BitGold Inc. has announced Earth launch of the BitGold platform, a software service that connects gilt storage alongside payment networks, resulting inwards a banking-like platform for gold.
The annunciation refers to the BitGold platform every bit a “new global operating organisation for gold.” In fact, BitGold is a digital payments platform that connects gilt stored inwards real-world vaults alongside online payments.
Though the BitGold press issue emphasizes that BitGold is non a cryptocurrency similar bitcoin, at that topographic point are similarities. In particular, the BitGold platform allows for the quick small town of gilt trades therefore that a users’ gilt is easily acquired too accessible across diverse payment networks such every bit SWIFT, Visa, MasterCard, Interac, SEPA, UnionPay, Discover, American Express too others – including bitcoin.
BitGold payment fees are higher than those of bitcoin payment processors only lower than nigh alternatives.
Thus, BitGold provides some of the advantages of bitcoin payments – faster too cheaper digital cross-border transactions – combined alongside the advantages of gilt every bit a shop of value, too tin flame endure seen every bit a Bitcoin-like organisation for gold. BitGold seems probable to give-up the ghost an appealing selection for those who trust gilt to a greater extent than than bitcoin.
The BitGold website states that the society views gilt every bit a safety switch for a footing that is increasingly digital, too implemented safety features to protect users’ accounts too identities, such every bit secure vaults, sum insurance alongside Lloyds of London against theft or loss, military-grade encryption (RSA 4096 too AES256) to secure users’ accounts too personal information, too multi-factor authentication measures.
BitGold claims that it offers the nigh competitive rates inwards the manufacture for buying too selling gold, too is the alone platform that allows users to pass from their gilt account.
“At BitGold nosotros own got a mission to democratize global access to gilt for stable savings, too to brand gilt useful inwards micro-transactions using the Internet or mobile phones,” said co-founder too Chief Strategy Officer, Josh Crumb. “No affair where you lot alive inwards the world, gilt has held value over fourth dimension relative to costs similar nutrient too loose energy that nosotros require every bit humans, making it 1 the nigh of import savings tools for nigh of the human population. We believe that yesteryear broadening access to a commodity-money that holds value nosotros tin flame aid fighting the ascension inwards wealth inequality too the short-termism.”
BitGold is a Canadian venture alongside offices inwards Toronto too Milan too a network of secure vaults for gilt storage, operated inwards partnership alongside The Brink’s Company, a global leader inwards security-related services for banks, retailers too a diversity of other commercial too governmental customers. Users tin flame take away where inwards the footing they desire their gilt physically stored. The company’s fiscal statements are audited yesteryear PriceWaterhouse Coopers.
BitGold accounts are gratuitous too tin flame endure opened inwards minutes. New users are provided alongside a secure vault describe of piece of occupation concern human relationship to purchase too concur gold, the mightiness to brand too have instant gilt payments, too a debit carte du jour for spending gilt at traditional points of sale. Customers tin flame fund their accounts alongside local-currency yesteryear using a network of ATMs. BitGold volition non initially endure available to United States of America residents, too volition endure unavailable to residents of sanctioned countries.
“We are excited to unveil the BitGold platform, an architecture too applied scientific discipline that’s taken years of careful planning too execution, which straightaway allows users to seamlessly role gilt 1 time again every bit a shop of value too medium for payments,” said co-founder too CEO Roy Sebag.
“As a global asset, gilt is recognized inwards nearly every civilization every bit a long-term protector of value, only has been a misfortunate medium of central compared to the advances inwards money technology,” Sebag said. “We felt that gilt needed the modernization too mobilization that’s straightaway happening inwards the global payments revolution. We own got built a fiscal services platform that is every bit about beingness counterparty-free every bit possible, enabling economical transactions inside the existing global fiscal organisation to endure settled inwards sum reserved gilt bullion.”
The term “BitGold” may endure confusing because it is also used yesteryear Bitreserve. Previously, it was used yesteryear cryptographer Nick Szabo for the cryptocurrency that he proposed earlier Bitcoin.
Old Vault Door / CC BY 2.0