Goldmoney Inc
| File:Goldmoney-logo-.jpg | |
| Public | |
| Traded as | TSX: XAU |
| ISIN | 🆔 |
| Industry | Holding Company |
| Founded 📆 | |
| Founders 👔 | James Turk Roy Sebag Josh Crumb |
| Headquarters 🏙️ | Jersey, Crown Dependency, United Kingdom and Toronto, Canada |
Area served 🗺️ | Worldwide |
Key people | Roy Sebag CEO Josh Crumb CSO Steve Fray CFO [1] Paul Mennega COO [2] Stefan Wieler V.P. Goldmoney Insights John Butler Head of Wealth Services |
| Products 📟 | Payment systems Savings Precious metals |
| Revenue🤑 |  $524 million (2017) |
| Members | |
Number of employees | |
| Subsidiaries | BitGold[3] |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Goldmoney is a global full reserved gold-based financial services company founded by James Turk, Roy Sebag,[4] and Josh Crumb.[5] The company operates under the Holding[6], Schiffgold[7], BlockVault[8], Menē[9], Goldmoney China[10], and Lend & Borrow Trust[11] subsidiaries which offer fully reserved precious metal and digital asset focused financial services encompassing savings, payments, wealth services, dealing, execution, custody, and research.[12] Goldmoney Inc. was formed as a holding company following the acquisition by publicly listed BitGold Inc. of the Goldmoney business in 2015. The company subsequently changed its name to Goldmoney Inc. The company has over 1,500,000 clients and total customer assets of 1.8 billion representing 34.1 tonnes of gold making it one of the largest privately owned gold reserves in the world.[13]
History[edit]
James Turk and Goldmoney[edit]
James Turk founded Goldmoney in 2001, which provided online-based, non-bank bullion dealing and custodial services for precious metals[14].
BitGold and Goldmoney[edit]
Roy Sebag and Josh Crumb founded BitGold in 2014, a gold-based payments and savings network in Toronto, Ontario.[15] BitGold commenced trading on the TSX Venture Exchange under the trading symbol 'XAU' in May, 2015.[16] Within days of the public listing which was priced at $.90 cents a share, BitGold appreciated to nearly $8 a share topping a valuation of $400 million. On July 22, 2015, BitGold acquired Goldmoney and its subsidiaries for $59.4 million, integrating over $1.2 billion in assets and over 130,000 user sign ups.[17]
Graduating to the TSX[edit]
On April 21, 2016, BitGold graduated from the TSX-V to the Toronto Stock Exchange 'TSX'.[18][19]
Surpassing 1 million users and rebranding to Goldmoney[edit]
On May 25, 2016 BitGold surpassed one million users and announced full scale rebranding to Goldmoney, integrating the services offered by both BitGold and Goldmoney under a unified Goldmoney brand.[20]
Acquiring Schiff Gold[edit]
On November 16, 2016 Goldmoney acquired Schiff Gold LLC including all intellectual property and operating assets, and entered into a marketing and service agreement with Peter Schiff’s consulting company for endorsement purposes.[21]
Investment in Menē[edit]
on June 15, 2017 Goldmoney announced its investment in Menē Inc. a direct-to-consumer fine jewelry venture founded by Roy Sebag and noted art historian Diana Widmaier-Picasso. [22]
Goldmoney Holding[edit]
On June 20, 2017, Goldmoney consolidated all of its product and service offerings under a unified Goldmoney Holding structure, discontinuing new account signups on the Goldmoney Network platform.[23]
Cryptocurrency offering and Blockvault[edit]
On September 28 2017, Goldmoney announced the offering of digital assets on the Goldmoney Holding platform, and the formation BlockVault to provide institutional-grade custodial and investment services for blockchain assets.[24]
Goldmoney China[edit]
On November 23, 2017, Goldmoney announced the formation and pending spring-2018 launch of Goldmoney China through a Joint Venture with a Chinese State Owned Enterprise, Zhaojin Mining, and a Chinese “FinTech” company, Taojinyn Science and Technology Investment. [25]
Corporate affairs[edit]
Goldmoney Inc. is headquartered in Toronto Canada and in Saint Helier Jersey.[26] The company is listed on the Toronto Stock Exchange and has a market capitalization of $400 million as of October 15, 2017. GoldMoney Inc. investors and backers include Eric Sprott, Albert D. Friedberg, George Soros, Adam Fleming, and Canadian Banks Canaccord Genuity and the company has raised in excess of $100 million in capital.
