Frequently asked
Questions

Any questions left? Don’t hesitate to contact our support hotline.

Frequently asked
Questions

Any questions left? Don’t hesitate to contact our support hotline.
What is the difference between a Stable Coin and an Asset-Backed Coin or Asset-Backed Token?

A Stable Coin is usually a digital coin backed by a Fiat currency, whereas an Asset-Backed Coin or Asset-Backed Token is a digital token or coin that is backed by a commodity or asset. The advantage of backing a digital token with an asset is it is not reliant on the stability of a fiat currency which is, by definition, not backed by anything intrinsic.

What is an Asset-Backed Token? Is this the same as a gold-backed digital currency?

A gold-backed digital currency is also called an Asset-Backed Token and is backed by an asset that gives the digital currency or Token stability. In the case of a gold-backed digital currency or Token, each Token has an amount of physical gold linked to it or backing it. The physical gold is stored in a secure mint or vault. Therefore, the value of the Token will be as stable as the price of the gold backing it.

How are my GoldGramCoin® linked to actual Gold in storage as proof of ownership?

Each newly minted / issued GoldGramCoin® or GGC contains a gold reference number and details of the actual physical gold in the mint that it is linked to. At time of issuing the GGC, the transaction confirmation details, date & time of transaction, price per gram, currency, location and purchasers’ details are linked to the new coin. These details are recorded on the ledger of both GoldGram and the mint and provide an inextricable and intrinsic link to the allocated gold on the ledger. Furthermore, the mint holds a near-time ledger of every wallet address, private and public, that holds GGC. The ledger records the wallet addresses and amounts of GGC in the respective wallets. At any time, a wallet owner can verify his or her GGC and the amount of gold that backs them via a third-party independent website linked to the mint. All GGC are assigned on the ledger to the actual owner via the wallet addresses.

Why is the value of my GoldGramCoin® always the same as the value of 1 gram of gold?

Each GoldGramCoin® or GGC will always equal the value of 1-gram of gold because the GGC represents the digital ownership of that 1-gram of gold. The owner of the GGC is in fact the owner of the physical gold.

What is the difference between allocated and unallocated Gold?

An owner of allocated gold is the outright owner of a certain amount of physical gold. Unallocated gold remains the property of the bank or mint; the investor is essentially a creditor of the bank or mint.

Can I see where the gold linked to my GoldGramCoin® is stored?

Yes, you can enter the wallet address containing your GGC into the search bar of a dedicated third-party website linked to the mint and it will tell you exactly where your gold is stored and how many grams of gold are backing the GGC in that wallet. All GGC are assigned on the ledger to the actual owner via the wallet addresses.

What is the quality of the gold held in secure storage?

All gold backing each GGC is 99.99% pure. This means it is considered Fine Gold, the highest purity that exists. Its purity is typically graded using a scale of millesimal fineness. As 100% pure gold is essentially impossible to achieve, this is the purest type of gold commercially available.

What is 99.99% Fine Gold?

This refers to the purity of the gold, in this case it is 99.99% pure and is the purest form of gold available and is often referred to as Fine Gold. It is also known as 24-karat gold. Conversely, the standard London Bullion Market Association (LBMA) gold bar weighs around 400 troy ounces and has a minimum purity of 995.0 parts/ thousand gold, being less pure at 99.50%. 22-karat gold refers to gold that is only 91.67% pure. The US Gold Eagle, for example, contains 91.67% gold, 3% silver, and 5.33% copper. The South African Krugerrand, contains 91.67% Gold and 8.33% copper

Who supplies the gold to GoldGram?

We use the Royal Canadian Mint (RCM) in Ontario, Canada as our principal gold supplier. While GoldGram can source gold from other suppliers, all gold backing each GoldGramCoin® will always be 99.99% Fine Gold. The unique ID embedded in each GGC will tell you the location of your gold backing your GGC.

What does ‘a unit of account’ mean?

A unit of account is a term used in economics which defines a nominal monetary unit of measure or currency used to value/cost goods, services, assets, liabilities, income and expenses. It is one of three well-known functions of money. It lends meaning to profits, losses, liability or assets

What is a medium of exchange?

