BitGold Launches Automatic Bank and Card Redemptions Completing Key Platform Milestone
October 29 2015 - 7:30AM
Business Wire
GoldMoney Inc. (TSX-V:XAU), a full-reserve and gold-based
financial service and technology group, is pleased to announce that
its wholly owned subsidiary BitGold Corp. has today launched the
world’s first automated gold to fiat settlement technology enabling
gold payments to instantly settle as fiat currency.
The new feature can be found within the BitGold platform
settings under “Automatic Redemptions” and allows BitGold users to
set Automatic Redemptions Plans.
Automatic Redemption Plans can be specified to redeem 0-100% of
a users incoming gold payments and can be customized to encompass
specific vault locations. Each plan can be linked to bank accounts
in 15 global currencies or to a user’s prepaid debit card.
Once a plan has been set, any incoming gold payments received
will instantly convert to fiat currency eliminating any gold price
volatility to the receiving party. This enables transactions on the
BitGold network to flow between two parties that seek lower
transaction processing costs while avoiding any exposure to
gold.
Coupled with the previously announced Automatic Savings and
Payment plans, the BitGold ecosystem can now power several new and
exciting use cases such as:
- Families living in different countries
can set automatic payment plans on one end. The receiving family
member can then set an automatic redemption plan on the other end
with a prepaid card as the settlement destination. This results in
an automatic remittance flow utilizing gold as the bridge between
two different fiat currencies and at a total cost of just 2% to
both parties with no minimum transaction amount.
- Business users may use this feature to
instantly settle incoming payments to specific currencies used for
procurement or working capital purposes. For example, a merchant
requiring EUR currency may set an automatic plan to convert
incoming gold to EUR at their European Financial Institution.
“Automatic Redemptions are crucial to the ecosystem as they
showcase how the BitGold technology leverages physical gold to
lower transaction fees between fiat currencies and within the
existing global commerce and remittance markets. A merchant may now
accept BitGold payments and tap into the multitude of transaction
processing capabilities we offer for only a 1% fiat settled cost. This compares favorably vs. any
incumbent or nascent financial technologies in the market today,”
said Darrell MacMullin CEO of BitGold Inc.
“While some of our users may seek long-term exposure to gold,
the majority will only adopt this platform if we can save them
significant sums on processing or reduce friction between fiat
currency transactions. Our founding thesis has been to show that
gold is a commodity-money technology that can achieve this task and
now with Automatic Redemption Plans we show how. In a world with
180 global currencies calibrating against each other in real-time
through dozens of payment networks with varying settlement cycles,
we have unveiled a system that democratizes payments to anyone on
the planet powering instant global value transfer in as little as
.01 gram increments and for as low as 1% fee,” said Roy Sebag, CEO
of BitGold Corp. Parent GoldMoney Inc.
About GoldMoney
GoldMoney Inc. is a global, full-reserve and gold-based
financial services group. GoldMoney provides financial services as
a trusted, limited third-party, combining the unique attributes of
gold with technology-driven innovation. Through GoldMoney® the
company offers precious metals custody and wealth services, trading
and execution, and independent research to individual investors and
institutions. Through BitGold™ the company operates a self-directed
savings platform and a payments network allowing individuals and
businesses to make or receive online, in-store or mobile payments.
GoldMoney Inc. has over 400,000 clients from over 200 countries and
$1.6 billion in client assets under administration. GoldMoney is
regulated by the Jersey Financial Services Commission (JFSC) as a
Money Services Business. The JFSC is the main supervisory body that
oversees and regulates Jersey's large financial services industry.
For more information on BitGold, visit bitgold.com. For more
information on GoldMoney, visit ir.goldmoney.com.
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GoldMoney Inc.Josh Crumb, 647-499-6748Chief Strategy
Officer & Director