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A financier from Ural launches in Singapore a payment system based on blockchain


A former banker Vladimir Frolov, from Yekaterinburg, known as the founder and the leader of a number of regional banks, is working on a payment system based on blockchain technology. On his Facebook page, he said that his project Copernicus Gold will appear on the market in the test mode before the end of the year in Singapore:

“We had successful talks with a top manager of a very large company, trading in gold”.

The fact that Vladimir Frolov and his associates were working on Copernicus Gold, was officially announced in the summer of 2015. The financier even registered the domain name According to the author, the new payment system should be as an alternative to SWIFT – an electronic system, that makes payments and transfers info between banks more than 200 countries around the world, which now includes more than 11 thousand banks and financial companies.

«Copernicus Gold is a new stage in the development of digital currencies. It was based on the idea of combining the technological advantages of cryptocurrencies, conceptual advantages of digital gold, multi-currency with the possibility of currencies converting and modern, reliable technologies for protection “- Frolov wrote on his Facebook page in February 2016.

For users in the new system are available operations with multiple currencies simultaneously and implementation of instant transfers from one account to another. Frolov promises to protect users’ accounts with the assist of the latest crypto technologies.

All transfers in Copernicus Gold will be backed by gold through a special payment system, which can cause the association with the “gold standard” and the Bretton-Woods system. Recall that in early 1970, the world financial institutions almost abandoned estimations, secured by real gold, followed by courses of world currencies began to depend on the demand and the supply on international financial markets.

According to the creator of «Copernicus Gold» at the moment, the payment system registers a thousand transactions per second – “when the load is evenly distributed 100 million transactions per day.”

“We do not attract deposits, do not give out loans, and do not work in speculative markets. Do not place client money in any instruments. They are all stored in bank accounts. Our risks are equal to banks’ risks, in which we serve. If we are connected to the payment system of the Central Bank directly, and our correspondent account is opened in the Central Bank, our risks are equal to risks of the Central Bank of the country of our presence “, – said the financier.

The starting the test mode of Copernicus Gold payment system is planned in the near future for 15 specially selected users.

“In order to enter the market, the company has to do a great job. When it becomes fully operation, it will be possible to talk about its benefits for ordinary citizens “, – says Frolov.

The blockchain technology opted because “it is protected from breaking and more reliable than traditional payment systems”.

Frolov noted that Copernicus Gold will not compete with the most famous cryptocurrency – Bitcoin, because “we have a different implementation and another customer niche.”


Bitcoin Frolov has distrustful attitude to Bitcoin, as indicated by his remarks on Facebook:


«Copernicus Gold is working on its own version of blockchain without reference to Bitcoin, therefore, free from functional limitations imposed by this cryptocurrency. This allows extending functionality possibilities and makes innovations in the software implementation of the system, “- he writes.

Vladimir Frolov is a founder of the bank “Severnaya Kazna”, one of the first Russian banks preferring IT and remote maintenance. After reorganization “Severnaya Kazna” by Alfa-Bank in 2008, he created “In bank”, the main feature of which was the rejection of the presence of physical offices in favor of the transition to a fully remote maintenance. In 2013, Frolov was adopted in the board.