Another Financial Year Passes

This from The Northern Miner 12 months ago!

Credit: The Northern Miner ( Charters Towers) (4 July 2017)

" THE Citigold Corporation-backed cryptocurrency has been launched. GLD International, which recently entered a five-year deal with Citigold for 100,000 ounces of gold, launched the new currency last week. Known as CryptoGLD, the cryptocurrency is said to be a “world first”, with redeemable gold to be provided by Citigold by June, 2022. CryptoGLD vice president Gregory Breytenbach said transparency was essential for the company. “Some promising coins turn out to be nothing more than empty shells, with no value proposition or liquidity,” Mr Breytenbach said in the launch announcement. “To ensure our clients are well informed, we’re posting our gold purchase, security agreements and audit reports in our wallet.” Citigold’s five-year sale agreement of 100,000 ounces of gold to GLD International was announced last month, and mirrors the one made with Aaron Data Systems for a gold-backed cryptocurrency known as OZcoinGold in March. Mr Breytenbach’s LinkedIn profile recently showed he’d been social media manager of Ozcoin Inc. since February, 2017, and currently attends the University of Queensland. The 21-year-old’s father, Johannes Breytenbach, was also listed as the CTO of Aaron Data Systems since November, 2015, on his LinkedIn profile and has been linked with CryptoGLD, having authored a blog post on the company’s official website. OZcoinGold collapsed when Citigold terminated the agreement last month and described it as “unworkable due to a lack of performance from Aaron”. Citigold executive chairman Mark Lynch said the deal was not like the last. “We have partnered up with a much more robust company (GLD International) now and this is a better deal for us and for them,” Mr Lynch said at the time. “We’re confident this will produce excellent results.” He said it was a coincidence both Gregory and Johannes were involved with the new deal. “They were not principals in the last companies they worked for but they are principals in GLD, they certainly made no major decisions about the last deal at Aaron Data Systems,” he said. Mr Lynch said Citigold had learned from the failed deal. “This is a good deal for them and a good deal for us, these guys are very different in what they do and we feel comfortable,” he said. “I am 100 per cent confident this deal will hold up.” Mr Lynch said GLD International had not yet made any payment for the gold, and that money was expected to come through later this month. Within hours after an interview with Mr Lynch and having alerted him to the jobs listed on the LinkedIn accounts of Gregory and Johannes Breytenbach, the pair’s profiles were updated. Johannes Breytenbach is now listed as the CEO of GLD International as well as CTO at Aaron Data Systems, while Gregory Breytenbach is now listed as the vice president of GLD International and president and CEO of Cryptocurrency Capital International. Gregory Breytenbach has removed his position of social media manager at Ozcoin Inc. from his profile. CryptoGLD were contacted but failed to respond to questions before deadline."

What will be the "Good Deal" for this financial year ?


DYOR  My thoughts and ramblings only