BitGold has raised $3.5 million from enterprise capitalists to fund their try and digitize gold.
BitGold Inc. (to not be confused with Bitreserve’s similarly-named bitgold) has simply concluded a $3.5 million investment round forward of its Q1 launch. The corporate hopes to make gold a viable fee medium as soon as once more by providing a multi-faceted platform that features a gold alternate, a custodial vault, and a funds service.
BitGold Inc. Concludes $3.5 Million Funding Spherical
Gold has served as a near-universal fee medium for many of human historical past. Nonetheless, the proliferation of unbacked authorities currencies and the rise of digital funds brought about gold to change into used much less as forex and extra as a long-term hedge in opposition to inflation.
BitGold CEO Roy Sebag finds that irritating.
Since my days as knowledgeable investor I’ve puzzled why there’s no straightforward approach to personal and spend gold in a authorized, clear, and tax-compliant method.
Along with the authorized issues of utilizing gold as forex, valuable metals will not be simply divisible, rendering gold impractical for on a regular basis use. This issue was current all through historical past, as copper and silver had been used for minor transactions whereas gold was reserved for giant ones.
Sebag says BitGold’s intention is to revive gold to its place as a handy fee medium–and make it viable for small transactions.
True gold possession requires gold to be safely vaulted and saved, making it extraordinarily tough to spend, particularly in micro-transactions. At BitGold, we solved this downside by creating a platform that’s half gold alternate, half funds know-how and half custodian, leading to a strong consumer expertise that advances gold from a bodily component to an immediately accessible unit of account and retailer of worth for the web, an working system for gold.
Co-founder Josh Crumb says technological improvements–such because the blockchain–have made that dream attainable.
Blockchain know-how has unleashed a wave of funds innovation that may empower folks the world over by reducing prices and growing entry to protected and clear monetary providers…We see gold, the asset bitcoin was designed to imitate, as an necessary component on this empowerment. The pliability of the BitGold platform permits gold to be a core financial savings account coupled with digital forex for seamless world funds, or as a natural-world storage and security valve for an inevitable web of cash. The web of cash must be rooted in alternative and particular person empowerment, and we offer that in a versatile and safe platform.
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