Products and services[edit]
Goldmoney Holding[edit]
In June 2017, Goldmoney consolidated its network and wealth divisions into Goldmoney Holding.[27] It's an online account that allows users to invest, earn, or spend gold, silver, platinum, palladium, digital bearer-assets such as bitcoin and 9 national currencies.[27]All bullion assets are allocated in high-security and insured vaults across seven countries.[28] Goldmoney states that they offer fully reserved accounts with audited one-to-one metal ownership.[29]
Goldmoney Physical[edit]
Goldmoney Physical sells and distributes physical precious metal products including minted coins, bars and trademarked Goldmoney GoldCubes™ and 100 gram Goldmoney gold bars. These are available as a redemption option for Goldmoney clients with accounts or holdings and the general public who can purchase directly from Goldmoney's new physical division (previously SchiffGold). The division was formed following the acquisition of Peter Schiff's SchiffGold business based in New York, USA.
Cryptocurrency[edit]
Goldmoney currently offers Bitcoin (BTC), Ethereum (ETH) and plans to add Bitcoin Cash (BCH) in addition to several other cryptocurrencies to their platform in the near future.[30]
Goldmoney Insights[edit]
Goldmoney Insights® [31] is a research portal available to Goldmoney clients providing objective and unbiased insights into prevailing market conditions and global macro trends affecting the world, markets, and culture. Goldmoney Insights research is led by Alasdair Macleod, Stefan Wieler, John Butler, James Turk, and Joshua Crumb.
Goldmoney Prepaid Card[edit]
The Goldmoney Prepaid card is available in 4 national currencies (USD, GBP, EUR and CHF)[32] and enables Goldmoney clients to spend their precious metal and cryptocurrency balances wherever MasterCard is accepted. The card can be requested in 18K gold, silver, and plastic. 18K gold and silver cards are meticulously handcrafted in Switzerland by distinguished artisans who use proprietary techniques to maximize the metal content[32].
Goldmoney Payments[edit]
The Goldmoney Holding account enables clients to send and receive instant precious metal payments to and from Goldmoney clients or businesses that have Goldmoney accounts without charge. Recipients can accept and retain the gold balance for free or choose to liquidate their metal for one of nine currencies in their Holding.[33]
Goldmoney China[edit]
In late 2017, Goldmoney signed a non-binding Letter of Intent with Zhaojin Mining, outlining a joint venture framework whereby Goldmoney, Taojinyn, and Zhaojin will together jointly launch and operate a local version of Goldmoney in mainland China which will be named Goldmoney China[34].
Goldmoney Community[edit]
The Goldmoney Community is a discussion platform that promotes friendly conversations and exchanges amongst Goldmoney clients in areas such as fintech, economics and personal finance. Goldmoney clients are known to share tips and insights on precious metal investments and cryptocurrencies.[35]
Goldmoney Concierge[edit]
The Goldmoney Concierge service is a complimentary luxury membership offered to Goldmoney Holding clients enrolled in the Goldmoney prepaid card program[36]. The concierge service offers exclusive on-demand travel, entertainment and dining consultation for Goldmoney clients internationally[37].
Awards and Accolades[edit]
On March 2, 2017, Goldmoney was selected as the most innovative technology solution of the year at the 2016 Canadian Startup Awards. Following this achievement, Goldmoney was invited to participate in a roundtable discussion with Ontario Premier Kathleen Wynne and Minister of Finance Charles Sousa by the Private Capital Markets Association of Canada (PCMA). Having received the 2016 PCMA Corporate Finance Award, Goldmoney was chosen as an example private market success story and invited to join members of PCMA leadership team to discuss how the company has benefited from the private capital ecosystem in Ontario.
Goldmoney Store[edit]
Goldmoney opened its first flagship store on November 1st, 2017, which is located in Toronto, Ontario, Canada at 38 Avenue road in Yorkville. The store offers full customer service support, education and demonstrations. The company plans to further expand its in-person services through a global network of Goldmoney stores. The second Goldmoney store is currently under construction and will open in St. Helier, Jersey, Channel Islands in 2018.[39]
BlockVault[edit]
BlockVault provides institutional-grade custodial and investment services for Blockchain Assets. Goldmoney plans to launch ColdBlocks by BlockVault in 2018, which will provide cryptographic innovation for the reification of blockchain digital assets into institutional-grade investable assets[40].
