EG Announcement | EGU Conversion is happening soon

Dear users,

In April, we have shared with you about changing our business model to bring about a bigger and better trading platform in order to create a stronger value for you—our users. If you missed it, you may read about it here

The first major change to happen will be upgrading the minimum unit of trading from 0.01 grams to 1 gram. It’s our strong belief that this change will help to improve overall profitability for our users with the amplification of trade size. At the same time, it will also help to facilitate the transfer of your digital gold assets more efficiently as a full unit to our gold custodian. 

To ensure that you seamlessly transition to this new stage, we encourage all users to start buying or selling additional gold units now to top up or clear your existing gold units to a full unit of 1 gram. Assuming that a user currently has 2.23 grams of gold, he can either buy 0.77 grams of gold at the current platform price to make up to 3 grams of gold, or reduce his gold units to 2 grams by selling off 0.23 grams of gold through trading.

Refer to the illustrated example below: 

This is because from 28 May 2021 onwards, we will no longer be able to accept trade orders for gold units below 1 gram. Users with a gold balance of less than 1 gram will only be able to purchase more gold of up to a maximum unit of 0.99 grams from Everest Gold at the prevailing international spot gold price to make up a full 1 gram. And users will also not be able to sell any gold units below 0.99 grams until they have accumulated to a full 1 gram.  

For example, starting from 28 May 2021, a user with 2.23 grams of gold, only 2 grams of gold are eligible for trading but not the 0.23 grams. He will have to purchase an additional 0.77 grams of gold from Everest Gold at the international spot gold price of that day to make up to 1 gram of gold to be eligible for trading. These additional gold units can only be purchased using US dollars and not reward points. But they can use their reward points during our Gold Subscription events which will commence in the near future after 28 May 2021. Similarly, gold units available for subscription starts at 1 gram during our Gold Subscription events.

Below is an illustration of the timeline leading up to the official implementation. 

At the same time, we will also be removing two features—Order Book and Trading History from our app. We strongly believe by removing these two features, it will help to encourage a healthier trading environment and improve overall liquidity for all our users. 

Coming up next, our users can look forward to Gold Collection as a regular feature in our app. You can submit a collection request and take home your very own gold bar from 9 June 2021. Gold bars are available in 5g, 50g, and 100g for collection by our users if they prefer to exchange their EGU for physical gold. We will share more about this with you in another announcement later. 

Everest Gold Team

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