[AMA Recap] Introducing GoldFinx - Bridging The Gap Between Tradition & Trend – BitMart

BitMart, a premier global digital asset trading platform, recently announced the listing of GoldFinx (token symbol: GIX). GoldFinX (GFX) is a FinTech 2.0 company, which provides financing to Artisanal Small Gold Mines (ASGM) worldwide and gets in exchange for a share of their production.

On October 21 2020, we held a Telegram AMA with the topic of “Introducing GoldFinx - Bridging The Gap Between Tradition & Trend” to better help BitMart users know more about GoldFinx and its team. We are pleased to have Philippe Bednarek, CEO of GoldFinX at our Ask Me Anything session and share valuable insights with our community members.

If you missed the AMA live, check our AMA recap below for more details:

[GUEST INTRODUCTION]

Philippe co-founded Atlas Group of Companies (AGC) with his business partner, Jean-Michel Alfieri, 25 years ago. AGC is a private equity firm that invests in businesses at different stages of their growth. In the last decade, Philippe has developed and funded gold mining projects within South America, Eastern Europe, and Africa. Philippe’s vast experience includes 20 years of trading gold as well as 15 years of sourcing gold in 3 different continents.

[AMA]

BitMart Admin:

Q1: Welcome, Philippe. If you would be so kind as to introduce yourself and provide our community with some background about you, the team, and the GoldFinX project?

Philippe:

First of all, thanks to the Bitmart team for hosting this AMA. And welcome to all of you who have never heard about us, as well to those of you who have been following us for a while now!

As you already know, I'm the CEO of GoldFinX, a project that began in 2017. Since the essence of GoldFinx revolves around its real-life business model, the preparation over the last few years has been meticulous in making sure all the pieces were put together correctly.
You may not know that I'm also the founder of Atlas Group of Companies, the parent company of GoldFinX. AGC started way back in 1996 and has launched many successful companies and joint ventures, especially in the technology world.
The team running GoldFinX today can be considered the best of all the people I've ever worked with, and this world-class team is committed to make GoldFinX a resounding success.

BitMart Admin:

Q2: Defi and gold-backed crypto assets are contentious topics in the cryptocurrency and blockchain sphere. What is GoldFinx bringing to the table with their own concept that sets you apart from similar offerings?

Philippe:

I would say that these two terms have been overhyped in the industry. It seems that people want to be part of the "next" phenomena and evaluate projects for all the wrong reasons. GoldFinX is implementing a solution to a real-life problem that affects us all, whether directly or indirectly. It's as simple as that. Our coin offering, GiX, is more of a gold-protected coin. This is based on a fundraising model pioneered by GoldFinX. It ensures investors benefit from holding a coin protected by a continually growing asset reserve that steadily appreciates in value – with projected revenues of over €15 billion over the next decade.

BitMart Admin:

Q3: In your whitepaper, you introduce your 'Fairtrade Crypto-finance model.' Could you go into some further detail about this and what it means?

Philippe:

GoldFinX has far-reaching objectives and goals. This is a socially responsible project striving to create the ultimate "win-win" scenario for everyone involved, from the artisanal gold miner to the GiX coin holder.

It's straightforward: the GiX has been issued and sold on exchanges like Bitmart, and the proceeds are then used to prepay the gold production of carefully selected Artisanal Gold Mines around the world. For instance, we bring these mines state-of-the-art equipment to make them unbelievably more efficient, and in turn, we receive a share of all future production, which has been enhanced by as much as 2000%, until the end of the mine's life cycle.

What do we do with this gold? The precious metal received by GoldFinX is accrued and stored indefinitely in the vaults of reputable custodians, thus ensuring the secure backing of the GiX coin.

I don't want to get into too much detail on a forum like this, as it might be too long to effectively cover all the nuance. I would suggest that the audience check out our whitepaper on the website for more detail.

BitMart Admin:

Q4: What is GoldFinX's 'WHY?'. Can you explain the underlying motive and ambitions, especially relating to the social side of the project?

