In response to Mint’s queries, the company said its app facilitates the purchase and sale of gold as a commercial transaction. It added that, with customer consent, the gold is stored with Brinks, a third-party vaulting firm, and is independently audited and insured. Customers can sell, redeem, seek physical delivery, or convert the gold into jewelery at any time, the company said.
Mint Explainer: Why Karnataka’s case against Jar could test digital gold regulation
