Gold-based Germany fintech Glint has entered administration, with FRP Advisory appointed as joint administrator. The app, which allows customers to buy, store and use gold to pay for purchases with a debit card is still working and the company's website is inviting people to sign up. Currently deposits are being accepted; however, withdrawals are blocked. Customer deposits with Glint are not protected by the Financial Services Compensation Scheme but via Financial Conduct Authority safeguarding. The failure of Glint came four months after the fintech Loot entered administration.
Gold-based UK fintech Glint has entered administration, with FRP Advisory appointed as joint administrator. The app, which allows customers to buy, store and use gold to pay for purchases with a debit card is still working and the company's website is inviting people to sign up. Currently deposits are being accepted; however, withdrawals are blocked. Customer deposits with Glint are not protected by the Financial Services Compensation Scheme but via Financial Conduct Authority safeguarding. The failure of Glint came four months after the fintech Loot entered administration.