logo-loader
viewTally

Tally's gold-linked currency in good position during pandemic

Snapshot

  • Launched physical asset currency linked to gold
  • Has interests in fintech and gold exploration firms
  • Plans to re-float
Tally card

What Tally does

Tally Ltd is the developer of the banking and physical asset currency of the same name.

Previously known as Lionsgold, Tally offers users a currency that is directly pegged to physical gold.

Each ‘unit’ of 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 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.

Aside from its Tally service, the Company also has holdings in certain fintech, gold mining and exploration firms.

In March, the digital bank reassured customers that it remains “in a good position” during the coronavirus pandemic. 

The fintech, which offers services via a physical debit card and a banking app, said there were only two areas of its business that require “physical application” and the rest can be managed digitally and remotely.

As the movement of physical gold to its vaults involves a low number of people and is conducted within in a contained environment, Tally said “there should be no disruption to this business component”. 

What the boss says: Cameron Parry CEO

“Tally is in a good position with regard to operating its full reserve banking platform during this pandemic. 

“As a digital NBFI (non-bank financial institution), nearly all of our business activities are carried out digitally, enabling Tally to be operated remotely.”

Inflexion points

  • Re-listing on AIM
  • Groth spurred by people looking for bank alternatives
  • Gold price rising 

 

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Tally named herein, including the promotion by the Company of Tally in any Content on the Site, the Company receives from said issuer annual...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Proactive analyst Ryan Long looks at opex curve for tin operations

Proactive mining analyst Ryan Long looks at the opex curve for all operations and potential operations within the peer group.  The data is based on cash costs per tonne of tin product produced. The lower the opex the more economically efficient the operation.

13 hours, 46 minutes ago

2 min read