BitGold, a platform for savings and payments in gold, has completed the acquisition of operating and intellectual property assets of GoldMoney Network.
In May 2015, Bitgold agreed to purchase GoldMoney’s operating subsidiaries and intellectual property for C$51.9m.
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BitGold’s payment and savings platform will now operate as a separate service focusing on the expansion of a high-growth internet user base as well as developing a global payments and international transfer network using BitGold settlement technology.
The combined business will look to develop services in additional market segments, create a global financial service network to grow payments market share, international transfers and remittance, in-app and micro payments, and cross income-segment savings and wealth management, BitGold said.
BitGold will be renamed GoldMoney Group, subject to regulatory approval. Also, BitGold is planning for an internal restructuring in late July 2015 to further integrate GoldMoney and support the expansion of the combined business.
The acquisition has also granted GoldMoney the right to nominate three directors to BitGold’s board of directors until 20 July 2018.
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By GlobalDataThe new members appointed to BitGold Board include GoldMoney directors Mahendra Naik, James Turk and Hector Fleming.
BitGold CEO Roy Sebag said: "We are pleased to complete the GoldMoney acquisition and further reveal our plans to build a global, cross-segment financial service platform."
GoldMoney.com founder James Turk said: "We are pleased that the customers of GoldMoney will be able to benefit from new products and services to be introduced in the months ahead. The combination of BitGold and GoldMoney creates a company with considerable resources that is well placed to take advantage of these opportunities."
