Bitcoin and Gold Startup BitGold Launches Global Platform for Gold

By May 5, 2015Bitcoin Business
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Bitcoin and Gold Startup BitGold Launches Global Platform for Gold

Toronto-based Bitcoin and gold startup BitGold Inc. has publicly announced the launch of a global operating system for the yellow metal.

Company’s co-founder and CEO, Roy Sebag, said that, “we are excited to unveil the BitGold platform … 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.” Roy goes on to add that, “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.

The launch was announced via a press release yesterday.

How It Works?

The process is simple: As soon as the user deposits his cash into the system, an equivalent weight of gold will be allocated to him. The press release clearly states that BitGold is not a bank, thereby eliminating the risks of losing a customer’s deposits, it’s not a cryptocurrency like Bitcoin, and there are no securitized assets like gold ETFs.

People can open free accounts, make payments with securely stored gold using the BitGold Mastercard or from the BitGold website using a mobile device. The technology also connects the allocated gold to international payment leaders such as Visa, MasterCard, SEPA, Union Pay and American Express.

Residents of United States will not be able to reap the benefits of the BitGold platform until announced otherwise.

About BitGold

BitGold Inc. is a Canadian corporation providing users with a secure vault to see their money appreciate in value (if the gold appreciates), instant cross-border gold payments, merchant invoicing and processing for gold, and debit card spending of gold.

The company is awaiting listing under the symbol XAU on the TSX Venture Exchange. The company is in the process of receiving final exchange approvals.

Company’s co-founder and CEO, Roy Sebag, said that, “ we are excited to unveil the BitGold platform … 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. ” Roy goes on to add […]

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