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Amazon’s Alexa wants to rule your world

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Amazon introduces Amazon Alexa, Echo and the All-New Echo Dot at a product launch in London

Upon visiting Berlin’s IFA2107  — Germany’s answer to CES — recently,  there was one word I kept hearing: Alexa. In the consumer hardware space, it’s a great time to be Amazon, if the sheer number of hardware companies jumping on the Alexa bandwagon are anything to go by.

Only today it was revealed that Amazon is working on a pair of smart glasses integrating Alexa, intended to look similar to regular glasses with bone conduction technology to allow the user to engage with Alexa without having to wear headphones.  Amazon is also working on an Echo connected camera system that cannot only keep a look out for intruders but also Amazon-delivered packages.

During the IFA conference, a number of companies made their own Alexa announcements. Let’s take a look:

Bragi makes The Dash series Amazon Alexa-compatible

Bragi_Dash_InUse_01

Smart headphone  company Bragi is responsible for one of the largest Kickstarter funding rounds in European history (over $3.39 million) with The Dash series (The Dash, The Dash Pro), headphones that not only enable the user to listen to music without leads  but also measure movements like pace, steps, cadence and distance along with heart rate, oxygen saturation and energy spent, without an attached smartphone.

At IFA2017 they company announced that their headphones are now  Alexa-compatible. This marks a first for Alexa in the “truly wireless” headphone space. It’s also one of the first truly mobile hardware integrations for Amazon’s cloud-based voice service.

“Now customers with The Dash headphones can easily take Alexa with them on the go,” said Jon Kirk, Director Amazon Alexa.

“Bragi’s intelligent headphones with Alexa will make it easy for customers to control their smart home, ask for news, and access more than 20,000 skills in the Alexa skills store.”

Bragi products are currently compatible with voice assistants like Apple’s Siri and Google Assistant, but Amazon Alexa brings a new world of possibilities through smart home, shopping, and home entertainment use cases. Users of Amazon Alexa on The Dash will also be able to access several streaming audio options including their Amazon Music Library, Amazon Prime Music, Audible and TuneIn Radio.

Amazon Alexa increases robot helper tasks

UBTECH Robotics‘ Alpha 2 and younger sibling Lynx, are two humanoid robots are intent on taking over your household tasks. They can take pictures and videos, make calls, check voicemails, read and send texts and emails, and control WiFi-enabled office equipment. They can also post to your social media using voice commands and dance enthusiastically due to over 20 joints on each robot. Alpha 2 features an open API and SDK for Android and the comes welcomes input from developer enthusiasts.

Significantly, Lynx is the first video-enabled humanoid robot with Amazon Alexa functionality. This means that the robot can not only shop directly from Amazon but also ’s talk to home devices such as security cameras, door locks, security systems, and thermostats.

 

Fellow robotics company Qiban debuted Sanbot Nano, the company’s first home robot. It’s something like a security camera crossed with Echo Dot  — it’s Alexa capabilities succeeded that of Lynx robot — that patrols your house and talks to you, thanks to 50 sensors that help it avoid obstacles, hear voices, and facial recognition tech that helps it recognize when someone enters the room.

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The downside is its price, you can expect to part with $2,800, more than double the price of Alpha 2 and Lynx.

Other products that announced partnerships with Alexa included SmarterFridge Cam, Bosch 360° Indoor Camera and Eyes Outdoor Cameras and a new range of televisions for Toshiba.

Alexa and Cortana connect

Along with Alexa lending it’s functionality to more and more hardware, Amazon and Microsoft announced on Sunday that Alexa will be able to talk to Cortana, and Cortana will be able to talk to Alexa.

Alexa customers will be able to access Cortana’s unique features like booking a meeting or accessing work calendars, reminding you to pick up flowers on your way home, or reading your work email – all using just your voice. Similarly, Cortana customers can ask Alexa to control their smart home devices, shop on Amazon.com, interact with many of the more than 20,000 skills built by third-party developers, and much more.

According to Jeff Bezos, Founder and CEO, Amazon:

“The world is big and so multifaceted. There are going to be multiple successful intelligent agents, each with access to different sets of data and with different specialized skill areas. Together, their strengths will complement each other and provide customers with a richer and even more helpful experience. It’s great for Echo owners to get easy access to Cortana.”

The combining of the home automation and shopping functionalities of Alexa and business communication skills of Cortana will provide some useful collaborative clout against Google and Siri assistants, as well as showing the benefits of collaboration to the innovation of the voice assistant ecosystem. There is, however, no word yet from the latter companies as to whether they want to join the gang. As Amazon endeavors to seep into every part of your life, you can bet the rest are taking notice.

