BitGold raises $3.5m in Series A funding round

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BitGold raises $3.5m in Series A funding round

The Canada based digital currency startup BitGold has had a great beginning as it successfully closed a $3.5m Series A funding round which came from PowerOne Capital, Soros Brothers Investments, Sandstorm Gold and PortVesta Holdings. Earlier this year the company had raised angel funding from its own co-founders Josh Crumb and Roy Sebag; thus, it is another successful effort.

Interestingly, Soros Brothers Investments was led by Alexander Soros, the son of billionaire investor George Soros who is known worldwide for investing in the assets that have great potential. Talking to media professionals PowerOne Capital Markets Ltd managing director Pat DiCapo confirmed that the company participated in the funding round.

Nonetheless, he is of the view that his company has been a major participant in the resource sector for years and contributed a lot providing financing and advisory services involving billions of dollars to hundreds of companies. Also, he believes that BitGold is a disruptive platform allowing consumers to utilize gold for payments and savings.

Pat DiCapo believes that BitGold is also going to provide a more efficient mechanism than any other solution provided to date and he is very excited about the future of the same. Similar views came from Nolan Watson, Sandstorm CEO and chairman who confirmed participation in the Series A round.

Talking to media professionals Nolan Watson said that he is of the firm belief that with recent advances in payment technology, which are the first generation that will have the option to easily and conveniently use gold as money. He also said that BitGold, in his opinion, is creating the best in class platform to make that happen.

The idea of combining Blockchain technology and gold is not new

Nolan Watson says people at Sandstorm are very keen supporters of their efforts. Nonetheless, the idea of combining Blockchain technology and gold is not new and many proposals aimed at effectively digitizing gold have been floated in the past as well. Bitcoin Bullion, DigitalTangible and Amagi Metals all offer different forms of gold-to-BTC trading platforms.

Nonetheless, the Toronto-based company, BitGold offers a consumer-focused Internet platform for global Blockchain payments, alongside access to secure and redeemable gold for savings which according to the company representatives is going to become popular soon.

The company says its mission is to provide “global access to gold for secure savings and transactions. The money raised will be used to further expand the infrastructure that will help it further bring competitive services for clients.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com