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.
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.
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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.
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By GlobalDataBitGold 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."
