Digital Gold -> Loan against Digital Gold? is there a platform? is this it?
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Hello Dimers,
We all know that with Physical gold we can easily get loan against it from "Banks" or "Pawn shops" or "friends" or "from anyone whom we trust"
but what about digital gold????? can we get loan against it??? is there any NBFC or Dedicated platform for lending loan against DIGITAL GOLD we have in our wallet???
is that really possible or AM I DREAMING?? in this so called digital gold era???
do comment digital gold holders or ANYONE, do comment
am i dreaming ??
hoping this will become some business idea for NBFC to start it
side note: for those who are new to digital gold wallet
1) safegold
2) augmont
3) mmtcpamp (side note2: i need referral code for this mmtc, if anymember has it please pass it on)
btw if you find this post interesting
please do upvote this post:) so that many who already has this doubt will get to know about the answer here:)
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I remember DEEPAK ABBOT the founder of INDIAGOLD had launched LOAN against digital gold sometime during the covid waves (probably 2nd ) and this was during the BOOMING indian startup scene and had got a view from some crazy analyst that loan against digital gold can earn NII of more than 100 billion usd..... The crazy part was DIGITAL GOLD VALUE wasn't 100 Billion dollar
Anyway this thing was not appreciated by RBI given the unstructured - unregulated nature of digital gold & it slowly made it to die, First when it was in product stage RBI made sure no regulated entity get the direct exposure on underlying risk - then made certain policy Guidelines which made it tough --end result India gold launched it as BNPL with FLDG kind of arrangement and was capped @ 60000 max loan value.... Later this was again not conducive with RBI to thrive this proposition are the hush voices inside Gold Fintech firms - No one wants to talk & the india gold pivoted it to something as banal as credit appraisal factor without any monetary value & finally shut the product is what I remember ---Bit I don't know the exact state or extent of this.... I may be wrong in this particular case but OVERALL RBI doesn't have a heart for this & This would not be allowed that's the sureshot truth
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loan against gold is POSSIBLE:)
loan against digital gold? possible? anyone got it successfully???