Mobile application[edit]
The Goldmoney App for iOS and Android provides access to all dashboard features and functions, enabling Goldmoney clients to manage their accounts and buy, sell, exchange, and redeem precious metal bullion in addition to cryptocurrencies through a user friendly and secure interface.
Safety and security[edit]
Goldmoney states that all precious metal holdings are stored in secure, fully insured vaults across Canada, Hong Kong, Singapore, Switzerland, the U.K., and the U.S. All of the vaults are operated by professional private vault operators, including: Loomis International, Brink’s , G4S, Malca-Amit, and Rhenus Logistics.
The precious metals held for customers by Goldmoney meet the London Good Delivery standard established by the London Bullion Market Association for gold and silver bars, and the London Platinum and Palladium Market for platinum and palladium bars.
One-to-one ratio[edit]
The quantity of allocated customer metal in a Goldmoney account is equal to the quantity of metal stored in the vaults. This one-to-one ratio is enforced and forms a critical part of Goldmoney's governance model.[41]
Annual audits[edit]
Goldmoney publishes SAS 70 Type II reports annually, which are reviewed by the company's auditors to confirm that the amount of vaulted metal is equal to the metal held by Goldmoney clients.[42]
Cryptocurrency cold-storage[edit]
Goldmoney utilizes 100% offline cold-storage to store and secure its client- held cryptocurrencies and insures that private keys are stored in password protected hardware wallets, which are secured with their professional vaulting partners.[43]
Legal and Regulatory Oversight[edit]
Goldmoney Wealth Limited, a subsidiary of Goldmoney Inc, is regulated as a Money Services Business by the Jersey Financial Services Commission (JFSC) and has subsidiary service registrations with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and the Financial Crimes Enforcement Network (FinCEN) in the U.S.[44]
Goldmoney subsidiary portfolio[edit]
| Business | Ownership |
|---|---|
| Goldmoney Holding | 100% |
| Goldmoney China[45] | 50% |
| BlockVault[46] | 100% |
| Lend & Borrow Trust Company[47] | 26% |
| Schiff Gold[48] | 100% |
| MENĒ[49] | 37% |
See also[edit]
References[edit]
- ↑ "Goldmoney Appoints New Chief Financial Officer and New Board Member". GoldMoney. Retrieved 5 February 2018.
- ↑ "Goldmoney Inc. Announces 2017 Annual General Meeting and Officer Appointments". GoldMoney. Retrieved 25 August 2017.
- ↑ "(Press Release) BitGold Announces Acquisition of GoldMoney". GoldMoney. Archived from the original on 6 September 2015. Retrieved 3 July 2015.
- ↑ "Interview: BitGold co-founder Roy Sebag explains company's philosophy". Northern Miner. Retrieved 24 December 2015.
- ↑ "BitGold enjoying rapid growth as users put gold to work in unlikely ways". Financial Post.
- ↑ "BRIEF-Goldmoney unveils the new Goldmoney Holding". Retrieved 2018-04-10.
- ↑ "Goldmoney Inc. Completes Acquisition of Schiff Gold LLC". Retrieved 2018-04-10.
- ↑ "Goldmoney Adds Bitcoin and Ethereum to Holdings and Launches ColdBlocks". TechVibes. Retrieved 2018-04-10.
- ↑ "Jewelry Worth Its Grams in Gold". nytimes.com. Retrieved 2018-04-10.
- ↑ "GoldMoney expands into China in venture with Zhaojin Mining subsidiary". http://gata.org/. Retrieved 2018-04-10. External link in
|website=(help) - ↑ "GOLDMONEY ANNOUNCES INVESTMENT, PARTNERSHIP IN UK-BASED LEND AND BORROW TRUST". BetaKit. Retrieved 2018-04-10.
- ↑ "GoldMoney Inc. Subsidiary BitGold Announces Aurum Gold-Settlement Technology Now Linked to Nine Major US Financial Institutions". Retrieved 20 December 2015.
- ↑ "GoldMoney Inc. Reports November Key Performance Indicators for the BitGold and GoldMoney Businesses". Retrieved 20 December 2015.
- ↑ "James Turk retires as GoldMoney chairman". Mining.com. Retrieved 2018-04-24.
- ↑ "BitGold". Wikipedia. 2018-04-08.
- ↑ "BitGold begins trading on TSX Venture Exchange as gold transaction platform builds momentum". Financial Post.
- ↑ "BitGold Review – Bitgold Inc. Acquires GoldMoney.com". Bitcoin Magazine. Retrieved 2018-04-24.
