In this announcement, we want to highlight on a key area of concern for most of our users—liquidity.
Some of you may have questions about why we removed the Order Book from the app. We removed it because we found it to be a major factor that impacted liquidity and gold prices, as a result our EGU prices were not competitive against international gold prices, which directly affected profitability for trading on our platform. We are certain that overall liquidity on the platform will improve without the Order Book. In addition, it will also encourage a healthier trading environment without the existence of Trading History and Order Book to influence our users in their buy and sell decision.
In removing the Order Book, we have also included international gold price and estimated bank gold price. These prices will provide our users with a reference to help you determine the price to set when buying and selling EGU on our trading platform, this will help to ensure that the price traded on our platform is competitive with international gold price. We strongly believe that over time, this would improve liquidity for all our users.
As we looked for ways to enhance liquidity on our platform, we have also made the major decision to cooperate with institutional investors and invite them to trade on our platform. In order to improve liquidity, we need to improve transaction volume on our platform. We firmly believe that these institutional investors can help to stabilise and maintain the competitiveness of our gold price with international gold price, and at the same time help to eliminate abnormal price fluctuations caused by sudden surges in demand and supply.
We have good news to share. To further improve liquidity on our platform, Everest Gold will introduce a new Gold Buyback initiative in mid-July. This scheme will allow users to cash out their EGU by initiating a gold sellback to Everest Gold. It will provide a channel for our users to easily cash out and liquidate their EGU when they find that the platform lacks liquidity.
Platform liquidity has always been our concern. Because we have to make sure that users can get the maximum benefit from trading on our platform.
If you have any questions, please contact our Customer Service through this email address [email protected].
Everest Gold Team