BitGold designed a new software that automatically links buyers to bullion dealers and storage companies. With this move, the company makes it easier for people to own gold as a hedge against inflation and as a store of value.
The Toronto-based company began offering its service to the public in May and had already racked up more than 168,000 global users by the end of July, with about $7 million in transactions.
BitGold pairs together the ease and convenience of digital payments and online gold savings with the integrity and stability of gold. The company’s mission is to make physical gold accessible to everyone. Minimizing or removing fees everywhere possible became our purpose.
The platform user-friendly features allow users to send and receive gold payments as well as grants them access to traditional retail spending with the company’s BitGold Prepaid cards. Users can redeem their physical gold as 10g GoldCubesTM or 1kg Bullion Bars anytime. Deposits into BitGold Accounts can be done online with digital deposits or in one of the BitGold network ATMs.
The system charges a 1% fee to exchange cash into gold and back but storage is free but it also allows users to transfer their gold value to