FAQ – General
No, we’re not. We’re only tying actual physical assets with blockchain tokens. Remember that blockchain technology allows us to create non-fungible token (NFT) which is not a cryptocurrency. Cryptocurrency is used as digital money while an NFT token can be used as a digital asset such as famously used in Cryptokitties digital kittens – rare digital collectibles.
Please note that blockchain and cryptocurrency are two different things. Blockchain is the underlying technology that powers cryptocurrency. It’s just like how you need Internet to power online banking. We are merely using blockchain technology to store physical assets.
Below depicts the difference between cryptocurrency (fungible tokens) and non-fungible tokens (NFT) which we are using.
We are using non-fungible tokens to represent each unique physical asset on our platform such as a 1 oz PAMP Fortuna gold bar. The unique characteristic of the gold bar such as brand, weight, serial number, purity, and even its photo is stored inside the blockchain token that represents the physical asset in the digital world.
We need blockchain to securely store and represent the physical assets in the digital world. Imagine this, how could you verify your ownership to a certain asset such as buying a gold bar from an online gold retailer? The dealer would probably issue you a receipt or a certificate proofing that you own the asset. But a digital or paper receipt or certificate could easily be forged and tampered with. Someone could “photoshop” (edit) the value on those documents from like 1 kg to 2 kg of gold bar. Which begs the next question – how could you sell your gold bar to someone else without creating any suspicion of fraud? No one could trust the authenticity of your receipt or certificate unless they refer back to the original seller. Thus, this creates a high level of friction for anyone who wants to trade physical assets with just a form of paper – hardcopy or digital.
With blockchain, we could create digital tokens that cannot be forged or duplicated. Otherwise, cryptocurrency wouldn’t work (imagine someone printing their own Bitcoins like printing fake money). Any data stored inside the blockchain cannot be changed (immutable). Hence, there can only be one blockchain token (or data) representing that one unique piece of asset with its serial number, brand, model and photo all stored inside the blockchain.
This is why we need blockchain – to be the secured bridge between the physical assets and the digital world and to protect its integrity.
One may argue that although an asset may be tied to an unsecured piece of PDF or digital certificate, they could just sell back the assets to the same asset dealer whom they purchased the asset from. However, the dealer may offer a much lower price compared to the market price (high spread). With our platform, you could sell your assets to anyone who is willing to buy at a price both sides agree upon – willing buyer, willing seller.
The only fee you have to pay is a 0.5% sales commission when you sold your asset (like gold or silver). For example, if you sold your gold bar for $1,000, we will take $5 (which is 0.5% of $1,000) from your sales value. So, you will eventually receive a $995 payout from us. That’s it! There’re no other fees like storage fee, management fee, spread fee or whatever.
Using gold as a comparison, the table below shows the many advantages that we offer compared to physical or paper assets.
Yes, absolutely. We only deal with real physical assets that are properly allocated and segregated. And we know the cost and hassle in owning valuable assets because we are investors too. Thus, we want to create an online platform that you could trade assets without ever worrying about storage fees and security. We will absorb those fees for you. We only work with reputable storage providers and asset dealers around the world.
Yes, absolutely. Each person’s assets are carefully bagged, packed and marked. For example, if you trade gold with us, your gold coins or bars are fully allocated and physically segregated from the rest.
There’re too many fees involved in buying and selling physical assets directly. The typical costs are,
- Delivery fee – such as buying a gold bar online and paying for insured delivery to your doorstep.
- Storage fee – assuming you don’t plan to store your precious assets in your home, you have to pay a storage provider a fee.
- Management fee – some physical asset companies charge a yearly management fee for helping you to manage your assets.
With us, you don’t have to worry about any monthly or yearly fees. You only pay an affordable sales commission when you sell your assets. That’s only fair since you most probably would have profited if you sold your asset. Otherwise, you shouldn’t have to pay any fee when you’re not making any money from your asset.
You don’t have to pay for VAT (Value Added Tax) or any sales tax when you buy or sell assets like gold on our platform. However, you may have to pay for these taxes if you are trading some assets like art or wines depending on the country you are buying from. You may also have to pay for capital gain tax depending on your country of residence but this applies to all investments you partake, not just on our platform.
