In a press release, BitGold Inc. has announced that it has bought GoldMoney.com for CAD 51.9. The announcement claims that this platform for savings and payments in gold, is purchasing the operating and intellectual property assets of GoldMoney Network Limited subject to regulatory approvals and other customary closing conditions.
According to the company with over CAD 1.5 billion in assets under vault management, GoldMoney is among the world’s largest private managers of precious metal assets. The company is also known for its innovation and integrity in the gold market. Now, BitGold will acquire the intellectual property and operating assets of GoldMoney for CAD 51.9.
GoldMoney will transfer 11,169,794 common shares to BitGold. The transaction is expected to close within 60 days. As part of the acquisition, GoldMoney founder James Turk, alongside company directors Mahendra Naik and Hector Fleming, will join BitGold’s board of directors. Thus, the company will also be gaining in terms of experienced professionals.
Talking about the acquisition GoldMoney founder James Turk said that they created GoldMoney with the vision of making gold accessible for savings and payments, a vision that BitGold is rapidly expanding in a new era of cloud computing and mobile technology. The deal according to him is going to fulfill the same goal.
Similar views came from Roy Sebag, BitGold CEO who admitted that with the technology of the BitGold platform they can expand the GoldMoney legacy of trust, security and a client-centric purpose to new markets, growing from a much stronger base and benefiting all stakeholders. Thus, his entire stress was on how to utilize the GoldMoney legacy.
Gold Debit Card May also be Developed Says James Turk
Nonetheless, combining the first global e-marketplace for gold with the latest and most innovative, the company instantly becomes the world’s largest and most active bullion money service. Additionally, the acquisition will lower its operating cost and give them a ready-made vault storage operation for the company’s in-beta gold payment system.
According to the startup it is currently developing and testing a payment service that will use blockchain technology to facilitate digital gold payments. Nevertheless, GoldMoney will continue to operate as usual, operating its vault service as well as various media products, but new features and products will be added in the coming months.
Even Turk admitted that users can expect a gold debit card, expanded payment options, as well as the many applications and features being developed by this innovative team.
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