Korea Gold Exchange Digital Asset Targets 'Jjantech' Users
Exchange Dormant Foreign Bills and Coins for 'eGold'
Install Kiosks at Over 40 Locations in the Capital Area Within the Year
Enhance Mobile Gold Trading Platform 'Sengold' Service
[Asia Economy Reporter Lim Jeong-su] On the 14th, Korea Gold Exchange Digital Asset Co., Ltd. (CEO Kim Jong-in), a subsidiary of ITCEN Group, announced the launch of a service that converts dormant points and foreign banknotes and coins into gold and silver.
Korea Gold Exchange Digital Asset operates the gold trading platform "Sengold," which allows investment in gold and silver through a mobile app. This service enables users to trade gold in units as small as 100 KRW anytime and anywhere with a simple membership registration process. They also introduced the "Geumbang Geumbang" service, which converts dormant items such as stone rings and gold necklaces at home into gold exchange vouchers (e-gold) remotely.
Starting from the 19th, the company will launch a service that converts foreign coins and small-denomination banknotes into gold and silver. Using this service, users can accumulate points for 60 types of banknotes from 18 countries and 23 types of coins through "Buddy Coin" kiosks installed at 11 locations, including Homeplus Gangseo Branch. Korea Gold Exchange Digital Asset plans to expand the kiosks to about 40 locations in the metropolitan area by the end of the year.
Additionally, in November, they will launch a service that allows investment in gold and silver using OK Cashback points. According to the company, from 2015 to 2019, points accumulated from airlines, mobile carriers, oil companies, and card companies amounted to 20.5 trillion KRW. Among these, points worth over 1.5 trillion KRW expire annually due to validity periods.
Kim Jong-in, CEO of Korea Gold Exchange Digital Asset, said, "The 'Jjantech' service utilizing points and foreign coins will provide consumers with diverse investment options," adding, "It is expected to give new value to points that would disappear and dormant foreign money."
He continued, "The prices of physical assets, which plummeted due to COVID-19, have risen by 38% for gold, 151% for silver, 94% for platinum, and 78% for palladium compared to the lowest point in March," and forecasted, "With expectations for economic recovery, hydrogen economy promotion, and strong electric vehicle sales, investment in physical assets will attract attention."
He added, "We are working with physical asset distribution companies to enhance the scalability, stability, and completeness of the Sengold platform by promoting the digitalization of various assets such as platinum and palladium," and said, "If the financial sector's open banking service passes the final review in November, it will be the first case to indirectly recognize the value of digitized physical assets."
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