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ICYMI from F2 Capital: Tesla gets some blame, Apple goes AR, Dimon slams Bitcoin

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network-782707_1280

It’s been a busy week in emerging tech, with a lot of big news. Here’s a quick recap of what you might have missed.

Apple debuts ARKit

This past week, Apple introduced ARKit, a new framework that allows you to easily create unparalleled augmented reality experiences for iPhone and iPad. 

Some believe this (along with Google’s release of its similar ARCore) is going to bring massive adoption to mobile AR while others don’t; including Ori Inbar, fellow Tribe member & Founder of Ogmento (which became FlyBy Media), which was acquired by Apple in 2012 and became the foundation for ARKit.

Instead, he argues, [massive adoption] will happen with The AR Cloud (the real-time 3D map of the world) — when AR experiences persist in the real world across space, time, and devices. Ori believes this won’t happen until the iPhone has a “…back facing depth camera that will put in the hands of tens of millions a camera that senses the shapes of your surroundings and can create a rich accurate 3D map of the world to be shared by users and for users.”

AR researchers and industry insiders believe the AR Cloud will be the single most important software infrastructure in computing, far more valuable than Facebook’s Social graph or Google’s page rank index.

IKEA has already released an AR app that lets customers see furniture as it would appear in their home.

Bankers hating on cryptos? No way.

Jamie Dimon, CEO of JP Morgan says “Bitcoin is a fraud, and will eventually blow up.” This, despite JPMorgan starting a trial project using blockchain.

Other reasons why his comments are perplexing. Especially weird considering just yesterday JP Morgan bought 19,102 bitcoin shares in the Swedish Nasdaq traded bitcoin ETN, translating to around 95 bitcoins, worth some half a million dollars. 

Tesla takes some blame

First, on AI: Seven Deadly Sins of Predicting the Future of AI

And after investigating the first documented crash involving the use of driver assist autopilot technology, the National Transportation Safety Board concluded Tesla bears some of the blame. This could have some interesting implications in the insurance space, especially as these “Auto-Pilot” modes become more ubiquitous.

Adobe wants to bring digital marketing to your smart car using analytics on the data captured from web-enabled autos. 

You’ve been Equif***ed

Finally, Equifax, a consumer credit reporting company which collects and aggregates information on over 800 million individual consumers and more than 88 million businesses worldwide, was hacked, exposing 143 million Americans and their social security numbers. Hackers had access from mid-May through July. Equifax had known about the hack since late-July and took over a month to tell everyone. 

The author is program associate at The Junction by F2 Capital. F2 Capital is a seed-stage VC fund launched in October 2016 to back Israeli frontier technology companies at the cross-section of Big Data, AI and Connectivity. We are a specialized seed-stage fund aligned with the emerging realities of startup financing to support exceptional founders before traditional VCs are ready to invest.  The Junction, owned and operated by F2 Capital, was established in January 2011 as the first commercial accelerator for startups in Israel. 

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Hitachi rolls out Vantara to amp up its social innovation track record

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CPS (Cyber-Physical Systems) concept abstract image, various information upload to cloud and analytical data download to real world, Cloud Computing, Internet of Things

Here at their inaugural NEXT event in Las Vegas today, Hitachi debuted their new Hitachi Vantara subsidiary, an effort that’s meant to pull together a broad portfolio of innovation, development and experience from across the company aimed at delivering “data-driven solutions for commercial and industrial enterprises.”

See also: Hitachi sets up IoT R&D camp in California

The new company brings together the operations of Hitachi Data Systems, Hitachi Insight Group, and Pentaho into a single integrated business, looking to leverage Hitachi’s social innovation capability in both operational technologies (OT) and information technologies (IT). Hitachi’s Insight Group, its IoT-focused efforts to break down silos across the company in this emerging tech landscape, is itself only 16 months old.

Over a century in the making

“Hitachi Vantara marks a monumental change for Hitachi as we continue to advance our unified corporate vision of Social Innovation,” said Hitachi, Ltd. President and CEO Toshiaki Higashihara. “Hitachi has been helping customers harness the power of their data to support meaningful business action for years. Now as the world is being transformed by digital tools and processes, we are unifying our strongest digital solutions companies together as a new Hitachi company that delivers exponential business impact for our customers and the betterment of society. The formation of Hitachi Vantara underscores Hitachi’s commitment to  collaborative creation with customers and partners, and being a true innovation partner for the era of IoT.”

