Mygold: Transforming The Indian Gold Landscape

Amol Bansal,Founder & CEO

Amol Bansal

Founder & CEO

India as a country is one of the most prominent gold investors. While until recently, people only invested in gold by purchasing it in various physical forms like jewellery, coins, and bars. Today we also have other ways of investing in gold like Gold Bonds, ETFs, and other forms of Digital Gold. MYGOLD has taken a leap by creating MYGOLD app, a complete Gold ecosystem, securely built on the Blockchain platform that comes with virtually endless 'Golden' possibilities. MYGOLD is a unique platform that eliminates many of the deficiencies that current digital gold platforms present, particularly when it comes to the adaptability, accessibility, and accountability of physical gold.

“MYGOLD offers a plethora of features to suit the people’s requirements as we have built it from a consumer perspective. We expect MYGOLD to become a go-to name for the gold and financial needs of India. We encourage people to recognize the true potential of gold as a passive income generator. Our platform allows users to use their gold freely, safely, and efficiently, 24x7”, shares Amol Bansal, Founder & CEO, MYGOLD app.

MYGOLD app gives you the freedom to make Gold a dynamic, integral part of your daily life. The app allows the user to ‘Upload Gold’ (Digitalize your existing Idle Gold at home/bank) and ‘Sell Gold’ (Sell the Gold for
money) by simply booking an appointment. A partner verifier van would go to their address, test the gold for purity and melt it in front of them, and share the purity certificate immediately. The uploaded Gold immediately reflects in their account in form of ‘Gold Tokens’. MYGOLD has partnered with government-approved Custodians all over India, who will securely hold physical gold to back the tokens on their account.

The users can also purchase gold on the app using a ‘Savings Plan’ or build their own custom plan. The Gold tokens can be redeemed 24x7 via E-com purchases, purchases at partner merchants using ‘Scan & Pay’, Gifting gold to loved ones, Selling gold, or through ‘Release Gold i.e., getting the Physical Gold delivered to their address. The app offers a special feature called ‘Sell & Reserve’ which enables users to withdraw cash anytime for unexpected expenses in exchange for the Sale of Gold in their MYGOLD bank while holding onto the current gold price so that it may be repurchased at the end of the holding period at the same price.

MYGOLD app is built using Blockchain Hyperledger technology. Today, Blockchain Technology is being used by all the Major Banks and Payment Networks among other industries. It delivers us an all round secure platform that cannot be hacked/ manipulated, preserves the track and trace of the supply chain and auditable proof of reserve which shall be published religiously on the app.

MYGOLD app also Invites merchants, businesses and new budding entrepreneurs to become partners and grow their customer base and work. The app acts as a revenue channel for partners, offering attractive partner benefits. For merchants, MYGOLD offers a free SAAS model where they can upload their products and start selling with ease via E-com.

Future Aspirations
“We see MYGOLD bringing great transformations in the Gold landscape of India. As India currently holds the biggest stock of Gold in the world, Gold has a massive untapped potential that is yet to be utilized. We aspire to help make India 'Sone ki Chidiya' again with our efforts and dedication”, adds Amol.

The company will soon release a beta version of the app in several parts of India. Then shortly the app will be available pan India. MYGOLD app will be made available on both Android and iOS in the majority of Indian regional languages. In the upcoming years, the firm wants to transform the perception of gold investments by bringing pioneering technology and solutions to the market.