AgAu AG closed a financing round with angel investors in July, as revealed in a press release issued by the company. The firm, which is headquartered in Zug, was able to gain Nicolas Chikhani, among others, as an investor and board member. Chikhani was previously CEO at Arab Bank Switzerland, among other executive positions.
AgAu is developing an electronic money system based on the Ethereum blockchain. Via this platform, the company intends to issue tokens covered by physical gold and silver. The Swiss Financial Market Supervisory Authority (FINMA) confirmed at the end of July within the framework of an indicative response that tokens issued by company could be used as payment tokens. These would then represent a digital asset, but not, however, a security token.
“This is a great milestone validating our ambition to be an alternative form of payment. In our view, the FINMA response will strengthen the trust of our company’s shareholders as well as the public”, comments Thierry Arys Ruiz, CEO of AgAu. The company will now introduce further steps in an effort to comply with Swiss legal requirements. AgAu intends to launch its money system by the end of 2020, according to information from the company itself.