TORONTO--(BUSINESS WIRE)--BitGold Inc. (“BitGold or The Company”), is pleased to announce the closing of a Series-A Financing. The Company has raised $3.5 million in advance of a Q1-2015 platform launch. BitGold is a consumer-focused internet platform offering free global payments combined with unprecedented access to secure, redeemable gold for savings. The Company 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 leading financial service professionals.
“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.”
About BitGold Inc.
BitGold’s mission is to provide global access to gold for secure savings and transactions, making this extraordinary element useful and empowering again. We’re advancing the digital payments revolution by helping people around the world acquire, store, and spend gold with unprecedented simplicity.
BitGold Inc. is a Canadian Corporation with offices in Toronto, Canada and Milan, Italy. BitGold has partnered with the most trusted names in auditing, vault security and web security, and is committed to best-practice systems for compliance with all applicable laws and regulations regarding Anti- Money Laundering (“AML”) and Know Your Customer (“KYC”).
About Gold and Blockchain Technology
Technology and progress are a history of experiments with elements, and experiments in cooperation. The revolutionary technology of the blockchain, the technological basis of bitcoin, is an example of experiments in cooperation. The blockchain technology represents an exciting innovation for decentralized record confirmation and global value transfers. This technology however, was actually designed to mimic the natural value characteristics of gold, and the empirical experiments conducted over thousands of years that made gold the most important element for human cooperation.
At BitGold, we believe that elemental gold will remain an essential part of natural human cooperation, and destined to play an important role in the exciting development of digital currency technology.