You don’t need to install any app or software. You only need a web browser like Chrome, Firefox, Safari or Microsoft Edge on your PC or mobile phone.
This is an unlikely scenario. But if it does happen, you may collect your assets by contacting us. There’s an insured delivery fee with a tracking number and signature requirement to your address (depending on the distance). Typically, the delivery fee starts from €20 within the EU and $25 to the US for 0.5 kg (1.1 lbs). We will provide you the final shipping fee once we know your delivery address and the total items to ship. We can deliver to virtually any country worldwide.
You may redeem your assets by contacting us. There’s a one-time withdrawal fee of $99 (regardless of how many assets you have with us) and also an insured delivery fee with a tracking number and signature requirement to your address (depending on the distance). Typically, the delivery fee starts from €20 within the EU and $25 to the US for 0.5 kg (1.1 lbs). We will provide you the final shipping fee once we know your delivery address and the total items to ship. We can deliver to virtually any country worldwide.
Investing in real estate like an apartment requires much more investment that investing in physical assets like gold, silver or even art. You can spend as little as $50 to invest in gold but an apartment will cost you $50 000 or more.
Typical real estate investment takes a longer period to appreciate significantly (10 years or more). For assets like gold or silver, you may buy or sell in month’s time.
It’s much harder to sell a real estate than assets like gold or silver. It generally takes one month to even six months or more to sell off your apartment. For gold or silver on our platform, you can sell in minutes.
FAQ – How to Buy Assets
If you are not satisfied with our product or service, we will gladly provide you a full refund. We will return 100% of your money (no return fee). The only thing we would ask is the reason for the refund so that we can improve ourselves.
First, you only need to create a free online account on our platform with your email address. A blockchain wallet will be given to you for free in your account. Then you can immediately start buying any assets listed on our website.
To sell, you need to sign-up as a seller by clicking here. You will then be given a seller’s dashboard where you can upload your assets to sell – with title, price, photos, description and more. Once submitted, we will review your item within 24 hours. Once it’s approved, your asset will be live on our site.
At the moment, we accept credit/debit cards and PayPal. We will accept wire transfer in the near future. We do not accept cryptocurrencies like Bitcoin, Ethereum or Litecoin yet, but may accept those in the future.
No, you don’t. In fact, we don’t yet support Bitcoin or other cryptocurrencies as payments. You only need to use credit/debit card or PayPal. We also support bank transfer or wire transfer in the near future.
All physical assets will be represented as blockchain tokens. This means you will not receive the actual assets delivered to your home but instead, it will be stored in insured and secured vaults with our storage providers. You can find out who is the storage provider in each asset description.
You need to have a blockchain wallet to receive the tokens. A blockchain digital wallet is like your bank account where you store your blockchain tokens and cryptocurrencies. When you signed-up on our website, you are automatically given a free wallet (a HD type wallet) with a wallet address (like a bank account number) and private key (like a password) as well as the seed phrase (like your security questions feature). We do not store your private key or seed phrase so please ensure you never lose them.
Upon purchasing an asset on our website, the seller will deliver the blockchain token to your wallet. The actual transfer process is that the token will be sent from the seller’s wallet to your wallet address (looks something like 0x6CeC82149E7C73Ba79f0767a4464FB00f5cE07E5).
Once the transfer is complete, you will receive an email with a transfer confirmation link. A confirmation link looks like this.
Please watch our short video tutorials to learn the easy ways to view your tokens in your blockchain wallet.
FAQ – How to Sell Assets
You may sign-up as a seller on our website and sell off your gold token at any price you desire to any individual. It’s just like eBay or Amazon except that there’s no delivery of assets. To sign-up as a seller, click here. Once you added your item and submit to us, we will review and approve your item for sale. Subsequently, if someone ordered your item, we will automatically transfer your token from your wallet to the buyer’s wallet. The gold will continue to be stored in our secured and insured vault. Whoever owns the token, owns the physical gold product.
