Last updated on December 24th, 2014 at 01:00 am
BitGold Inc. announced the closing of a Series-A round of financing this evening.
The Company has raised $3.5 million in advance of a Q1-2015 platform launch.
BitGold is an upcoming platform that will allow users to perform free global payments with access to redeemable gold for savings. BitGold raised angel financing from its co-founders Roy Sebag and Josh Crumb in early 2014, allowing for the development and acquisition of key intellectual property and proof of concept. BitGold’s Series-A financing round included investments from PortVesta Holdings, Soros Brothers Investments, PowerOne Capital, Sandstorm Gold, and other undisclosed investors.
“Blockchain technology has unleashed a wave of payments innovation that will empower people the world over by lowering costs and increasing access to safe and transparent financial services,” said co-founder Josh Crumb. “We see gold, the asset bitcoin was designed to mimic, as an important element in this empowerment. The flexibility of the BitGold platform allows gold to be a core savings account coupled with digital currency for seamless global payments, or as a natural-world storage and safety valve for an inevitable internet of money. The internet of money should be rooted in choice and individual empowerment, and we provide that in a flexible and secure platform.”
“Since my days as a professional investor I have wondered why there’s no easy way to own and spend gold in a legal, transparent, and tax-compliant manner,” said Founder and CEO, Roy Sebag. “Technological breakthroughs in decentralized payment technologies such as the blockchain and ripple have created a historical opportunity to solve one of the main challenges preventing gold from being useful again in daily transactions. True gold ownership requires gold to be safely vaulted and stored, making it extremely difficult to spend, especially in micro-transactions. At BitGold, we solved this problem by developing a platform that is part gold exchange, part payments technology and part custodian, resulting in a powerful user experience that advances gold from a physical element to an instantly accessible unit of account and store of value for the internet, an operating system for gold.”
The company is on track to launch in February of 2015.
Image courtesy of Bullion Vault.