Toronto fintech startup Goldmoney Inc. (formerly BitGold), which essentially uses blockchain technology to power a bitcoin-like exchange service based on physical gold, has added gold from the Royal Canadian Mint to its bullion reserves.
Announced today, the collaboration will allow the company’s personal and business users to purchase any amount of physical gold they please in the Mint’s Ottawa vault using the Goldmoney platform, for a 0.5 per cent fee, plus storage fees if applicable (though the first 1,000 grams – worth more than $36,000 USD – will be free).
The collaboration adds a second Canadian storage option to Goldmoney’s network, after Toronto.
In a Dec. 21 statement, Goldmoney CEO Darrell MacMullin said his company was thrilled to collaborate with what he called “one of the world’s premier minting facilities.”
“We’re proud to add the Royal Canadian Mint to the Goldmoney Network, thereby converting Mint-vaulted gold bullion into an innovative modern-day money stock,” he said.
John Moore, vice-president of sales at the Royal Canadian Mint, added that the organization looks forward to working with Goldmoney on “future marketing initiatives that demonstrate Canada’s leadership role in the global precious metal industry” as well.
The use of Mint facilities to store assets through Goldmoney is only the first of many “co-marketing” activities, according to both companies, though further details weren’t offered.
In the meantime, in addition to storing their assets at the Mint, Goldmoney network users can use the company’s mobile app to send gold titles for free via text message or email, redeem their gold balance to a Goldmoney Mastercard or bank account in local currency, or make vault-to-vault gold transfers between the Mint and the company’s usual Brink’s vault locations, of which there are seven around the world.