Upstox launches digital gold platform

Upstox, also known as RKSV Securities India, on January 19 launched a digital gold investment platform for its clients.

Apart from investing in the stock market and mutual funds, over 20 lakh Upstox clients can now also invest in gold online and right from the mobile app.

The platform enables customers to buy 24-karat digital gold of 99.9% purity at live market rates. The purchased gold can then be converted into physical coins or bars or stored in the vault. The transaction is entirely digital, enabling customers to purchase or redeem the purchased gold on the platform itself.

The discount brokerage firm will soon offer an option of converting digital gold into physical coins and have it delivered anywhere in India, even for as low as 0.1 gram, with free transit insurance.

Commenting on the launch, Ravi Kumar, CEO and co-founder, Upstox, said, “Gold is considered a store of value, a symbol of wealth, and generally one of the safest investment options. At Upstox, we believe that everyone must have access to multiple investment options so that they can build a balanced and diversified portfolio. We want a greater segment of people to take advantage of the digital gold offering along with stocks, mutual funds, IPOs, NFOs, and other products to maximise ways to build wealth.”

Upstox has partnered with #Augmont, an integrated precious metals management company that empowers customers to begin investing in Digital Gold seamlessly, starting at just Rs 1.