Glint Pay administrators: Customer money is safe but frozen
The administrators of gold trading application Glint Pay say customers’ money is safe, but accounts are still frozen, after the company went bust last month, AltFi reports.
The app, which allows people to pay for things in gold using Mastercard, emailed its users to confirm administrators “have not identified any reason to believe there are any deficiencies or inaccuracies” in the customer funds it still holds.
The freezing of accounts last week was in line with Glint’s insolvency procedure, but the administrators are yet to secure permission to unlock the held money.
After FRP Advisory were appointed as joint administrators, it reportedly took Glint five days to announce it was in administration on its website.
Read more: Chairmans Financial rescues Ipagoo from administration
The administrators have requested an independent statement from Glint’s gold liquidity provider and vault, US-based Brinks, to confirm its records match those of Glint’s.
They have also said they are working to make gold trading available on the platform again by the end of this week.
Priorities such as reviewing Glint’s safeguarding arrangements and assisting Glint’s directors in securing investment “to rescue the companies on a solvent basis” – with the aim of exiting administration – are top of the overseer’s list.
If this fails, then the gold trading company and its assets will be moved “to another regulated entity”.
Company insiders told AltFi they suspect the business could eventually be handed over to Brahma, a New York-based asset management and investment firm. Alternatively, Glint could be sold to clear its liabilities, including the loan to Brahma.
Read next: Raisin completes takeover of MHB-Bank
I’m thinking of getting into Glintpay.
I read Ruby Hinchliffe’s 4th October 2019 article, “Glint Pay administrators: Customer money is safe but frozen.” What does Ruby think of Glintpay today? Thanks!