Malaysia-based HelloGold has reportedly secured a Series A funding round from 500 Startups to support the integration and testing of blockchain technology on the app.
Blockchain technology will also enable the company to scale faster and provide its customers with access to more options past cash, according to various reports in the media.
Founded in 2015, the company is a Shariah compliant gold digital platform which aims to give everyone access to physical gold products. Through the platform, which is free to register for, users can buy 99.9 per cent investment grade gold from a minimum price of RM 1.
Last year, HelloGold reportedly closed a pervious Series A funding round of $12m with an investment from Malaysian fund Dani Sdn and other unnamed backers. Around the same time, the company launched the first stage of its ICO, with a goal of $9.6m. The initial round closed on 17,149 ETH, which is worth around $8.8m at the time of writing.
HelloGold is hoping to launch the second stage later in the year and its final round in 2019.
Last month, fellow Shariah FinTech company Maliyaa also raised funding, closing a $1.3m Seed round from Ground1 Ventures. The P2P financing and investing platform raised the capital to boost technology development and expand its team.
Funding into the blockchain and cryptocurrency space saw a huge rise in 2017 compared to 2016, according to data by FinTech Global. Total investments into the space rose by more than six-times, going from $286m to $1.8bn.
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