Turkish gold trading app attracts investor interest

Turkish gold trading app attracts investor interest

Turkish gold trading app attracts investor interest

More than 10 companies, including three from the United States and one from Europe, have shown interest in Turkish startup Goldtag, which enables users to make gold transactions and give golden gifts via mobile phones.

Dolunay Sabuncuoğlu, a co-developer of the application, said they will not sell shares of more than 20 percent at this stage. Apart from international investors, at least seven domestic firms, including a bank, also offered partnership, he said.

“We trust in the Goldtag application’s potential and uniqueness. The interest of investors makes us happy. We have received some tempting offers but we have been focused on further developing the application and increasing number of users. We can evaluate partnership offers in the upcoming period. We want to create a new brand for our country, so we don’t ever think of selling the application as a whole,” he said on Feb. 6.

Developers expect the Goldtag application to be downloaded by at least 50,000 users this year. Restrictions on weddings and other crowded events can help widen its user base. Traditionally, relatives and friends buy gold coins, bracelets and necklaces from jewelry shops to present as gift to newly-wed couples. Baby showers, circumcision parties, birthday parties and newborn ceremonies are other social events in which gold gifts are presented.

Goldtag users can also buy, sell and compare gold products at their convenience during coronavirus-related lockdowns and curfews.

The application has been supported by Ankara-based Hacettepe University’s technology center Hacettepe Teknokent.