Troygold enables users to spend their gold bullion via mobile app and debit card

Troygold enables users to spend their gold bullion via mobile app and debit card

Source: Troygold

South Africans have an estimated R300 billion in Krugerrands hidden in drawers and safes, unaware that they could be using the value of their gold to fund day-to-day financial transactions.

Fintech, Troygold, allows gold owners to upload and digitise their physical gold and then use it for transactions and finances. Customers receive an ownership certificate and can then save, spend and borrow against their gold bullion via a mobile app and Mastercard debit card. The gold storage and insurance are free of charge.

Troygold was co-founded by brothers Bastiat and Dane Viljoen. CEO Bastiat explains, “Gold is history’s most stable money in terms of maintaining its value and purchasing power over time. Krugerrands used to be stored at safety deposit boxes in bank branches, but frequent robberies made the practice too risky and banks stopped offering the service. Most South Africans who own gold Krugerrands are stashing these at home in safes and drawers, which is