The firm has been a leader in OT for industries as diverse as finance, government, manufacturing, energy, and transportation for over 100 years, providing solutions that have positively impacted cities, industrial operations and businesses at large. They’ve also lead in IT for over 50 years—bringing IT applications, analytics, content, cloud, and infrastructure solutions to market that have transformed the way enterprises do business.

“First reaction is ‘wow’ and the second reaction is usually ‘didn’t know you guys did that.’” said Brian Householder, president and COO of Vantara.  Combining Hitachi’s “broad expertise in OT with its proven IT product innovations and solutions,” the new subsidiary should “give customers a powerful, collaborative partner in data – unavailable in any one company until today.”

Hitting the emerging IoT market

The new company is targeting the emerging IoT market opportunity, in which there is no clear winner yet. They’ll continue to provide infrastructure and analytics technologies, especially focused on their existing data center offerings.

It will also be driving the development of strategic software and services solutions, including Hitachi Smart Data Center software and services as well as Lumada, Hitachi’s IoT platform — now available as a standalone, commercial software offering.

In the same announcement, they rolled out Lumada’s 2.0 release. It’s been fully updated with enhanced artificial intelligence (AI), machine learning and advanced analytics capabilities. It also has an elegant, portable architecture that enables it to run both on-premises or in the cloud, and supports industrial IoT deployments both at the edge and in the core.

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LAToken raises millions in ICO to create “the first asset-backed token exchange”

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latoken

As the ICO fever continues to rise, LAToken, a blockchain platform which aims to make tradable potentially any type of assets, raised the equivalent of $9.6 million in late August. In just three days, investors bought 30 million tokens, each one amounting to 0,001 Ethereum (ETH).

Founded by Russian entrepreneur Valentin Preobrazhenskiy, the LAToken platform (short for “Liquid Asset Token”) tokenizes virtually anything from real estate, to bank loans, to works of arts or even antiques.

On Sept. 5, the company announced its “compliance with all the SEC regulations as a token utility.”  Thus US citizens and residents can buy the tokens to purchase fractions of assets or convert the tokens into other cryptocurrencies, like Bitcoin or Ether.

Trading fractions of real-life assets

LAToken aims to provide asset owners with a new way to gain liquidity by selling tokenized fractions of their real-life assets with minimal transaction costs. While keeping the actual assets for their use, owners do not need to borrow money and pay interest. (see LAToken’s whitepaper).

To trade real-estate assets, LAToken is based on an already existing home equity marketplace which Preobrazhenskiy claims has already facilitated 12,000 mortgage offers and over 1,000 deals from several different banks and investors.

“The secondary and primary markets of fractional ownership of home equity and mortgages are now on the verge of a breakthrough, thanks to cryptocurrency blockchain smart contracts,” Forbes quoted David Drake, chair of LDJ Real Estate Fund and member of LAToken’s Advisory Board, as saying.

In early August, the platform began tokenizing Apple shares. Since each share is traded for $160, it is impossible for an investor with just $50 to buy it on the stock exchange – but LAToken allows him or her to buy the corresponding fraction of a tokenized Apple share.

“My dream is to build a NASDAQ on Blockchain with a wider range of tradable assets, blurring the boundaries between the crypto and the real economies, and offering our clients a dramatic reduction of listing costs, settlement time, and transaction costs,” Preobrazhenskiy said.

According to estimates cited by LAToken, the turnover of asset-backed tokens may exceed $1 trillion by 2025.

During the three next stages of the ICO, which will take place in September and October, LAtoken plans to issue 150 million additional tokens.

Among the recent notable ICOs involving Russian companies, or companies with Russian roots, were those of real-estate investment platform Propy, crowdvouching platform Suretly, startup accelerator Starta, and metallurgical waste recycling facility ZrCoin.

A variety of other projects have announced ICO plans and already conducted pre-ICOs.

This story is published in partnership with East-West Digital News, an international news resource about innovation in Central and Eastern Europe.

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Coworking spaces and IoT — what could possibly go wrong?

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The Farm SoHo

The IoT and coworking spaces have a lot in common. Both need to strike a careful balance between forging accessible yet secure connections to engage with and protect their growing communities.

It’s a tough call. Lucas Seyhun, co-founder at The Farm Coworking, said: “While we work with some of New York’s leading technical startups, we are always careful to make sure the technology we use does not replace the human connections that we are so careful to foster.”

