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BitGold

BitGold

BitGold is a Canadian company offering international savings and payments services.

BitGold is a Canadian company offering international savings and payments services. BitGold allows people and businesses to send payments and hold savings with physical gold. Its corporate headquarters are in Toronto, Canada and it has European headquarters in Milan, Italy.

History

Founded in 2014 by Roy Sebag and Josh Crumb, BitGold is the sole operating business of BitGold Inc. On June 26, 2015, BitGold Inc. announced US residents can sign up on the BitGold platform and buy, sell or redeem gold.

Darrell MacMullin, former head of PayPal Canada, joined BitGold as the new CEO in June 2015.

Funding

Initial investors in BitGold were Soros Brothers Investment, PowerOne Capital Markets Ltd., and Sandstorm Gold Ltd. On June 16, 2015, BitGold Inc. announced the completion of an additional C$21.4 million secondary financing.

GoldMoney Inc acquisition

On May 22, 2015, BitGold Inc. announced the acquisition of GoldMoney Inc and its subsidiaries for a purchase price of $51.9 million, integrating over $1.5 billion in assets and over 135,000 user sign ups into the combined company.

Services

BitGold’s services allow people to purchase gold and make financial transactions using the acquired gold between individuals and businesses. Vault accounts are provided to users along with transaction services including cross-border gold payments, merchant invoicing and processing for gold, debit card spending of gold at traditional points of sale, and conversions to a user's external digital wallet.

Safety and Security

BitGold has an arrangement with The Brinks Company to provide access to vaults located in Toronto, London, Zürich, Dubai, Singapore, and Hong Kong. All financial statements are audited by PriceWaterhouse.

Timeline

US residents can use BitGold

BitGold Inc. announced US residents can sign up on the BitGold platform and buy, sell or redeem gold.

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Darrell MacMullin

CEO

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