HelloGold Foundation

Frequently Asked Questions

Behind GOLDX

  • What is meant by fully backed by gold?

    All of the gold is fully allocated and always kept in a secure vault in Singapore. Our current custodian is BullionStar International. Allocated gold means that the custodian is obliged to hold the customers’ gold as their outright property, under a custodial or safe-keeping contract. Under well-established law, a liquidator must return the formal property to the customer if any of the parties fail. This means that HelloGold Foundation cannot use customer’s gold for anything at all without their express authority e.g. as a form of collateral for customers to get access to financing.

    If HelloGold, its liquidity provider or its custodian were to fail, the customer’s property rights are evidenced through the following:

    • HelloGold's Terms and Conditions unequivocally state that the customer owns the bailed goods;
    • The balance sheet of HelloGold, its liquidity provider and its vault operator will not have included any of the customer's gold. No creditor can claim to rely for protection on bullion which a company never claimed as an asset;
    • Customers pay a fee for custodial services which is evidence that the bullion is their property in HelloGold's safekeeping. It proves the nature of the agreement - i.e. that the customer is paying for the protection of his property. The custody fee is deducted from the customer's cash balance and posted monthly to their statement.

  • What is the difference between allocated and unallocated gold?

    Allocated gold means the gold is your property and you are the legal owner of the gold. Allocated gold accounts use your funds to buy and store physical gold in secure, insured vaults. The gold stays in the vault and cannot be used for any other purpose.

    When you buy with HelloGold, you are the legal owner of the gold and HelloGold is the custodian. You pay HelloGold to store it for you and not matter what happens, your gold is protected if HelloGold closes down for any reason.

    With unallocated gold, many feel it is more risky. Unallocated gold accounts do not have to physically store your gold. Your gold may be lent out during the time that the company or bank holds the gold on your behalf. If the gold provider goes bankrupt, all you will have is the promise to give you back your gold – which will leave you waiting in line with other creditors.

  • How can I check that my GOLDX is fully backed by gold?

    BullionStar International, publish their own vault audit list for all assets held:
    https://www.bullionstar.com/vault/audit/page/192
    HelloGold Vault: 7647
    Gold bar type: P1KG (PAMP Gold Bar - 1kg)

    In addition, every business day they send us a bar list showing what they hold in the vault for HelloGold:
    https://www.hellogold.com/7647.pdf

    The amount held will always exceed the sum of individual customers' gold holdings published daily on our website:
    https://www.hellogold.com/customers_gold.html
    HelloGold Foundation - GOLDX is Customer: 45800010474

    Finally, to verify how much GOLDX has been minted and therefore how much gold should be allocated to HelloGold Foundation, see the circulating supply here:
    https://etherscan.io/token/0xeAb43193CF0623073Ca89DB9B712796356FA7414

  • Why a gold backed stablecoin?

    A stablecoin allows you to hedge without the friction described below:

    • If you feel the market is too hot and want to hedge your crypto funds, you may convert them to fiat currency. The process to do so is cumbersome and restricted.
    • Buying a Gold Exchange-Traded Fund (ETF) adds even more layers to this process.

    For a stablecoin to retain its value it must be fully allocated. With GOLDX, you can be assured that the asset backing the token (gold) is held securely by reputable entities.

  • If any of the companies involved were to fail, am I safeguarded?

    If HelloGold, its liquidity provider or its custodian were to fail, the customer’s property rights are evidenced through the following:

    • HelloGold's Terms and Conditions unequivocally states that the customer owns the bailed goods;
    • The balance sheet of HelloGold, its liquidity provider and its vault operator will not have included any of the customers’ gold. No creditor can claim to rely for protection on bullion which a company never claimed as an asset;
    • Customers pay a fee for custodial services which is evidence that the bullion is their property in HelloGold's safekeeping. It proves the nature of the agreement - i.e. that the customer is paying for the protection of his property. The custody fee is deducted from the customer's balance and posted monthly to their statement.

  • What type of gold does HelloGold use?

    We use 99.99% investment grade one kilo gold bars that are fully allocated. Our gold is sourced from an international gold refiner: Produits Artistiques Métaux Précieux (PAMP), who are part of the London Bullion Market Association (LBMA). PAMP is one of only three refineries worldwide designated as ‘Approved Good Delivery Referees’ by the LBMA, that means our gold is guaranteed to be top quality!

  • How do I know my gold is genuine?

    The gold held at our gold provider, BullionStar International, is independently audited by Bureau Veritas, an LBMA approved auditor, every six months. As part of the audit, Bureau Veritas perform the following checks:

    • Physical existence of all customer owned precious metals held by BullionStar on behalf of its storage customers as storage provider;
    • Accuracy of the serial numbers of randomly selected bullion bars against the serial numbers as listed in BullionStar's bar list;
    • Weight and purity of randomly selected bullion bars against the product description of the product.

