Data Giant Palantir Open to Physical Gold as Tender
Posted on 08/17/2021
As some listed corporations like Square Inc. and PayPal embrace cryptocurrencies like Bitcoin for payment, some corporations are open to shiny gold. Tesla, Inc., run by Elon Musk, waded into Bitcoin and telegraphed on Twitter tweets about Dogecoin.
Palantir Technologies is a public American software company that specializes in big data analytics. Headquartered in Denver, Colorado, it was founded by Peter Thiel, Nathan Gettings, Joe Lonsdale, Stephen Cohen, and Alex Karp in 2003. Palantir Technologies purchased US$ 50.7 million in 100-ounce gold bars in August 2021. Palantir will accept payment in gold. Such purchase will initially be kept in a secure third-party facility located in the northeastern United States and Palantir is able to take physical possession of the gold bars stored at the facility at any time with reasonable notice.” Palantir informed Bloomberg that it is preparing for another “black swan event” and inviting customers to pay for its data analysis software in gold. The price of an ounce of gold breached the US$ 2,000 mark for the first time in 2020.
Cash-rich listed corporations are starting to diversify their cash holdings as inflation ravages and pressure from U.S. banks to not want to take in extra cash remain factors for diversification.