A medium of exchange is an intermediary instrument or system used to facilitate the sale, purchase or trade of goods between parties. For a system to function as a medium of exchange, it must represent a standard of value. In modern economies, the medium of exchange is currency.

What does ‘a store of value’ mean?

A store of value is the function of an asset that can be saved, retrieved and exchanged at a later date, and be predictably useful when retrieved. More generally, a store of value is anything that retains purchasing power into the future. It is interesting to note that by this very definition modern day fiat money does not offer a store of value, as over time, the buying power of fiat money diminishes in value. Therefore, by definition, fiat money does not fit the 3 basic criteria defining ‘money’.

How do I register to buy GoldGramCoin®?

To register to buy GoldGramCoin® you simply log into the GoldGram website and follow the instructions to ‘sign up’. You will be guided through the registration process and required to give some personal information and to supply some documents. This is known as ‘KYC or ‘Know Your Customer’, a procedure that is required by law. Once all has been received and approved you will be able to load money into your wallet.

What is KYC?

KYC or ‘Know Your Customer, is a process that a new customer must undergo when opening an account with GoldGram (or any exchange, bank or financial institution) for the first time. GoldGram is required by law to know and verify the identity, address and contact details of any person opening an account and loading money into their wallet. The reason for KYC is to prevent GoldGram from being used, intentionally or unintentionally, by criminal elements for money laundering activities. This is called Anti Money Laundering (AML) and Counter-Terrorist-Financing (CTF) by the authorities.

Why must I give you my details?

GoldGram is required by law to know the identity of every registered user. This is to prevent GoldGram from being used, intentionally or unintentionally, by criminal elements for money laundering activities. This is called Anti-Money-Laundering (AML) and Counter-Terrorist-Financing (CTF) by the authorities.

Do I go through a credit check when I register?

No. When you load money into your GoldGram account, you do not go through a credit check. This is because you are not getting any credit from GoldGram, as you are spending your own money. Credit checks are generally used if you wish to borrow money from an institution or a bank or buy something on an installment plan.

How do I buy GoldGramCoin®?

Once you have been registered and passed your KYC (Know Your Customer) onboarding, and have loaded money into your wallet, you can buy GoldGramCoin® at ‘live prices’ in 1-click. The web browser platform or the mobile app are easy to follow. You have the possibility to buy GGC, or crypto within the platform – all at ‘live prices’ guaranteeing you competitive, transparent pricing.

Can I change my personal details?

Yes. Should any of your personal details change during the time you are a GoldGram user, you can send us an email and request to change your personal details. Depending on what needs to be changed, you may be required to determine if you will be required to go through another KYC procedure. Changes to your email address, or mobile number, do not, generally, require a full KYC – only verification. Changes to your residential address or name (through marriage or otherwise) would require you to supply the updated documents.

How quickly does it take to buy GoldGramCoin®?

Once you have loaded money onto your GoldGram account, you can buy GGC instantly in 1-click.

Are there any hidden costs when I buy or sell my GoldGramCoin®?

There are NO HIDDEN COSTS – The price you see is the price you pay.

How can I transfer GGC from my private to my public Ethereum wallet?

Built into the app is a button marked ‘+ ETH public wallet’. Click on the button and a window will open allowing you to use the in-app scanner to scan the QR code of your wallet, or alternatively copy and paste the address into the app. You can choose a personalised name for your wallet too ‘My Public Wallet’ for example. There after your public wallet will be displayed in the dropdown menu along with all your other wallets to be selected when you wish to exchange or transfer your GGC from your private wallet to your public wallet.

Can I transfer GoldGramCoin® to another person?

Yes. You can transfer GGC, or any currency held in your wallet, to any other GoldGram user in 1-click at the speed of an instant message. All you need to do is enter their email address, and the transferred GGC or currency will appear in their wallet instantly. And without any deductions.

Why are my GGC immediately debited from my GGC private wallet before they arrive in my public wallet?

When transferring GGC from your private GGC wallet to your public GGC wallet, the GGC are immediately debited from your private wallet BEFORE they arrive in your public wallet to avoid you ‘double spending’ the transferred GGC. Once they arrive in the public wallet, the updated balance of the public wallet will be displayed in your app. If your GGC do not reflect in your public wallet for whatever reason, please refer to the FAQ ‘How can I cancel, replace, or do anything once a transaction has been sent from my private to my public Ethereum wallet?’ Or contact our support line on support@goldgramcoin.com to assist you.