  • How do I know my gold stored is safely?

    By holding GOLDX, you’re entrusting us with the security of your gold; we take that responsibility seriously.

    Every business day our vault provider in Singapore, BullionStar International sends us a bar list showing what they hold in the vault for HelloGold. These bar lists indicate all of the gold that we hold on behalf of our customers and are published daily on our website. We also publish our customer list showing the amount of gold our customers' have bought from us. Don't worry, it's numbered so only you can recognise yourselves and still remain anonymous. You will be able to see your own holding, check our totals, and cross check the custody list totals directly to our bar lists.

  • Who is the underwriter for HelloGold to protect customers?

    HelloGold vaults customer bullion with its bullion provider, BullionStar International, in Singapore. BullionStar is insured by the worldwide renowned insurance underwriter XL Insurance Group, which is the largest specie underwriter in the world. BullionStar is insured against all risks at full replacement value for all precious metals stored in the vault.

  • Who is in charge of the security at BullionStar International?

    BullionStar International uses Chubb Singapore Private Limited as their security provider.

Obtaining GOLDX

  • What are the buy and sell transaction fees?

    5% of the value of your transaction.

  • What is the management fee?

    We charge an annual management fee of 2% to keep your gold safe and secure. The fee is charged daily in the form of GOLDX.

  • How is the management fee charged?

    The management fee will be automatically deducted from each GOLDX token balance daily at 00:00 SGT (UTC+08:00).

  • What are the weekend buy and sell prices?

    Our weekend gold prices are different. This is because the New York gold market is closed on weekends and U.S. public holidays, that means it is more expensive for HelloGold to remain open for business. Here are our weekend rates:

    • Buy - 2% higher than weekdays
    • Sell - 2% lower than weekdays

  • Is the gold price live?

    Yes. At the time the invoice is generated and submitted, the price calculated is based on the NY COMEX gold price.

    However, when the NY COMEX market closes on weekends, HelloGold offers the last quoted price with an additional 2% buy/sell transaction fee on top of the normal transaction fees.

  • Why is the price different between the gold I buy and the gold I sell?

    It works in the same way as a currency exchange: the price of gold you buy is different compared to the price of gold you sell. The prices change depending on market rates.

  • Why is the price for GOLDX different from the price on the HelloGold app?

    The prices are different as there are additional costs involved in converting cryptocurrency into fiat.

  • Which wallets can hold GOLDX?

    Any Ethereum wallet can hold GOLDX.
    N.B. Bitcoin wallets are not able to receive GOLDX

  • How do I pay for GOLDX? Can I pay with cash?

    You can use either ETH or BTC to buy GOLDX.

  • How long after transferring the funds will I get GOLDX?

    We aim to process and confirm all GOLDX transactions within 3 hours. If this time has elapsed, please contact the team to discuss.

  • How long after returning GOLDX with I receive ETH/BTC?

    We aim to process and confirm all GOLDX transactions within 3 hours. If this time has elapsed, please contact the team to discuss.

  • What is the registration processing time?

    It will take 1 working day, or less, to process your account registration.

  • What is KYC?

    Know Your Customer (KYC) is the process of verifying and maintaining records of the identity of our customers, that's you. We take online security very seriously and practice KYC policies to prevent identity theft, financial fraud, money laundering and terrorist financing.

GOLDX Rules

  • What is the rebate model?

    When 500 or more GOLDX are purchased directly from HGF, we reward you with rebates which grow over the period the funds are held:

    Rebate Percentage Band (%) Band Occurs At
    0.3 Initial transaction (Day 1)
    0.6 00:00 of day 92
    0.9 00:00 of day 183
    1.2 00:00 of day 274
    1.5 00:00 of day 366 (Year 2, Day 1)

    1. Day 1 ends at 23:59:59 (UTC+8 Singapore time) on the date HGF send GOLDX to your wallet.
    2. The rebate model is available to all GOLDX holders who purchased 500 GOLDX or more from HGF only.
    3. Rebates are issued only at the time of sale or 366 days beyond purchase of the GOLDX.
    4. All rebates are issued in GOLDX and in the instance of a selling amounts to HGF, credited beforehand.
    5. Any new sums purchased are considered a new transaction and are subject to initialised rebate quotas.
    6. If GOLDX is retained at time of rebate payment, a new 365 day cycle will begin.
    7. The rebate will apply to all sums purchased simultaneously, even if partly retained.
    8. The remaining rebate due to GOLDX retained will be credited at a future time of sale or year end, whichever comes first.
    9. The rebate only applies to GOLDX that has never been transferred away from the original wallet.
  • I already hold GOLDX, can I buy more from HGF?

    Of course! This portion of GOLDX will fall under a separate rebate timetable, originating on the day of purchase.

  • Are there any limits as to how long I must hold GOLDX?