“The IoT is one way to achieve this – and we’re just starting to see some really interesting developments that will help coworking communities to connect, grow and stay secure,” he added.

Three technologies, in particular, are helping coworking spaces to achieve a delicate balance of keeping coworking communities both connected and safe.

The first is the Kisi cloud-based platform for physical access control, which uses mobile devices or cards to give coworking members access to spaces.

The Austin-based coworking space atx FACTORY uses this technology and its founder, Vijay Mehra, said: “With this technology, our members can use the application to access the facility via their smartphone 24/7. We did not want to hand out clunky access cards and really wanted to embrace mobile technology in our space, especially with many of our members being mobile and virtual themselves.”

“It is really easy for us to restrict access as we have certain discount memberships that are limited to the time of day they have access to the facility. It is also really easy for us to deactivate the cards if a member cancels. There is no need to collect or have an inventory of access cards,” Mehra added.

Bernhard Mehl, co-founder at Kisi, explained: “Kisi’s vision is to bring open access to the world of things – and we started with real estate. Typically buildings have been locked up and we believe IoT can change that.”

Critical to manage workspace

Second, WUN Systems is a workspace management system for coworking and shared spaces. Its sales director, Warren Hersowitz, said: “WUN offers a platform that will manage the technology of the space including data/WiFi, phones and door access. Even more, the services can be specified around a specific membership plan or member’s needs – for example, a member who needs 24/7 access, ability to access conference rooms when booked, data plan with certain bandwidth and a voice line.”

It also lets coworking spaces integrate all of their systems to provide greater automation and efficiency. This has a knock on effect for coworking members, as Hersowitz explains: “The platform also allows for automation, which can increase the revenue for coworking spaces by allowing them to offer services like 24/7 meeting room access (as opposed to only when staff are present), create a better customer experience (through the portal or phone app that allows instant sign-ups and access to information) and increase efficiency of the staff.”

Third, XANDEM is a full coverage motion detection and tracking technology that monitors spaces without a camera. People wandering around a coworking space appear as a small “X” on the screen.

The company’s CEO and founder, Joey Wilson, said: “There are many XANDEM features that might appeal to a coworking space. Maybe users of the space want to check to see how busy it is before deciding to come in. XANDEM can show them how much action is happening. If the building owner wants to save energy by automating the lighting system – XANDEM can do that.”

But, and this is a pertinent point for coworking spaces, XANDEM lessens privacy concerns, according to Wilson, who added: “In many locations, video surveillance is not appropriate due to privacy or confidentiality issues. XANDEM provides real-time monitoring without going overboard. All that one sees on the interface is a little “X” moving around on the floor plan.”

tracking screenshot

A screenshot of XANDEM

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What does GDPR European Union law mean for your business?

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Today’s consumers are more powerful than ever before, and get every bit of information that they can before they make a purchase. The Internet is helping them greatly, and most of the buying is done online. The pace is so rapid that it won’t be long before online purchases are more common than offline ones.

What does this mean for businesses?

You have to unify your marketing and sales channels so that you can understand your consumers better, and can offer them a personalized cross-channel experience. Customer experience is the trick to mastering this. And so, you must come up with ways that allow you to improve and offer a seamless customer experience across all channels, so much so that you outdo your competitors if you want most of the market share.

Consider the examples of Apple, Amazon, and other giant retailers out there. What are the common elements in their marketing and sales campaign? Following potential leads and consumers over multiple channels and sending them personalized messages. They have advanced analytics systems in place that give them insight, which are then used for delivering a better customer experience than before.

As of now, current technologies allow businesses to control their clients’ data. But all this is going to change next year when new laws are enforced in the European Union, .referred to as the General Data Protection Regulation (GDPR). A law that gives consumers control over their own data and companies must become aware of these new policies, understand the manner in which they will be affected, and take necessary steps to achieve compliance.

Understanding the New Law

The GDPR law shifts data control in favor of clients, and using that control, they will be able to decide which companies can store and use their personal data. They’ll be able to specify the exact manner in which their data could be used by businesses.

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The GDPR Standards
As a part of becoming compliant, businesses have to meet GDPR standards.

  • Implement correct data management policies.
  • Understand and know clients’ rights in light of the new law. Accordingly, you should be able to take appropriate action at the request of your client.

Clients’ Rights
The GDPR law gives the following rights to all clients.

  • Submit a formal request to access their personal information, which a company has.
  • Rectify their data and restrict the company from processing it.
  • Ask a company to completely remove their data.
  • Withdraw consent for any reason at any time.
  • Obtain and reuse their data across different platforms for individual purposes.