How can I cancel, replace, or do anything once a transaction has been sent from my private to my public Ethereum wallet?

Sometimes when sending or receiving a transfer on the public Ethereum blockchain, the transaction can ‘hang’ and remain ‘pending’ for hours if not days. Once a transaction has been mined and is included in a block on the blockchain, it cannot be cancelled or replaced. This delay can occur during times of extremely high volume, and is the nature of the public consensus system of any blockchain – and can be a little frustrating and especially problematic when transferring GGC from your private GGC wallet to your public GGC wallet; GGC are immediately debited from your private wallet BEFORE they arrive in your public wallet to avoid you ‘double spending’ the transferred GGC. Once they arrive in the public wallet, the updated balance of the public wallet will be displayed in your app. If your GGC do not reflect in your public wallet for whatever reason, please contact our support line on support@goldgramcoin.com to assist you.

Can a friend transfer money into my GoldGram wallet?

No, you can only receive transfers into your GoldGram wallet from a bank account registered in your personal name. You will find the bank account details and your unique reference number to be used when transferring money into your wallet. This unique reference number allows us to locate the money when it arrives and ensure that it is uploaded into your wallet without delay.

How to Check the Status of a Transaction on the public Ethereum blockchain

Step 1. Head to an Ethereum blockchain explorer, like Etherscan.io or Ethplorer.io.

Step 2. Copy and paste the transaction hash into the search field provided.

Step 3. Details will appear depending on the state of the transaction. It could be…

Success: Your transaction was successfully mined and is on the blockchain.

    • If you see a red ( ! ) symbol, or a “BAD INSTRUCTION” or “OUT OF GAS” error message, it means that the transaction was not successfully sent. You cannot cancel or replace this transaction. Instead, send a new transaction. If you received an “Out of Gas” error, you should double the gas limit you specified originally.
    • If you do not see any errors, your transaction was successfully sent. Your ETH or Tokens are where you sent them. If this balance has not been credited to your hosted wallet or exchange account 24 hours after sending, please contact that service. Send them the link to your transaction and ask them, nicely, to look into your situation.

Transaction Not Found: This transaction cannot be found. It’s possible that it did not go through, or that it cannot be found in the Ethereum blockchain explorer you are using. Try using the other one (Etherscan.io or Ethplorer.io). If you still can’t find it, it never went through.

Pending: Your transaction was located in the transaction pool of the explorer you are using. It is currently pending (waiting to be mined). There is a chance you can cancel or replace this transaction, but it’s a very small chance. (source: https://kb.myetherwallet.com/en/transactions/checking-or-replacing-a-tx-after-sending/)

What price do I pay when I buy GoldGramCoin®?

The price when you buy, or sell GGC, is displayed ‘live’ at the time of buying or selling. When you click to buy, the ’live’ price is held for 10 seconds. If you do not complete the transaction in 10 seconds the price will refresh. This ensures that whenever you buy or sell GGC you are assured of the real-time ‘live’ price.

What commission am I charged when I buy GoldGramCoin®?

We add 0.5% commission on the price feed we receive when you buy or sell GGC. Our commission is built into the price so the price you see is the price you pay. There are no additional costs and NO HIDDEN COSTS.

Can I buy GoldGramCoin® in different currencies?

Yes. You can buy GGC using any currency displayed in the wallet that has funds. Click on the ‘exchange’ button and you will see a drop-down menu displaying the currencies available. Select the currency and amount you wish to spend, or the amount of GGC you wish to buy. The equivalent amount you will spend will be displayed in the currency of your choice.

Can I take delivery of the Gold I buy using GoldGramCoin®?

Yes. To ‘redeem’ your physical gold please contact our support center at GGC@GoldGramCoin.com. Please note that there are guidelines for redemption of your physical gold. Please read the terms and conditions carefully.

Who checks the gold held in the secure vault storage?

The Royal Canadian Mint carries out a real time audit of the Gold held in its mint on behalf of GoldGram users. The audit can be accessed via a 3rd party website and available for anyone to view offering full transparency and accountability.