    Put simply, no! You can sell GOLDX to both HGF and the open market at any time that best suits.

  • Can I give/gift my GOLDX to somebody else? Does it cost me to do so?

    Yes, you can transfer your GOLDX to any other wallet. By doing so, that portion of the GOLDX will no longer be eligible for the rebate model. The only cost incurred will be the usual gas transaction cost charged by Ethereum.

  • Is there a limit for buying GOLDX?

    No, you can buy as much GOLDX as you want as long as you have submitted the correct amount of BTC/ETH to the wallet address provided at the quotation stage.

  • Can I cancel a transaction that has been made?

    No, once a transaction has been confirmed, it cannot be cancelled.

  • If I die what happens to my GOLDX?

    In the event of death:

    • For those with a will, the gold in your account will be released to the holder of the Grant of Probate.
    • For those without a will, the gold in your account will be released to the Administrator of the Estate.

    Token Info

    • What is the difference between HGT and GOLDX?

      HGT is a token for supporting the objectives of the HelloGold Foundation. Supporters may be rewarded with any GOLDX distributed to HGT holders. It has no intrinsic value and is not backed by any real-world asset. A total of 1,000,000,000 (one billion) HGT will be minted.

      GOLDX is a token that is fully backed by 99.99% investment grade gold. 1 GOLDX is always tied to 1g of gold, which is allocated and securely vaulted in Singapore. There will be 3 ways of receiving GOLDX in future:

      1. Provided as a reward for HGT holders by the HelloGold Foundation.
      2. Converting gold held as a customer of HelloGold into GOLDX. This allows for exchange outside the HelloGold platform.
      3. Direct purchase of GOLDX to access the benefits of a stablecoin.

    • How is GOLDX different to other crypto gold tokens?

      GOLDX is a token that is fully backed by 99.99% investment grade gold. It is redeemable as physical gold in 1g increments. The design of the token is based on HelloGold’s existing gold product, which has been released in the market and proven to be sustainable.
      For more information on the product, go to: HelloGold: How It Works

    • Where can I find a record of all GOLDX transactions made?

      The contract address transactions ledger can be found at:
      etherscan.io/address/0x7585f835ae2d522722d2684323a0ba83401f32f5.

    • What is the HelloGold Token contract address?

      The HelloGold token address is 0xba2184520A1cC49a6159c57e61E1844E085615B6

      N.B. This is not the Token Sale address. Please DO NOT send any ETH to this address. Any ETH sent to this address will be lost permanently.
    • How do I check how much HGT is in my wallet?

      Details on how to check your HGT balance by searching for your wallet address can be found here:
      https://medium.com/hellogold/where-is-my-hgt-b5c4bcf88a51

    • How do I check my GOLDX balance?

      You may refer to the steps highlighted in this Medium post:
      https://medium.com/hellogold/where-are-my-gold-backed-tokens-6cdc6ff83781

    • What if my wallet address is compromised?

      Should your wallet address be compromised, quickly move your funds to another wallet that has a different private key. Fill in the Request to Change Wallet Address form:
      Request to Change Wallet Address Form

      Attach and return the completed form to: [email protected]

    • How do I inform you that my wallet address needs to change?

      Download and fill in the Request to Change Wallet Address Form here:
      Request to Change Wallet Address Form

      Attach and return the completed form to: [email protected]

    Token Sale

    • What is the Token Sale?

      The Token Sale is a sale of HelloGold Tokens (HGT) by the HelloGold Foundation that provides its holder with a potential stream of Gold-Backed Tokens (GOLDX). The amount of GOLDX issued will be based on an endowment from HelloGold. The endowment is 10% of HelloGold's management fee revenue. GOLDX issued to HGT are capped at a maximum total issuance of 3.8 tonnes of gold (3,800,000 grams).

      Each GOLDX is backed by 99.99% investment-grade gold and may be redeemed as physical gold in 1g increments.

    • Why is the Token Sale being run?

      A Token Sale is a fundraising exercise which allows HelloGold Foundation to provide support to entities which align with the objectives of expanding both the use of blockchain technology and access to financial products for the mass market. The first Token Sale run will be used to provide a grant to HelloGold.

    • How much will HGT cost?

      HGT has been priced in ETH to align with the target fund raise of US$9.6 million for Round 1, bearing in mind the 5-tranche Token Sale structure (with varying bonus token allocations per tranche) and total tokens in the Round 1 sale of 80,000,000 (eighty million). Please see the Token Sale page for details.

    • What is the return on HGT?

      There is no guaranteed return on HGT. The disbursement of reward GOLDX to HGT holders is discretionary by HGF. However, as the lifetime total allocation of GOLDX is capped at 3,800,000 GOLDX (i.e. 3.8 metric tonnes of gold) to the 1,000,000,000 HGT created, each HGT will receive a maximum of 0.0038 GOLDX (i.e. 0.0038 g of gold).

