With the arrival of the holiday season, many of us have been humming our favorite carols as we complete our shopping and familial preparations. The song “Silver and Gold” prominently comes to mind, although lately it feels as if the title should be changed to “Bitcoin and Gold.”
Canada-based startup BitGold has managed to close a $3.5 million funding round in advance of a Q1-2015 platform launch. Among the round’s participants were Sandstorm Gold, PowerOne Capital and PortVesta Holdings.
BitGold is aiming to advance the digital payments world by providing universal access to gold and related currencies. As co-founder Josh Crumb explains:
“Blockchain technology has unleashed a wave of payments innovation that will empower people the world over by lowering costs and increasing access to safe and transparent financial services… We see gold, the asset bitcoin was designed to mimic, as an important element in this empowerment. The flexibility of the BitGold platform allows gold to be a core savings account coupled with digital currency for seamless global payments, or as a natural-world storage and safety valve for an inevitable internet of money. The internet of money should be rooted in choice and individual empowerment, and we provide that in a flexible and secure platform.”
Securing his involvement in the funding round, managing director of PowerOne Capital Pat DiCapo states:
“BitGold is a disruptive platform allowing consumers to utilize gold for payments and savings, while providing a more efficient mechanism than any other solution provided to date. We are very excited about the future of BitGold.”