Announcing a New Global Operating System for Gold

Announcing a New Global Operating System for Gold

BitGold Inc. announces the public launch of the BitGold 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.

“We are excited to unveil the BitGold platform,” said Co-founder and CEO, Roy Sebag, “an architecture and technology that's taken years of 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 not a bank and does not take risks with a customer’s deposits, not a cryptocurrency like bitcoin, and there are no IOUs and no securitized assets like gold ETFs. As a Trusted, Limited Third Party, the platform is a software service that allows for the quick settlement of independent-physical gold trades so that a users’ gold is easily acquired and accessible across various payment networks. The 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 in the world 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.

“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,” said co-founder and Chief Strategy Officer, Josh Crumb. “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.”

About BitGold

BitGold’s mission is to make gold accessible and useful in digital payments and secure savings. The BitGold platform provides innovative solutions to the challenge of transacting with fully allocated and securely vaulted gold. BitGold accounts are free and convenient to open by anyone, anywhere* in just minutes. BitGold provides users with a secure vault account to purchase gold using a variety of electronic payment methods, or with currency through an ATM network. The platform also provides transaction capability including: instant cross-border gold payments, merchant invoicing and processing for gold, debit card spending of gold at traditional points of sale, conversions to a customer's external digital-wallet or bank, and physical gold redemptions.

BitGold is a Canadian corporation with offices in Toronto, Canada, and Milan, Italy. BitGold has partnered with established professionals in auditing, vault security and web security, bullion dealing, and is committed to best-practice systems for compliance with all applicable laws and regulations regarding anti-money Laundering ("AML") and Know Your Customer ("KYC").

*The BitGold Platform will not initially be available to U.S. Residents and will be unavailable to residents of sanctioned countries

BitGold Inc. is pending TSX Venture Exchange listing under the symbol: XAU. Commencement of trading will be announced following final exchange approvals.


Related News

BloqEnterprise, The Blockchain Operating System for Companies

BloqEnterprise is a blockchain operating system for enterprise customers which enables them to create, edit and modify blockchains. The enterprise level distributed ledger technology solutions provider Bloq has waded into the deeper waters of blockchain technology by announcing its very first product, a truly enterprise level product called BloqEnterprise. As the name suggests, this enterprise level solution is a comprehensive Blockchain-based operating system, BOS as it is called. The BloqEnterprise allows companies to tap into the full potential of blockchain technology with tools that....

BitGold Announces a Bitcoin-like System for Gold Storage and Payments

BitGold Inc. has announced the public launch of the BitGold platform, a software service that connects gold storage with payment networks, resulting in a banking-like platform for gold. The announcement refers to the BitGold platform as a "new global operating system for gold." In fact, BitGold is a digital payments platform that connects gold stored in real-world vaults with online payments. Though the BitGold press release emphasizes that BitGold is not a cryptocurrency like bitcoin, there are similarities. In particular, the BitGold platform allows for the quick settlement of gold....

Will There Ever Be A Gold Platform That Performs Like Bitcoin?

The company BitGold has just recently announced its mobile one-time and recurring payment feature through its platform. Users can now send reserves of the shiny precious metal in digital form via Android and IOS systems. All transactions within the system are always settled in vaulted gold. As global markets crash today, cryptocurrencies like Bitcoin and precious metals like gold have remained solid investments. The faster we can transact with these assets the better. There will always be companies who want the legacy trust involved with Gold (AU) and the speed of Bitcoin-like transactions....

Bitcoin and Gold Standard Aren’t the Same

Bitcoin is not a gold standard as it is independent, without the intervention of any central bank or government agency. There has been a lot of comparison between bitcoin and gold in the recent times. Bitcoin has been compared to gold in many aspects. In fact, bitcoin is also called digital gold for a reason due to various similarities it shares with the yellow material. However, referring to bitcoin as a gold standard may not be relevant. The gold standard is a reference to the monetary system that was based on the value of gold. While most countries stopped following the gold standard....

Gold Vs Bitcoin. Which is a Better Investment?

Bitcoin has been said to be the new gold. The global monetary system is in a runaway inflation; investors have always considered gold as an escape from inflation and a last resort against governments that have the power to divert funds from individual accounts and central banks with the capacity of printing money and unleash devaluation politics. Gold often benefits when exposed to inflationary environments because it is still one of the best ways to preserve the value and one of the best methods of escaping government control. Bitcoin is very similar to gold; it's scarce, it can be used....