      The return on HGT will then depend on:

      • the price of gold, and
      • the speed at which HelloGold's gold Assets Under Management grow before the maximum amount of GOLDX is issued

    • What rights does HGT ownership provide?

      HGT holders have a right to a proportional share of any reward GOLDX disbursed by HGF.

    • When is the process being run?

      The process will be run in 3 Rounds, each anticipated to be 12 months apart. Round 1 was launched on 28 August 2017.

    • What is the ICOage Token Resale?

      Following the announcement by People’s Bank of China on 4 September 2017, HGF decided to support ICOage’s efforts to refund all their customers who participated in ICOage’s token pre-sale. The ICOage Token Resale involves reselling 170 million HGT of the amount originally pre-sold via ICOage.
      More detail on the ICOage Token Resale can be found here: Announcement

    • When will the next round of the token sale take place?

      There is no set date, but we plan to conduct round two of the token sale no earlier than Q3 2018.

      You may register for more updates on the next token sale here: Register Interest

    Company Info

    • Who is HelloGold Foundation?
    • HelloGold Foundation (HGF) is an organisation that has been set up by HelloGold with two primary objectives:

      1. Accelerate the use of blockchain technology for use by the mass market
      2. Expand the availability of products that help the underserved and unbanked in emerging markets to have better and more affordable access to simple financial products beyond cash; i.e. providing the ability to diversify savings and better preserve wealth.

    • Where are you located?

      Our registered office is located at:
      #13-00 ASO Building
      8 Robinson Road
      Singapore
      048544

    • What is the HelloGold app?

      The HelloGold app is a mobile application that lets the user buy, store and sell gold anywhere, anytime. Users can track live gold prices and manage their gold account easily from the palm of their hand. Giving them the ability to enjoy a hassle-free way to own gold on their smartphone for as little as RM 1. The 99.99% investment grade gold is fully insured and stored in a vault with state of the art security. This, the world’s first Shariah compliant gold application, is the fastest and most secure way to buy real gold in Malaysia!

    • Who is HelloGold?

      At HelloGold we believe that Gold protects your savings, so we’ve made it our mission that everyone should have access to it in an affordable and secure way. HelloGold is a start-up that creates simple and accessible Gold products for everyone. Founded in 2015 and headquartered in Kuala Lumpur, Malaysia, HelloGold built the world’s first Shariah compliant gold digital application - that changes the way you buy and sell gold.

      We are committed to good corporate governance. Our platform features state-of-the art online security and is supported by fully audited processes to guarantee proper ownership of the physical gold. Our dedicated team of experienced professionals have come together from the gold industry, financial services, technology and the digital user experience (UX) fields, all with the aim of making gold available to everyone in Asia.

    • How do I report a technical problem to HelloGold?

      You can email our Customer Service Support Centre at [email protected]

    • If HelloGold closes down, would I get my money back?

      Yes. If something happens to HelloGold, your gold in the vault will still be your gold. The company liquidator will sell the gold, deduct the management fees owed and return the cash value back to you according to the market price of the day of sale.

    • How is HelloGold Shariah Compliant?

      HelloGold is certified Shariah Compliant by Amanie Advisors. All of our operations and processes are in line with the Shariah Standard on Gold. The Shariah Standard on Gold was developed together with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the World Gold Council and Amanie Advisors.

      Gold is a Ribawi item, which means those who buy it need to be careful and make sure it meets certain conditions under Shariah law. HelloGold meets two very important conditions:

      • It’s backed by physical gold that is fully allocated;
      • The process of buying and selling physical gold is completed in the time allowed by the standard.

    • Which Islamic body or organisation certified HelloGold as Shariah Compliant?

      Amanie Advisors is the Islamic organisation that certified HelloGold as Shariah Compliant. The firm is led by Datuk Dr. Mohd Daud Bakar, who is currently the Chairman of Shariah Advisory Councils at both Bank Negara Malaysia and Securities Commission Malaysia. The scholars who signed our Fatwa are the members of Amanie’s Shariah Supervisory Board.

      As our Shariah consultants, Amanie will be reviewing our processes through the year to ensure that we remain in compliance with our processes.

    • Is HelloGold licensed by Bank Negara Malaysia?

      Based on Bank Negara Malaysia's assessment of HelloGold's application, information and documents provided, the Bank is of the view that HelloGold's business model meets the requirements of all existing regulation on the buying and selling of gold subject to HelloGold's compliance with the prohibition on acceptance of deposits by non-licensed banking institutions. Our procedures are in line with the best practice of other Malaysian Financial Institutions.

      We conduct a Know Your Customer (KYC) process for all registrations received and follow Anti-Money Laundering (AML) procedures in line with Bank Negara Malaysia's recommendations.