- 500 Startups as Silicon Valley-based VC
- Proceeds to Use for HelloGold mobile app’s blockchain technology
HelloGold, an Ethereum-based and gold-backed platform project, secured its Series A funding from Silicon Valley-based VC 500 Startups for an undisclosed amount, according to the press release. Proceeds will be used for the integration and testing of blockchain elements on the HelloGold mobile app.
HelloGold, with an Ethereum-backed smart contract platform, would have a greater transparency and security of gold transactions in the second half of 2018.
Robin Lee, HelloGold’s CEO and Co-Founder, was cited as saying that 500 Startups would make HelloGold accelerate an access to more affordable financial products in Asia via using the blockchain technology.
Blockchain will allow HelloGold to reach a wider demographic of underserved and unbanked markets. Gold is a powerful means of wealth preservation and financial inclusion in Asia, according to Lee.
The Malaysia-based project launched GOLDX—a fully operational, Shariah-compliant Ethereum ERC20 cryptocurrency backed by 99.99% investment-grade gold—using smart contracts to digitise gold in early this year.
500 Startups’ Managing Partner Khailee Ng was cited as saying that 500 Startups is always on the lookout for talented entrepreneurs and the investment in HelloGold aligns well with its global initiatives such as the new Blockchain Track launched in San Francisco in March.
The Silicon Valley-based VC has globally invested in more than 2,000 companies since its inception via its funds with over 100 team members in worldwide.