GBI, in cooperation with Ripple, seeks to facilitate the process of sending, spending and trading gold using XAU balances.

GBI is an acronym JOld Bolion International which is a specialized and pioneering company in the field of investment in precious metals in the world.

GBI recently announced that it is preparing to launch its digital currency whose value is based on gold and is based on the Ripple blockchain.

The company intends to provide facilities for investors to spend their units from the actual gold balance via the Internet and to allow its electronic transfer to close friends and family, relying on the gold units as a means of payment.

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declared Mr. Stephen Feldman, Co-Founder and CEO of GBI, says:

“Ripple changes many value mechanisms, and provides the possibility of instant trading of gold against any other currency in real time.”

He adds that his company is a pioneer in the field of precious metals.

By integrating Ripple’s technologies with it, this will enable investors to buy gold digitally.

For information, GBI issues XAU balances to investors holding bitcoins, and these balances are used as a means of trading on the Ripple network.

While the XAU balances are secured in physical gold, which is deposited in one of the company’s offices distributed in New York, London and Sweden.

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GBI deals more than $1 billion in completed transactions, GBI provides investors with the ability to withdraw their XAU balance at any time and provides them in the form of an amount against the physical gold invested in it.

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