Building Trust and Gaining Client Consent are Important

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Organizations should manage their processes efficiently so that they can become compliant. They must understand and mitigate risks, while simultaneously building trust with clients and gaining their consent. This should be a key focus because without client consent, no business is allowed to take any kind of action with personal information for anything other than contractual or legal obligations. When they do get it, they will be able to collect, use, process, and store the data, but only how the clients want them to.

Consequences of Not Complying

What if businesses decide to ignore all this and not bother with compliance? Data Protection Authorities have several measures to enforce GDPR provisions, ranging from a reprimand to a ban on data processing altogether, and fines up to four percent of the global annual turnover.

And it doesn’t end here; you will lose client trust, and may well end up damaging your reputation. All of this will affect your other potential and new customers as well, and they may decide not to buy from you, meaning you will lose both leads and money. Data breaches for instance cause a permanent 1.8% drop in stock prices due to reputational damage (Oxford Economics and CGI).

What are the challenges involved?

It is absolutely essential to maintain client trust and stay compliant, and this is true irrespective of the industry you operate in. But let’st take a look at some of the challenges involved.

Challenge #1: Locating Information
You are compliant to GDPR when you can respond to clients, letting them know what information you have on them. But the problem is that most of you may not even be aware of where you store this data, which may prevent you from responding promptly if clients want their data to be removed. Consider the banking industry for instance, where they usually have files and files of data, dating back to over 10 years ago; the old records wouldn’t even be digital. Thus, you may find it difficult to quickly locate clients’ data.

Challenge #2: Managing Data Streams
Businesses usually have numerous data streams to handle, and when working towards compliance, managing these effectively will be a challenge. Also, since you would need clients’ consent, you may not be able to use any sensitive details in any of your application systems; it all depends on how the clients want you to handle their data.

What solutions can an organization implement?

Achieving GDPR compliance means that businesses should take several steps at their end. These can be defined as follows at the highest level.

  • Locate and document the processing of personal data, and make it transparent to your consumers.
  • Ensure that personal data can be accessed, transported, and deleted so that you can quickly respond to clients’ requests.
  • Store all personal details in a manner which complies with GDPR.
  • Gain protection from data breaches, and minimize the risks involved.
  • Monitor and manage data continuously to ensure that GDPR standards are being met.

Protecting Client’s Data

Protecting clients’ data is crucial if you want to gain their trust. Protection by Design is a recommended approach because it promotes privacy and compliance through the data lifecycle. The two most common techniques are pseudonymization and data minimization.

Pseudonymisation lowers risks by translating data into not-directly personal identifiable information. It remains personal data because you can still combine it with other pieces of data, such as a translation of the pseudonyms. But without this additional information, the data remains anonymous if it would fall into unwanted hands. Data minimization, on the other hand, is a technique that lowers risks by using only that what is strictly necessary to fulfill the intended purpose. This way datasets remain as small as possible, lowering the chance for unintended use or damage in case of a data breach. When privacy risks are minimized, your clients trust you more and are assured that their data will remain secure throughout the process.

Implementing the Technical Infrastructure

Your infrastructure should be compliant, controlled, and portable. Collect data only for specific purposes, and give your customers the right to object. The information which you do gather should be stored in a self-controlled environment and subjected to protection regulations. You can also implement a data governance solution to get deeper insight into the entire lifecycle. This will also help you in building a searchable catalogue of all information while developing an access and control point for data related tasks.

Minimizing the Risks

  • Review your current processes, and create documentation on personal data your company handles and the methods through which you obtain it.
  • Bring data protection officers or DPOs on board so that they can help you define personal data and achieve compliance.
  • Use data stream manager applications to handle all your data streams. Doing so, you will be able to process these streams in real time, allowing you to respond to clients’ requests more quickly.

Want more useful information on GDPR? Follow Ronald van Loon and Janus de Visser to stay updated with the latest on GDPR, understand your role, and learn the tricks to gain compliance.

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This Russian-designed token wants to tackle crypto-volatility

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Goldmint

In this Blockchain era where technology promises to digitize virtually any type of assets, the emergence of gold-backed tokens comes as no surprise.

The concept is not new, but we are now witnessing its first applications. One of these projects is propelled by Goldmint, a company with Russian roots now preparing for an ICO and the subsequent launch of a gold-backed crypto asset. Christened ‘GOLD,’ the token will have its value equal to that of one ounce of gold on the LBMA exchange.

