BitGold has officially completed a deal worth nearly $60 million that has it closer to building its global-full-reserve and gold-based financial service business.
The sale marks the first move for BitGold, a platform for savings and payments in gold, toward officially changing its name to GoldMoney once the combination of the businesses officially pass through regulatory measures. The BitGold acquisition will not interrupt GoldMoney’s financial services, and BitGold’s platform will still maintain its separate services. Moving forward, BitGold plans to develop a global end-to-end payments and international transfer network.
“We are pleased to complete the GoldMoney acquisition and further reveal our plans to build a global, cross-segment financial service platform,” BitGold CEO Roy Sebag said in a news release. “By combining the unique attributes of gold with the real-time connectivity of the of the smartphone revolution, we’re able to build a global network for savings and transactions that substantially removes credit and settlement risk for both savers and merchants.”
The acquisition will make it possible for BitGold — soon to be GoldMoney — to establish itself as a global, full-reserve financial service network in the payments, international transfers and remittance, in-app and micro payments market. BitGold also has plans to restructure its organization once the two businesses are combined, but no specific details were given about that.
“Gold is a significant percentage of global base-money, owned in every country and across every income segment, but with no modern ‘banking’ or payment apps,” BitGold co-founder Josh Crumb commented. “Many multibillion dollar markets are ripe for innovation and disruption in a new technological age for money and real-time international transactions. The GoldMoney team has made significant strides toward this vision over the past 15 years, we’re excited to combine efforts and realize this mission.”