TRAC Technology Limited, a majority-owned subsidiary of Lionsgold Limited(LON:LION), has been granted an electronic money licence by the UK’s Financial Conduct Authority.
This will allow it to act as a payment or e-payment institution and greatly facilitate TRAC’s activities as a provider of online accounts for holding physical gold.
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"We are delighted to report that Lionsgold's fintech subsidiary, trading as "The Real Asset Co", has received FCA approval to provide certain regulated products and services under an E-Money licence,” said Lionsgold chief executive Cameron Parry.
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"As announced to the market on 18 October 2017, Lionsgold has been developing TRAC's physical gold account product offering into "Goldbloc" - a global digital currency that represents direct ownership of physical gold. This approval is an important step to complete in the lead up to the initial product release."