LONDON - Tally Central Ltd, an independent monetary system provider, has outlined its strategic developments and operational highlights from the fourth quarter of 2024, as well as the results of its Annual General Meeting (AGM) held in December of the same year.
The company, which operates the Tally non-fiat monetary system and the digital currency tally®, reported that it has completed key personnel recruitments and divestments to solidify its organizational structure and facilitate its UK market growth strategy. Tally Central's system, which is independent of traditional banking infrastructures, allows users to conduct transactions in tally®, with each unit representing 1 milligram of ethically sourced physical gold.
In the first half of 2024, Tally faced challenges with customer onboarding due to a transition away from an old Banking-as-a-Service platform to a new provider, Transact Payments Limited. However, the company resumed onboarding new customers and issuing individual International Bank Account Numbers (IBANs) from June 2024.
The company also highlighted its win for 'Best Product Design' at The Card & Payments Awards in February 2024 for its debit Mastercard®. Furthermore, Tally divested part of its holdings in Bombay Stock Exchange-listed Deccan Gold Mines Limited, which contributed to the repayment of £1.8m in Convertible Loan Notes.
Looking ahead, Tally Central aims to quote the company's shares on the JPJ Jenkins exchange in London to provide a secondary market for shareholders. This move is part of a broader strategy to achieve profitability of the core business over the next two years.
The value of tally® has seen fluctuations throughout the past years, with its most recent valuation at 6.92 pence per tally®, as of the date of the announcement.
At the AGM held on Wednesday, 11th of December 2024, all resolutions were unanimously passed. The company expressed gratitude to its team and shareholders for their continued support as it enters a new phase of growth and opportunity.
This news is based on a press release statement from Tally Central Ltd.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.