Canadian bitcoin startup BitGold Inc. has launched the BitGold platform, new operating system connecting free vault storage with various payment networks. Inspired by bitcoin, the new software enables its users to easily trade gold, which can be bought through different payment systems.
BitGold customers can buy gold with the use of various electronic payment methods or via ATM network using the digital currency. The platform is totally free and allows anyone to create an account in just a couple of minutes.
“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,” the company’s CEO Roy Sebag commented.
“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,” he added.
After buying gold, the users can choose where to physically store it and the BitGold platform links the securely-vaulted gold with international payment systems, including Visa, Interac, SWIFT, MasterCard, SEPA, Discover, UnionPay and American Express.
The software also allows its customers to make such transactions, as cross-border gold payments, debit card spending of gold, physical gold redemptions, processing and merchant invoicing for gold and conversions to a user’s digital wallet.
“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 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.”
BitGold offers an innovative solution to the difficulties of trading with securely vaulted gold. The company is targeted at making it available to use gold in digital payments and secure savings.
BitGold currently includes ten vaults that are situated in Toronto, London, Zurich, New York, Hong Kong, Singapore and other cities.