What is a ‘living will’ policy?

GoldGram takes ownership or title of the physical gold backing each GoldGramCoin® or GGC very seriously, and is therefore one of the few companies to put in place a clearly defined policy of what happens in the unlikely event that GoldGram goes bankrupt or ceases to exist for any reason. This policy is called a ‘living will’, and the terms and conditions are clearly laid out on our website and in our terms and conditions to ensure that owners or holders of GGC can redeem their gold or sell their GGC even without GoldGram being there. Please refer to the ‘living will’ link (insert hyperlink) and follow the procedure.

What happens to my GoldGramCoin® if GoldGram goes bankrupt?

GoldGram has put in place a ‘living will’ policy. This is activated in the unlikely event that GoldGram goes bankrupt or ceases to exist. Your GoldGramCoin® or GGC represents tokenized ownership of allocated pooled gold held in the Royal Canadian Mint (RCM) on your behalf. The gold is segregated on the ledger of the mint, meaning it is set aside for GoldGram and our customers. The unique ID embedded in every GGC is linked inextricably to your allocated gold held on the ledger of the RCM. You, as holders of GGC, are the owner of the gold. In the event of something happening to GoldGram you can redeem or sell your gold directly from the RCM via the gold broker Dillon Gage (www.dillongage.com), with whom GoldGram buys and sells gold. In the unlikely event that GoldGram went bankrupt or ceased to exist, the holders of GGC will have two options available to them – 1) to sell their GGC back into fiat money of their choice at the live price of gold at time of selling 2) to redeem the GGC for physical metal and take physical delivery of their gold.  Please refer to the link (insert hyperlink) and follow the procedure.

Does GoldGramCoin® work on blockchain technology?

Yes, GoldGramCoin® or GGC is an ERC-20 token that sits on the Ethereum blockchain.

ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens. ERC stands for Ethereum Request for Comment, and 20 is the number that was assigned to this request.

What is the difference between a private and a public blockchain?

A blockchain is a distributed ledger, which records transactions between every user in the chain. There are different types of blockchain: some are open and public, and some are private and only accessible to people who are given permission to use them. A public blockchain is an open network. GoldGram is built on a private Hyperledger Fabric blockchain however your GGC can be transferred to a public Ethereum wallet of your choice via our app. You can save your public wallet address in the GoldGram app. Transferring from your private GoldGram wallet to your public Ethereum wallet is easy and quick. Once your GGC are in your public Ethereum wallet you can transfer them anywhere on the public Ethereum blockchain as GGC are an ERC-20 compliant token.

What is a SMART contract?

Technically speaking, a smart contract is a computer protocol intended to digitally facilitate, verify or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible. In plain speak it is a digital contract that has certain parameters encoded in it, and it will only be completed once all these parameters have been met, thus removing all human interference.

Can I see all my transactions on the GoldGram platform?

Yes, a full, detailed record of every transaction is available to view and download as a .pdf document within the platform.

In what currencies can I buy my GOLDGRAMCOIN®?

The GoldGram platform offers the possibility to purchase GGC in several different currencies and some cryptocurrencies, all in 1-click at live, ‘real-time’ prices. More information on the different fiat currencies can be found at (insert link to the list of currencies available).

Is GoldGram regulated?

GoldGram Pte, Ltd. is incorporated in Singapore (No. 201829234G) and falls under the jurisdiction of the Monetary Authority of Singapore (MAS). GoldGram has been issued a Stored Value Facility (SVF) notification by Monetary Authority of Singapore (MAS) regulated under the Payment Systems (Oversight) Act and will apply for a Payment Services Lisence in Singapore later this year when it is available. It is anticipated to be finalised by Q1 2020 however this is dependent on many factors beyond the direct control of GoldGram. GoldGram continues to be fully compliant and subject to regulation under Singapore law. This section will be updated as there is further news.

How is GoldGram different from other competitors in this space?

The key differentiators offered by GoldGram are the transparent and live ‘real-time’ pricing of GoldGramCoin®, and flexible wallet capable of holding the major cryptocurrencies and multiple fiat currencies. The GoldGram platform is highly versatile and multi-functional. We believe this sets GoldGram on a firm footing to be highly competitive in this space.

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