TALLY Ltd., the group which changed its name from Lionsgold Limited following an EGM at the end of April, has said access to its self-titled physical gold challenger currency is now live on Apple’s App Store and the Google Play Store.
Each Tally is a milligram of gold directly owned by the customer and utilised in their individual banking account and debit card. The physical gold is London Bullion Market Association (LBMA) approved and held in an accredited secure vault in Switzerland, which is 100% insured.
The product – previously known as Goldbloc - is not a fiat (government-issued) currency, nor is it a cryptocurrency, but is a tangible asset held in a customer's banking account, with a debit card that operates complementarily to fiat currencies using the mainstream banking system.
The group said the value, as at today’s date, is £1 is worth 30 Tally.
There are no transaction costs and no fees added to foreign exchange rates when travelling and ATM withdrawals are free.
Tally is initially being released to UK residents only, however it's immediately able to be spent at over 37mln merchant outlets globally through the Tally Mastercard debit card.
Cameron Parry, TALLY’s chief executive officer, commented: "This is a historic day. For the first time, consumers can choose an alternative mainstream currency that is independent, insulated and innovative - putting control and certainty of money back into the hands of the customer.”
Tally was designed and developed over the course of 2017 and 2018 and has become the group’s core business focus, hence the name change which took effect from 29 April.
Lionsgold shares were withdrawn from trading on London’s AIM junior market in November 2018, however a re-float is still on the cards, the group having reserved the stock ticker ‘TALY’.
In the statement released today, Parry said: "TALLY is a public Company that intends to be listed again in London as part of its commitment to the true democratisation of money.”
He added: "TALLY also has significant holdings in key technology partner Railsbank Technology Ltd, as well as gold mining and exploration interests in India and Finland and we shall be updating shareholders in due course on those fronts, along with other activities in the lead up to the Company's planned listing later this year.”