BitGold Enables Gold Buying for US Residents, Shares Rise 16%

BitGold has made its gold brokerage service available to US residents, allowing them to buy, sell or redeem it on its online platform.

The Canada-based startup is looking to make gold a ubiquitous medium for savings and trade, touting its rare properties and potential as a store of value. Its online brokerage service allows users to buy and store physical gold for a 1% fee. It also supports making and accepting Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term with gold, a feature not yet supported for US users.

Bitcoin's Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term is leveraged to make gold transactable.

US residents will also gain access to the mobile app and prepaid cards, which are scheduled for launch over the coming weeks.

The tapping of the US market is key as BitGold looks to solidify its global presence and make inroads into strategic markets. One month ago, it acquired UK-based GoldMoney for C$51.9 million ($42 million). GoldMoney is one of the largest precious metals storage firms in the world, stating to hold $1.2 billion worth of client assets.

The acquisition came shortly after its public launch on the TSX Venture Exchange, which in turn came only weeks after launching its full service.

Shares in BitGold soared by 16% to $5.00, a one-month high.

There are 36,619,885 common shares outstanding, according to a regulatory filing, implying a total valuation of $183 million.