BitGold platform enables people to use Gold as a store of value and medium of payments
BitGold Inc. has issued a press release to announce the public launch of the BitGold platform.
BitGold is inviting people everywhere to open free accounts, build savings, and make payments with securely vaulted gold – fully insured with no storage fees, full reserved and fully redeemable, spendable with debit card or electronic payments.
BitGold platform is a software service that connects free vault storage with payment networks.
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.”
Source: BusinessWire – Announcing a New Global Operating System for Gold
