibility Analysis
Glint is digital gold that you can spend anywhere MasterCard is accepted. And with their smartphone apps’ Glint It! function, digital gold can be sent directly to other account holders — all for a fee of just charge 0.5% and a 0.125 storage fee to keep the gold safe and sound in a Brinks vault in Switzerland.
Should you buy Glint?
I think Glint is a good option for incremental accumulation of gold, I’ll explain what I mean by that. There’s a simple lifehack for achieving financial freedom (or getting out of the “rat race” — to use another catchphrase); when you get paid, before you spend money on anything else put 10% into some kind of sound investment — then do nothing and let compound interest work for you. If you wait until the end of the month or when it feels financially comfortable to invest your income, like most people, you’ll end up spending your money and remain trapped in the rat race. This simple strategy is how I’ve built up a crypto-portfolio and rainy day savings that kept food on my table when the rainy day came. Glint enables everybody with a credit card or bank account to incrementally accumulate digital gold. If you get paid $100, for example, buy $10 in gold with their intuitive app, repeat, and your heart will begin to swell with pride every time you look at your gold balance. When you accumulate a minimum of 10 grams you can redeem your digital gold, have them send you the actual gold, which will take up to 4 weeks since it’s coming from Switzerland — if you have much experience with international shipping you’ll know that this is a pretty normal wait time.
According to different reviewers around the internet, the Glint card (which does glint) can have some issues. But, you shouldn’t be spending your gold at restaurants or buying gas! Glint made headlines in 2019 when they went into administration — which sounds scary but it basically just means that the British government does not ensure deposits made into Glint’s ecosystem. If you trust the British government to ensure anything I have a bridge to sell you on the other side of the Atlantic (and I’ll accept payment via Glint It!)
Being London-based they are, of course, highly regulated and according to them, insured by Lloyds of London and their gold reserves are audited daily BUT I could not find recent audit reports anywhere. That’s a bit of a red flag, so I’d hold off on putting my life savings into their digital gold. I’m generally skeptical of centralized digital gold, but a sign of Glint’s credibility is their +4 star average rating on Trustpilot with over 600 reviews. Trustpilot does a pretty good job of filtering out fake reviews, a cursory internet search failed to return evidence that many of their customers are dissatisfied so it’s it would appear that Glint is legitimate digital gold.
About Glint
A neat fact that I learned from this podcast interview with Glint founder Jason Cozens: gold is only created when two neutron stars collide, wow!
The Global Gold Currency
Glint’s prepaid debit card is issued by Sutton Bank, member FDIC, pursuant to a license from Mastercard International Inc. Card account funds are FDIC insured up to $250,000. Terms and conditions apply. See Cardholder Agreement for details. Glint client’s gold is securely held in a Brinks vault in Switzerland.
from glintpay.com
