A new public company called GoldMoney has launched an international net based software digital payments platform that connects personally allocated and insured physical gold stored in real-world secure, insured vaults with online payment networks, and soon a free debit card for global point of sale purchases.
GoldMoney is a TSE-V (xau.v) listed Canadian corporation with offices in Toronto and Milan. It offers a global network of secure vaults for gold storage, operated in partnership with The Brink’s Company, a global leader in security-related services for banks, retailers and a variety of other commercial and governmental customers. Users have multiple choices where in the world they want their gold physically stored.
The company’s financial statements and stored gold are regularly audited by Price Waterhouse Coopers. GoldMoneys' stated mission is to democratize global access to real physical gold for stable savings, and to make gold useful in transactions (from micro up) using the Internet or mobile phones and soon at point of sales with a free debit card.
Customers can fund their accounts with local-currency by bank account, debit card, SWIFT, Visa, MasterCard, Interac, SEPA, UnionPay, Discover, American Express and others, even including Bitcoin, and also using a network of ATMs.
New users are provided with an easy to use, secure vault account to;
- purchase/sell/receive any amount of physical gold at current official spot price (plus 1% fee) globally 24/7,
- the ability to make and receive instant payments, from micro on up, globally 24/7
- a free debit card now available for normal purchases at traditional points of sale in local currency,
- provided choices for free international secure, insured vault storage provided by Brinks
- importantly, users can even take delivery of physical gold at any time (nominal $25 redemption fee. Shipping fees apply for 10 gram cubes, free for 1000 gram bars)
- gold can be delivered in 10 gram cubes, 1000 gram bars, and even by the ton (for the biggies - you know who you are)
GoldMoney is now partially available to U.S. residents.
Though GoldMoney emphasizes that it is not a crypto currency, there are some similarities. The GoldMoney platform allows for the quick settlement of gold trades so that a users gold is easily acquired and accessible across various payment networks such as bank account, debit card, SWIFT, Visa, MasterCard, Interac, SEPA, UnionPay, Discover, American Express and others, even including Bitcoin.
The GoldMoney payment fees for buying, selling physical gold and receiving payments, at 1%, are lower than other alternatives. Sending payments and all gold storage are free. Thus, GoldMoney provides some of the advantages of Bitcoin payments – faster and cheaper digital cross-border transactions – combined with the advantages of physical gold as a store of value, and could be seen as a ‘Paypal like’ system for gold.
The GoldMoney website states that the company views its gold transactions as a modern secure payments option for a world that is increasingly digital, and it has implemented high security features to protect users’ accounts and identities, such as commercial grade vaults secured by Brinks, full insurance with Lloyds of London against theft or loss, military-grade encryption (RSA 4096 and AES256) to secure users’ accounts and personal information, and bank level multi-factor authentication measures.
GoldMoney offers the most competitive rates in the industry for buying and selling gold, and is the only platform that allows users to purchase point of sale merchandise from their gold account (free debit card) wherever credit/debit cards are accepted.
From the GoldMoney website:
9. WHAT IS A BAILMENT?
A "bailment" occurs when a person (the "bailor") delivers personal property into the possession of another person (the "bailee") for safekeeping but retains legal title to the property. The bailee (the person who has possession of the goods) holds possession of the property on the understanding that the property will be returned to the bailor (you) once the bailment relationship is terminated according to the bailor's (your) instructions.
In the case of your BitGold account, the gold in your account is held by BitGold as bailee, which means that you retain legal title to your gold but that you have asked BitGold to maintain possession of your gold on your behalf until such time as you redeem your gold.
Since you retain legal title to your gold, if, due to unforeseen circumstances, BitGold were to become insolvent or bankrupt, the insolvency or bankruptcy of BitGold would not affect your property rights with regard to your gold in a BitGold account.
What’s not to like here, folks? Why would anyone with a heart beat who learns about GoldMoney not sign up? After all, it’s Free to join, easy to fund in any amount, secure, offers the lowest price to buy/highest price to sell actual allocated 99.95% + pure physical deliverable gold, with 24/7 liquidity, a free debit card for purchases, and all this with the lowest fees in the industry!