Switzerland-based AgAu.io, a peer-to-peer (P2P) electronic money system, has closed an angel round of funding.
This investment has been raised to support the launch of its product, which is set for launch later in the year.
Former Arab Bank Switzerland CEO Nicolas Chikhani was among the investors of the round and has joined AgAu’s board.
AgAu has the goal of becoming the “poster child for Switzerland” by showing the country’s entrepreneur market is still thriving regardless of the market impact caused by Covid-19.
The company offers digital currencies that are backed by silver and gold.
AgAu CEO and founder Thierry Arys Ruiz said, “Switzerland has a historic relation with gold and the country has long been considered the safest jurisdiction in the world for privacy and private property. We are combining 3 of the major strengths of Switzerland: Commodity Trading (Gold & Silver), Banking and Technology in one powerful idea: AgAu.”
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