Goldex, the first smart trading app that powers ethical pricing for buying and selling gold, today announced the appointment of industry pioneer Richard Balarkas as its Institutional Board Advisor.
“This is the perfect opportunity for Richard to join us. With his experience and help we will be able to continue with our vision to democratise the world of gold trading,” said CEO and Founder, Sylvia Carrasco. “I don’t think there is a more seasoned individual than Richard when it comes to all matters related to institutional trading.”
The appointment comes at a time when Goldex is experiencing a rapid rise in the number of users since its launch in July - thanks to the soaring value of gold in the global market and the ease by which customers can transact through the Goldex app.
Balarkas has 30 years successful experience providing technical, strategic and operations leadership for a wide range of financial institutions. Widely regarded as a leading pioneer in the development of electronic trading and market structure, Richard has held numerous senior management roles at the London Stock Exchange, BZW, Instinet and Credit Suisse. He is a board member of CBOE Europe, Saxo Capital Markets Ltd, Chairman of SquareBook, advisor to the board of Compliance Solutions Strategies, and a Director of FIX Protocol.
“Gold is one of the world’s oldest and continuous forms of wealth, yet it remains difficult to trade in a fair and efficient manner. Instead of being able to access a transparent market, investors have had to rely on unregulated dealers or proxy products like mining stocks or Gold ETFs, which often have a tenuous relationship with the pure market," said Richard Balarkas. “Goldex has impressed me because they aim to democratise gold trading, removing barriers to entry and providing investors with a fair market in which to buy and sell. Using the same advanced trading tools familiar to those who trade in regulated markets like equities and futures, Goldex can provide a virtual global market in gold, ensuring investors get the best possible price when they buy or sell.”
Goldex is currently developing its institutional trading offering that will allow financial institutions, online brokerage firms, crypto exchanges and others to access the first algorithmic technology ever developed in physical gold trading. This will allow firms to offer their customers the equivalent of “Best Execution” in a market that due to its lack of regulation is open to market abuse.