GoldMoney Inc., a full-reserve and gold-based financial service and technology group, is pleased to announce that its wholly owned subsidiary BitGold Corp. has 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.
