Despite humble origins, Puregold.sg Pte Ltd is an established Gold enterprise consisting of its own minting factory, refinery, retail and e-commerce stores as well as offices across 2 other countries. Puregold.sg aspires to optimize transactions through Fintech in two initiatives, namely the Gold ATM as well as the PGPay Payment gateway. To know the benefits to holding PGPay Token on a deeper level, it is key to understand why PGPay and PGG was implemented.
In the endeavour to spearhead the two measures above, Puregold.sg offers two unique digitized tokens, the PGPay (PureGold Pay – Singapore) and the PGG. The PGPay is a cryptocurrency supported by Gold and offered as a utility token with the aim to offset transaction fees at discounted rates. PGPay can also be used in the exchange for goods and services, wherever it is accepted. The PGG is also a cryptocurrency that takes the form of digitized gold ( where 1 PGG = 1 gram of gold ) and is completely transparent in its logistical procedures regarding the gold kept in third party storage. At the discretion of Puregold.sg, PGPay Token may also be exchanged for PGG.
The Gold ATM was founded to provide easy access to buyers who preferred the tangibility of possessing physical gold. There are currently 3 Gold ATMs erected across Mainland Singapore and the company projects to build at least 20 more to reach out to more buyers internationally. For every purchase of Gold from the Gold ATM, Puregold.sg periodically stipends 0.2% of its earnings to PGPay holders (in proportion to the amount of PGPay they hold) in the form of PGG. PGPay holders also enjoy a lower cost in purchasing Gold at the ATM using PGPay.
In a similar way, PGPay holders also have the freedom to buy gold at spot price on the PGPay Payment gateway using PGPay Token to less off the fee. As compared to exhorbitant rates charged by various other Gold dealers, Puregold Singapore allows traders on the platform to purchase Physcial gold at only 2% above spot price and sell them at just 0.5% below spot price. Another distinctive aspect of the PGPay system is the feature to pay with Gold on its digital platform. Puregold.sg charges only a slight 1.5% merchant fee to partnering merchants on their price of goods and services. In the revenue generated by gold sales and merchant partnership on the PGPay platform, 0.2% - 0.5% of the profit is also distributed periodically to PGPay Token holders in the same way the Gold ATM does.