EG Announcement | Business transformation for a brighter future

Dear users,

We know many are kept wondering why we have been delaying our gold subscription event as we have received many requests from some of our users for one to be held as soon as possible—especially from those of you who have reward points that were acquired during our campaigns held in the last quarter of 2020. We want to let you know that your feedback has not been ignored.

Sincerely, we really want to thank you for the keen interest and participation in all our events to date—we cannot grow our platform without the support of our users.

We are aware of the two key problems—market prices and the lack of liquidity, which have affected users and made it extremely difficult to trade on our platform. Yet as a platform owner, we cannot get involved in manipulating the price volatility, so we scaled back our events in order to protect the interest of our users. At the same time, we also take this period of inaction to review what we have done or accomplished in order to strategise our next step in taking our business model further. Like a pupa going through metamorphosis to emerge into a beautiful butterfly—we concluded that our business model needs transformation to become a better platform with a stronger value proposition for our users.  

For these reasons, we will be making some strategic decisions and taking some actions to introduce changes to our platform. To develop and grow our business, we may even introduce other institutional investors to improve liquidity on our trading platform. In addition, we will also consult with the relevant regulatory authority about the introduction of more regulated fund products to our platform. Ultimately, the goal is to transform the way gold is traded and expand the scope of investment products in the best interest of our users. 

Ensuring the safety of your investment is of utmost important in order to protect the interests of all our users. As a registered gold dealer, the changes being made will be compliant to all regulatory requirements.

Some of the strategic changes we will be making in order to transform our business are as follows:

  • Providing more investment options to our users. We will be adding other precious metals like Silver, Platinum to our platform. You can therefore, expect to see more subscription events in the future with the expansion of our investment products offered to our users.
  • Changing the minimum unit of trading from 0.01 gram which is equivalent to 1 EGU to 1 gram. With this change, our users will see their profits amplify 100 times with each buy and sell trade, thus overall improving profitability. Most importantly, this would ensure that the process of transferring our users’ digital gold assets to our gold custodian will be carried out more efficiently and will be neater as a whole-number value.
  • Enabling users to buy additional digital gold units to top up fractions of the digital gold units they own to 1 gram—as with the above change, it will not be possible to trade with the remaining fractions of digital gold units they have.
  • Normalising gold redemption—our intention is to make gold redemption as convenient as possible as an ongoing activity available on our platform. To ensure its feasibility, we will provide a series of gold bars of different weights, so that users will be able to use their EGU to exchange for gold bars when they deemed appropriate.

The above are just some of the changes we will be implementing to improve our platform and enhance our offerings to bring you a better trading experience. Please wait patiently while we make fundamental changes to transform our business model.

Everest Gold Team

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