You may set the price in the seller’s panel when you are logged-in as a seller. You may set any price as you wish. You don’t even have to follow the market price if you don’t want to. You don’t have to specify the spread or premium or whatever jargons that you see when it comes to investing. We want to make investing clear and simple for everyone.
The fee is a 0.5% sales commission that we take. For example, if you sold your gold bar for $1,000, we will take $5 (which is 0.5% of $1,000) from your sales value. So, you will eventually receive a $995 payout from us. There’re no other fees like storage fee, management fee, spread fee or whatever.
You will receive your payout via PayPal or wire transfer.
FAQ – All About How We Use Blockchain
For Your Security and Convenience
If you want to sell your physical asset to someone else, you can easily and securely transfer it to the buyer via blockchain by transferring the blockchain token that is tied to the asset. You only need to transfer it from your blockchain wallet to your buyer’s wallet. No delivery or storage hassle whatsoever.
Easy to Know That You Own The Asset
With blockchain, you can conveniently walk into an asset storage provider’s office and redeem your asset by just showing your blockchain wallet and asset token and perform a simple ownership verification process. You just have to remember to bring your blockchain wallet such as a wallet app on your phone.
For Transparency and Ease of Audit
For example, when you buy an asset (such as gold) from a seller on our platform, our business partner (such as the gold storage provider) could track the transaction that happened on a neutral third-party platform such as the Ethereum blockchain without having to refer to us. This way, you can be certain that the storage provider now knows that the new owner of the asset you just purchased is now you, not the seller anymore.
The unique identification data of the asset such as serial number, bar number or barcode number is stored in the blockchain token that uniquely represents the asset. We also store the brand, model and other characteristics of the product such as weight, purity, type and more. We even store a photo of the asset in the token itself! Here’s an example of our asset token in the Ethereum blockchain.
No, you don’t need to own any cryptocurrencies to use our service. You only need to own a blockchain wallet to keep your asset tokens. You will get a free blockchain wallet when you signed-up. When you need to transfer your tokens to a new buyer, our system will take care of that for you.
Each asset dealer (such as a gold mint) owns their own blockchain smart contract (a blockchain software) which allows them to issue digital asset tokens that represent each product (like a 1 oz gold bar). This means each digital token can only be created by the asset dealer themselves, not anyone else. The data of each product is stored inside the token such as serial number, brand, purity, weight and even a photo.
We are currently using the Ethereum blockchain. We could integrate with a variety of blockchain platforms depending on our asset providers.
If you keep your asset tokens in the blockchain wallet we provided you, you don’t need to pay for gas fee (transfer fee) to send the tokens (receiving tokens does not require a gas fee). But if you move your asset tokens to our own wallet, then you need to pay for your own gas fee by having Ether (ETH) tokens in your wallet.
A blockchain wallet (also known as cryptocurrency wallet or digital wallet) is a software that stores your blockchain tokens and cryptocurrencies. Think of it as your online bank account where you store your money. A wallet comes with a so-called “bank account number” called wallet address and has its own password (known as a private key) and also comes with its unique so-called “forgot password security question” feature called mnemonic phrase so that you can recover your blockchain tokens and cryptocurrencies in your wallet. The big difference here is that you can’t change your wallet password (a.k.a online bank account password) or your mnemonic phrase (a.k.a security questions). So, make sure you keep them at a safe place. Here’s a recommended article to learn more about wallet.
We will provide you with a free blockhain wallet (in PDF file) when you signed-up on our website. The wallet looks like below.
There is no difference. They are actually the same thing but only worded differently. The wallet that we provide you in your account is compatible with any other Ethereum wallet out there. It is a HD wallet (Hierarchical Deterministic wallet). All HD wallets use 12-word master seed phrases (like the security questions when you forgot your password).
At the moment, we do not support external cryptocurrency wallets on our platform. Every token shall be stored inside the wallet that comes together with your account. However, you may transfer the tokens from your account wallet to your own external wallet as you please. Just ensure you have Ether (ETH) tokens inside your account wallet to pay for gas.