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May 5, 2015updated 04 Apr 2017 4:03pm

BitGold launches platform that connects free vault storage with payment networks

Canadian digital currency startup BitGold has announced the public launch of the BitGold platform, a software service that connects free vault storage with payment networks.

By Verdict Staff

Canadian digital currency startup BitGold has announced the public launch of the BitGold platform, a software service that connects free vault storage with payment networks.

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The platform will allow users to open free accounts, build savings, and make payments with securely vaulted gold that is fully insured, reserved and redeemable with no storage fees, spendable with debit card or electronic payments.

Previously, the platform was operating in private beta, with invitees opening accounts, sending and spending gold by email or text message, purchasing gold in vaults globally, and redeeming physical gold cubes.

The platform enables the quick settlement of independent-physical gold trades so that a user’s gold is easily acquired and accessible across various payment networks.

The service will be powered by BitGold’s patent-pending locational-gold exchange and vault management system connecting vault custodians and bullion banks with real-time settlement.

The company said that BitGold technology enables users to choose where in the world they wish to physically store their gold and connects the securely-vaulted gold to international payment rails.

BitGold co-founder and CEO Roy Sebag said: "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."

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img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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