As you’ll probably be aware, the UK voted on Thursday to leave the European Union. This process is expected to take a number of years to complete. As we are a UK-based business we wanted to take this opportunity to reassure our customers about our position and the impact on MIDAS during this transition.
The first thing to note is that all our administrative operations are based here in the UK, with our primary server infrastructure residing in the United States (with backup systems in the UK). We have no staffing or physical infrastructure in other EU countries, and therefore the UK’s decision to leave the EU will have no effect on the day-to-day running of our operations.
Over 90% of our customers will reside in non-EU countries once the UK leaves the EU. As such, any subsequent financial volatility from other EU member states will have a negligible impact on our own financial position.
We continue to trade across the globe – including with other EU states, and our valued EU customers are no less important than any of our other global customers.
Our base pricing for MIDAS remains the same. We’ve not raised our prices as a result of the UK’s decision to leave the EU. However, please be aware that as we offer payment for MIDAS in a number of currencies (including Euros), and our prices automatically update daily with the latest global exchange rates, there may be some fluctuation in the price of MIDAS in the short term. In fact at time of writing, if you’re a non-UK customer, you may be able to grab a bargain if you’re quick! Right now, the price of MIDAS today is approximately 10% lower than it was on Thursday for non-Sterling customers! We expect this initial volatility in global exchange rates to only be a short term “blip”.
So, the message is; we’re hopeful and excited about our country’s future, and it’s business as usual at MIDAS HQ!