- ↑ "GoldMoney Inc. (XAU) To Trade On Toronto Stock Exchange". TSX. Retrieved 2018-04-24.
- ↑ Empty citation (help)
- ↑ "BitGold reaches 1 million users, announces rebranding". Ib Business. Retrieved 2018-04-24.
- ↑ "Goldmoney Inc. Completes Acquisition of Schiff Gold LLC". Retrieved 2018-04-24.
- ↑ Corporation, Peterson Law Professional. "Goldmoney Announces Investment in Mene Inc". GlobeNewswire News Room. Retrieved 2018-04-24.
- ↑ "Goldmoney Inc. Unveils the New Goldmoney Holding". Retrieved 2018-04-24.
- ↑ "Gold Trading Giant Goldmoney Enables Cold Storage For Two More Cryptocurrencies". Retrieved 2018-04-24.
- ↑ Inc., Goldmoney. "Goldmoney Announces Joint Venture Letter of Intent with Zhaojin Mining to Launch Goldmoney® China". GlobeNewswire News Room. Retrieved 2018-04-24.
- ↑ "Company Profile". GoldMoney. Retrieved 20 December 2015.
- ↑ 27.0 27.1 "Goldmoney Inc. Unveils the New Goldmoney Holding". Retrieved 2018-04-10.
- ↑ "Safety & Transparency - Goldmoney". Goldmoney. Retrieved 2018-04-10.
- ↑ "Goldmoney - The World's Gold Savings & Payments Network". www.goldmoney.com. Retrieved 2018-04-10.
- ↑ "Goldmoney Launches Ether and Bitcoin Cash Cold Storage". Bitcoin. Retrieved 2018-05-03.
- ↑ "Goldmoney Insights".
- ↑ 32.0 32.1 "What is a Goldmoney Prepaid card?". Goldmoney Support. Retrieved 2018-04-20.
- ↑ "Meet Goldmoney: the Toronto Tech Company Changing the Way We Think About Gold". Retrieved 2018-05-04.
- ↑ Inc., Goldmoney. "Goldmoney Announces Joint Venture Letter of Intent with Zhaojin Mining to Launch Goldmoney® China". GlobeNewswire News Room. Retrieved 2018-04-19.
- ↑ "Goldmoney Community: A Precious Metals & Economics Discussion Board". Goldmoney Community. Retrieved 2018-04-30.
- ↑ "Goldmoney Inc. Launches Exclusive Luxury Concierge Service". Retrieved 2018-04-30.
- ↑ "Goldmoney Inc. Launches Exclusive Luxury Concierge Service". Retrieved 2018-04-30.
- ↑ "Goldmoney - The World's Gold Savings & Payments Network". www.goldmoney.com. Retrieved 2018-04-16.
- ↑ Inc., Goldmoney. "Goldmoney Opens First Brick and Mortar Location in Toronto". GlobeNewswire News Room. Retrieved 2018-04-16.
- ↑ "Goldmoney Adds Bitcoin and Ethereum to Holdings and Launches ColdBlocks".
- ↑ "Gold-backed digital payment platform to store physical gold at Mint". Financial Post. 2016-12-21. Retrieved 2018-05-25.
- ↑ "Goldmoney reports first quarterly profit of $3.3 million, plans to open physical branch in Toronto". BetaKit. Retrieved 2018-05-25.
- ↑ "Goldmoney Adds Bitcoin and Ethereum to Holdings and Launches ColdBlocks". Techvibes. Retrieved 2018-05-25.
- ↑ "Goldmoney Inc. Reports Profitable Q1 Earnings". Techvibes. Retrieved 2018-05-25.
- ↑ Inc., Goldmoney. "Goldmoney Announces Joint Venture Letter of Intent with Zhaojin Mining to Launch Goldmoney® China". GlobeNewswire News Room. Retrieved 2018-05-01.
- ↑ Inc., Goldmoney. "Goldmoney Inc. Adds Bitcoin and Ethereum to the Goldmoney Holding". GlobeNewswire News Room. Retrieved 2018-05-01.
- ↑ "Goldmoney and Lend & Borrow Trust Company Partner for Precious Metals Lending - LendIt News - Daily Fintech Industry News". news.lendit.com. Retrieved 2018-05-01.
- ↑ "Goldmoney - The World's Gold Savings & Payments Network". www.goldmoney.com. Retrieved 2018-05-01.
- ↑ Humphrey, Jacquelyn. "Goldmoney Announces Investment in Mene Inc".
External links[edit]
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