Philippe:

This is a great question. Before getting involved with GoldFinX, a significant portion of the team had diligently worked within artisanal gold mining for at least a decade. Working within the unregulated Artisanal and Small Gold Mine (ASGM) framework was a source of immense frustration. Traditional investors didn't want to get involved without knowing what the source of this precious metal was. But without adequate financing, ASGMs have no hope of ever escaping their impoverished and highly dangerous working conditions. Furthermore, they are relegated to using toxic chemicals like Mercury and Arsenic. Not only is this dangerous for every miner involved in the process, but it is also lethal for the community members and the environment. The United Nations has estimated that 40% of the world's mercury contamination comes from the ASGM industry.

BitMart Admin:

Q5: Who are your main competitors, and how do you intend to compete with them for the lion's share in the related crypto and traditional markets you cater to?

Philippe:

One of the biggest things we have going for us is that it isn't a copycat project. It is incredibly unique in the crypto space, which automatically eliminates having any direct competition. But no project exists in a bubble, so our biggest competitor, and most significant challenge, are the super-hyped projects that get the lion's share of media attention in the industry. People seem to be content with throwing their money at crypto projects that look and sound like the latest flavour of the month. We will continue to educate crypto investors that long-term thinking has to be part of the equation.

BitMart Admin:

Q6: How does GoldFinX prevent illegal activities in the mines it finances?

Philippe:

This is the centrepiece of the knowledge the GoldFinX brings to the table! Here is the response we have used in the past:

GoldFinX built TrueOrigination, a supply chain management system (SCMS) supported by Blockchain Technology to document and ensure the source integrity of the gold extracted
Using security technology, GoldFinX will have a decent overview of each site and have an appropriate feed of telemetric value to remotely monitor from a central operational dashboard (control centre). The sites will be equipped with sensors monitoring the following: the flow of slurry-soil treated, working hours, GPS location and movement, magnetic resistance for gold estimating and other telemetric data, and video and still images of the sites taken by drones.
GoldFinX will have ground personnel for audits, security, and management support. They will be responsible for capturing, secure, and ship to the refinery 100% of the gold extracted and pulled from the machinery.

BitMart Admin:

Q7：How are the mines selected?

Philippe:

This is part of the project's "secret sauce," and one that is not easily replicated by others who attempt to enter into this space. But I can say that the GoldFinX Mining Selection Committee (MSC) is composed of geologists, mining industry experts, and executives of the company. The MSC selects from projects and operations of submitted or invited mines. It challenges the business plan and recommends any optimization of the technology (extraction and treatment). The MSC prioritizes the projects by the quantity of the gold reserve, ease of extraction, legal and political stability, and other criteria. It then submits its recommendation to the Board for final approval.

BitMart Admin:

Q8：How are you involving the community with the project, where can people learn more about GoldFinx or get involved? Are you also doing anything unique to garner mass adoption?

Philippe:

We have put out a massive amount of information and content on social media throughout the last few years. We fired up our efforts to educate and teach the general public in 2020 with increased media exposure. We also send out a monthly newsletter to all our subscriber base with all the latest news.

Our latest initiative is our Ambassador Program (https://goldfinx.com/ambassador/). It will increase our efforts to expand the GoldFinX message quickly.

BitMart Admin:

Q9：What are the biggest milestones you have accomplished since launching, anything that you would like to share with the community?

Philippe:

Without a doubt, among the many milestones, the most satisfying one was the first gold mine we partnered with in the Ivory Coast at the beginning of 2020. Not only did it act as an important proof of concept, but it occurred with impeccable timing as the Covid pandemic hit the world hard a few months later. With all travel restricted, and the due diligence on mines in other parts of the world coming to a halt, we were able to concentrate on expanding within the Ivory Coast as we gained the confidence of local communities and the government.

Q10: Can you tell us about your goals for the future, and what this BitMart listing means for GoldFinX within those plans?

Philippe:

Working with Bitmart has been a wonderful experience! Their professional team has provided us with lots of guidance. They have made the listing of GiX a very simple process. We fully expect this Bitmart listing to spearhead us into the consciousness of the crypto industry and be an important part of spreading this important social message.

[Free Q&A]