Buying and storing cryptocurrency is still a big issue for all kinds of users. Both investors and regular consumers are figuring out new ways to tackle this problem. Goldmoney, a Toronto-based precious metal financial service, will now offer vaulted services for Bitcoin and Ethereum. Customers can invest in these assets in a fully-reserved offline manner. An interesting turn of events that shows how popular cryptocurrencies really are.
It is interesting to see Goldmoney hop on board of the cryptocurrency train. Customers of the company can purchase Bitcoin and Ethereum through global currencies and precious metals. These metals include gold, silver, platinum, and palladium. It is the first time we see a publicly traded and regulated service provider provide insurable and anti-money laundering compliant cryptocurrency exposure. This is quite a popular concept in Canada, by the look of things.
A Major Change for Goldmoney
Although most people know Goldmoney for direct online access to precious metals, expanding the business is a good idea. There is a lot of excitement surrounding cryptocurrencies right now. Every service provider wants to ensure they can become part of this ecosystem in one way or another. Ultra-secure and transparent blockchain asset custodies are in high demand All investments are powered by BlockVault which provides industrial-grade custodial service for blockchain assets.
Goldmoney CEO Roy Sebag comments as follows:
“As the market for Blockchain assets and cryptocurrencies has transitioned, it has been perplexing to watch multiple technology companies serve as custodians for these assets while providing nearly zero accountability, transparency, or compliance with what are the most basic standards in the financial services industry.”
Additionally, Goldmoney plans to add more cryptocurrencies in the future. Focusing on Bitcoin and Ethereum first and foremost makes a lot of sense. It is unclear which other currencies will be added, though. There will also be a P2P lending service in a few months from now. This will allow Bitcoin holders to borrow against their positions. ColdBlocks will launch by the end of 2017, which will tackle regulatory and compliance issues associated with Bitcoin. All of these developments are rather significant, that much is certain.
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