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BitGold Launches Automatic Bank and Card Redemptions Completing Key Platform Milestone

T.XAU

GoldMoney Inc. (TSX-V:XAU), a full-reserve and gold-based financial service and technology group, is pleased to announce that its wholly owned subsidiary BitGold Corp. has today launched the world’s first automated gold to fiat settlement technology enabling gold payments to instantly settle as fiat currency.

The new feature can be found within the BitGold platform settings under “Automatic Redemptions” and allows BitGold users to set Automatic Redemptions Plans.

Automatic Redemption Plans can be specified to redeem 0-100% of a users incoming gold payments and can be customized to encompass specific vault locations. Each plan can be linked to bank accounts in 15 global currencies or to a user’s prepaid debit card.

Once a plan has been set, any incoming gold payments received will instantly convert to fiat currency eliminating any gold price volatility to the receiving party. This enables transactions on the BitGold network to flow between two parties that seek lower transaction processing costs while avoiding any exposure to gold.

Coupled with the previously announced Automatic Savings and Payment plans, the BitGold ecosystem can now power several new and exciting use cases such as:

  • Families living in different countries can set automatic payment plans on one end. The receiving family member can then set an automatic redemption plan on the other end with a prepaid card as the settlement destination. This results in an automatic remittance flow utilizing gold as the bridge between two different fiat currencies and at a total cost of just 2% to both parties with no minimum transaction amount.
  • Business users may use this feature to instantly settle incoming payments to specific currencies used for procurement or working capital purposes. For example, a merchant requiring EUR currency may set an automatic plan to convert incoming gold to EUR at their European Financial Institution.

“Automatic Redemptions are crucial to the ecosystem as they showcase how the BitGold technology leverages physical gold to lower transaction fees between fiat currencies and within the existing global commerce and remittance markets. A merchant may now accept BitGold payments and tap into the multitude of transaction processing capabilities we offer for only a 1% fiat settled cost. This compares favorably vs. any incumbent or nascent financial technologies in the market today,” said Darrell MacMullin CEO of BitGold Inc.

“While some of our users may seek long-term exposure to gold, the majority will only adopt this platform if we can save them significant sums on processing or reduce friction between fiat currency transactions. Our founding thesis has been to show that gold is a commodity-money technology that can achieve this task and now with Automatic Redemption Plans we show how. In a world with 180 global currencies calibrating against each other in real-time through dozens of payment networks with varying settlement cycles, we have unveiled a system that democratizes payments to anyone on the planet powering instant global value transfer in as little as .01 gram increments and for as low as 1% fee,” said Roy Sebag, CEO of BitGold Corp. Parent GoldMoney Inc.

About GoldMoney

GoldMoney Inc. is a global, full-reserve and gold-based financial services group. GoldMoney provides financial services as a trusted, limited third-party, combining the unique attributes of gold with technology-driven innovation. Through GoldMoney® the company offers precious metals custody and wealth services, trading and execution, and independent research to individual investors and institutions. Through BitGold™ the company operates a self-directed savings platform and a payments network allowing individuals and businesses to make or receive online, in-store or mobile payments. GoldMoney Inc. has over 400,000 clients from over 200 countries and $1.6 billion in client assets under administration. GoldMoney is regulated by the Jersey Financial Services Commission (JFSC) as a Money Services Business. The JFSC is the main supervisory body that oversees and regulates Jersey's large financial services industry. For more information on BitGold, visit bitgold.com. For more information on GoldMoney, visit ir.goldmoney.com.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release.

Forward-Looking Statements

This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the Company’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; unproven markets for the Company’s product offering; volatility of gold prices & public interest in gold investment; lack of regulation and customer protection; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; foreign currency and gold trading risks; use and storage of personal information and compliance with privacy laws; use of the Company’s services for improper or illegal purposes; global economic and financial market conditions; uninsurable risks; and those risks set out in the Company’s public documents filed on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

GoldMoney Inc.
Josh Crumb, 647-499-6748
Chief Strategy Officer & Director