It's not necessarily a scam. It just seems shonky that they're using terms to describe a capability (Precious metal custodianship) which has existed for thousands of years (Or on the Internet for the last 20+ years). Many people have been using these 'blockchain' , 'stablecoin' terms to to confuse regulators so that they don't have to comply with custodial laws.
"and it is a very efficient P2P payment system"
The payments may appear to be P2P, but the underlying system certainly isn't. Just like when you pay for something on credit card, it only appears that you are transacting between yourself and the merchant, but a third party is involved.
"I send money to India through this platform. Instant and no fees for sending - only buying and selling. Its up to the recipient on whether they sell the gold and incur the 1.6%. Anyhow works for me....thus far"
That's good for you. But there's nothing that they're offering that wouldn't have been possible on the Internet in 1998. If I were them, I'd stop using the shady terms to describe a custodial database for precious metals. If they've actually attempted to adapt their system from some blockchain system, they'd be better using something like a My-SQL database back-end system which will be far more efficient and contain less bugs and threat vectors for what they're trying to accomplish.