This implies that GoldMint’s real gold reserves “be equal to or exceed its mined amounts of ‘GOLD’.” Thus GoldMint will “buy, sell and repurchase ‘GOLD’ at the current market price for physical gold, using exchange-traded funds (ETF) or physical gold (of 999 quality) as its security.”

What will investors be able to do with their ‘GOLD’ tokens? One of the key strengths of gold-backed assets lies in their relative stability — which is particularly appreciated as cryptocurrencies are demonstrating their high volatility.

Thus Goldmint will promote its ‘GOLD’ as a stable financial instrument to pay employees, conduct transactions or even ICOs. “If the cryptocurrency you receive in the ICO varies too sharply, there are two possible outcomes: either the currency becomes too expensive, in which case investors will be dissatisfied, or it becomes much cheaper, which is very bad for the founders who started the ICO,” the Goldmint team explained to East-West Digital News.

Even though most members of blockchain community are aware of the issue, “there is currently no practical possibility to use a gold-backed cryptocurrency for an ICO — and this is the market need we’re going to address,” Goldmint says.

‘GOLD’ may also be used by traders and other cryptocurrency users to “hedge their gold commodity with ‘GOLD’ on any cryptocurrency trading exchange, without leaving that particular platform. Traders [will also be able to] diversify their trading portfolio with ‘GOLD’ assets,” according to the company.

The company also recommends ‘GOLD’ as a means to purchase and transport physical gold: “You can convert your physical gold into ‘GOLD’ in any bank that uses the GoldMint blockchain platform. This does not only protect your gold in cross-country transportation, it also simplifies the process.”

Her Majesty’s government in the running

No such gold-backed crypto assets seem to be available yet to individual investors — but Goldmint is not the only startup in the running. One of its strongest future competitors could be Singapore-based DigixDAO, which plans to launch its ‘Digix Gold Tokens’ (DGX) in the near future. These crypto-assets are set to become “the future gold standard for value exchange in the Ethereum ecosystem,” claims the company. Launched in 2014, DigixDAO raised $5.5 million in Ethereum’s first on-chain crowd-sale in March 2016.

Chinese ZenGold (ZGC) also successfully completed an ICO in May 2017, raising over 2,000 BTC in less than a minute. Its plan is to launch “a smart asset system backed by physical gold” using the Metaverse blockchain, but the current activities of the company and its platform are unclear at least to non-Chinese speakers (1).

The Royal Mint, a company owned by the UK government, has put its “more than 1,000 years of experience” in a project of gold-backed tokens, scheduled for launch in late 2017. Dubbed ‘Royal Mint Gold’ (RMG), these tokens are intended for investors through third-party investment intermediaries such as banks and brokers instead of being sold to individuals directly.

Another player, LAToken, comes from Russia. Having just raised the equivalent of $10 million in the first phase of its ICO, this platform aims to tokenize virtually any kind of assets including stocks, real estate, works of art, and of course silver and gold.

Tokenizing $100 billion worth of gold

Even tough the success of these new types of cryptoassets is yet to be confirmed, the startups propelling them are not short of ambition. “Our idea is revolutionary,” claims Goldmint: “We plan to convert [dozens of thousands of tons of gold] into blockchain-encrypted tokens to help owners protect their valuables, to help investors move their gold rapidly and easily from one part of the world to another, and to help companies and individuals hedge their gold against market volatility.”

Thus, the company aims to “gain access to 1% of global gold circulation (over 300 tons)” by launching its Custody Bot automated storage facilities in pawnshops around the world; “another 5%” of gold circulation by introducing them in shopping centers, with the ultimate goal of controlling “10% of gold reserves, worth more than $100 billion.”

Goldmint will initially target Asia and Eastern Europe: “We have many robust partnerships in these areas, which will help us to run our business faster. Then we see India and OAE as very interesting countries where our Custody Bot and the gold-backed crypto asset will be very in-demand,” the team told EWDN.

Goldmint has requested Deloitte, as well as Elina Sidorenko in Russia and Julia Zegelman in the USA, to establish the legal status of ‘GOLD’ in different countries.

“Once banks decide how to legally and fiscally regulate GOLD, clients will be able to exchange dollars, foreign currency, and gold bullion to ‘GOLD’ and to fully benefit from all aspects of the cryptocurrency market,” Goldmint claims.

This story first appeared in East-West Digital News, a tech news site covering Eastern Europe and a syndication partner of ReadWrite.

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