BitGold acquires for CA$51.9 million

Investing | May 27, 2015 By:

On Sunday, May 24, BitGold acquired for CA$51.9 million (US$42.3 million), incorporating more than 135K of the website’s gold enthusiasts.

“With the technology of the BitGold platform, we can expand the GoldMoney legacy of trust, security, and a client centric purpose to new markets, growing from a much stronger base and benefiting all stakeholders,” BitGold CEO Roy Sebag.

Goldmoney is a service that allows users to trade and safely store their gold assets, controlling over CA$1.5 billion worth of precious metals in their storage facilities. These assets will be virtually moved to the Aurum ledger, the backbone behind BitGold’s trade engine.

The acquisition is expected to be finalized in less than 60 days. The merger has added a strong shareholder base and three GoldMoney directors to the combined board of directors.

BitGold is a Canadian savings and payments service that allows people and businesses to send payments and transfers with physical gold.