BitGold announced this week the public launch of its blockchain-based platform, a software service that connects free vault storage with payment networks, enabling a ‘banking’ like platform for gold.
The BitGold platform has previously been operating in private beta, with invitees opening accounts, sending and spending gold by email or text message, purchasing gold in vaults around the world, and redeeming physical gold cubes.
Roy Sebag, BitGold Co-Founder & CEO, commented:
We are excited to unveil the BitGold platform. An architecture and technology that’s taken careful planning and execution, which now allows users to seamlessly use gold again as a store of value and medium for payments. As a global asset, gold is recognized in nearly every culture as a long term protector of value, but has been a poor medium of exchange compared to the advances in money technology. We felt that gold needed the modernization and mobilization that’s now happening in the global payments revolution. We have built a financial services platform that is as close to being counterparty-free as possible, enabling economic transactions within the existing global financial system to be settled in full reserved gold bullion.
BitGold is essentially a blockchain-based software service that allows for the quick settlement of independent-physical gold trades. The company says that its platform is powered by BitGold’s patent-pending locational-gold exchange and vault management system linking vault custodians and bullion banks with real-time settlement. The BitGold technology allows users to choose where they want their gold physically stored and connects the securely-vaulted gold to international payment rails such as SWIFT, Visa, MasterCard, Interac, SEPA, UnionPay, Discover, American Express and others.
BitGold’s co-founder and Chief Strategy Officer Josh Crumb noted:
At BitGold we have a mission to democratize global access to gold for stable savings, and to make gold useful in micro-transactions using the internet or mobile phones. No matter where you live in the world, gold has held value over time relative to costs like food and energy that we require as humans, making it one the most important savings tools for most of the human population. We believe that by broadening access to a commodity-money that holds value we can help combat the rise in wealth inequality and the short-termism.
BitGold parent company Loma Vista Capital Inc. also this week announced an amalgamation with BitGold. The amalgamation was unanimously approved by shareholders at the respective shareholder meetings of BitGold and Loma Vista, held on March 16, 2015. On April 27, 2015, the TSX Venture Exchange conditionally approved the listing of the common shares of the resulting issuer of the amalgamation under the trading symbol “XAU”. Final approval is conditional upon the company fulfilling all of the listing requirements of the TSX-V. Loma Vista expects for the shares to commence upon fulfillment of these conditions and receipt of final approval in early May 2015.