The Real Asset Co. announces joint venture in India.
Like Theresa May, the Prime Minister of Great Britain, we also believe that India presents an enormous opportunity. We are very happy to announce our JV with Kolar gold Limited (LON: KGLD) to deploy a gold trading platform for the Indian market.
Our partner is AIM listed Kolar gold, who own substantial reserves of gold in the historic Kolar minefields located not far from Bangalore. The combination of a London listed gold entity which owns mining reserves in India, and The Real Asset Co.’s gold trading platform and intellectual property developed that includes Goldbloc a gold-backed crypto currency, presents enormous opportunities.
Our initial focus will be on offering our existing platform to Indian residents to buy gold (0.9999 purity) stored in London,Geneva and Singapore. Permitted Indian nationals can currently send up to $250,000 per annum abroad. Please refer to the The Reserve bank of India website for further information.
India has a population of 1.25 billion people and is the world’s second largest consumer of gold bars/coins and gold jewellery (195.8 and 668.5 tonnes respectively in 2015)
Ralph Hazell, CEO of The Real Asset Co, commented: “By leveraging Kolar Gold’s Indian assets and contacts, and our experience of building our established UK-focused precious metals storage & trading platform and gold-backed cryptocurrency on a Blockchain (Goldbloc), we are well positioned to offer a similar product for the Indian market.”
Cameron Parry, CEO of Kolar Gold, commented: “We are delighted to have agreed this JV with TRAC, enabling Kolar to launch an online resource for gold trading and storage for the people of India, building on our gold mine development and exploration interests in country and leveraging off our network there. This JV, using proven technologies and expertise, gives us a low cost entry point into a potentially vast market.”