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BitGold Inc., a platform for savings and payments in gold, announces the completion of the previously announced Acquisition Agreement with GoldMoney Network Limited (“GoldMoney”).
BitGold has acquired the intellectual property and operating subsidiaries of GoldMoney in exchange for the issuance of 11,169,794 Common Shares in the capital of BitGold.
Jersey-based GoldMoney will continue to operate without interruption, maintaining premium client services, with the added pricing and execution benefits and additional features of the BitGold technology to come.
GoldMoney is keeping its head office in Jersey and is currently advertising for two new staff following the internal promotions of Katy Millington and Kerry Sharman, who have been appointed to the board of directors of the GoldMoney subsidiaries.
“We are pleased to complete the GoldMoney acquisition and further reveal our plans to build a global, cross-segment financial service platform,” said BitGold CEO, Roy Sebag.
“By combining the unique attributes of gold with the real time connectivity of the of the smartphone revolution, we’re able to build a global network for savings and transactions that substantially removes credit and settlement risk for both savers and merchants.”
“Gold is a significant percentage of global base-money, owned in every country & across every income segment, but with no modern ‘banking’ or payment apps,” said BitGold co-founder Josh Crumb. “Many multi-billion dollar markets are ripe for innovation & disruption in a new technological age for money and real-time international transactions. The GoldMoney team has made significant strides toward this vision over the past 15 years, we’re excited to combine efforts and realize this mission.”
James Turk, founder of GoldMoney added: “The BitGold team are demonstrating market-leading skills in applying today’s cutting-edge technology that is making possible an evolution in financial services. We are pleased that the customers of GoldMoney will be able to benefit from new products and services to be introduced in the months ahead. Online commerce continues to grow as global interconnectivity expands, creating the need for new payment alternatives and other gold-focused financial services. The combination of BitGold and GoldMoney creates a company with considerable resources that is well placed to take advantage of these opportunities.”
Pursuant to the Acquisition Agreement BitGold granted to GoldMoney the right to nominate three directors to its board of directors. BitGold welcomes GoldMoney director Mahendra Naik, who has been appointed to the BitGold Board. Mr. Naik will be joined by two additional GoldMoney Directors, James Turk and Hector Fleming.
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