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BitGold looks to take gold savings mainstream with app and global network
– canadianbusiness.com
CALGARY – Want to buy gold as a savings alternative? Well, you guessed it, there’s an app for that.
Josh Crumb, co-founder of BitGold, says he created the software that automatically links buyers to bullion dealers and storage companies because he wanted to make it easier for people to own gold as a hedge against inflation and as a store of value.
“It’s just so much easier, like everything else, to do it from your mobile phone,” said Crumb.
The system charges a one per cent fee to exchange cash into gold and back but storage is free. It also allows users to transfer their gold value to a prepaid credit card, so they can actually buy a cup of coffee with their gold holdings, said Crumb.
“It gives the ability without having to go to coin shops and shave off some flakes of gold to buy something.”
Crumb said he and co-founder Roy Sebag were inspired by the possibilities of Bitcoin, which allows global financial transactions without going through banking systems…
Josh Crumb, co-founder of BitGold, says he created the software that automatically links buyers to bullion dealers and storage companies because he wanted to make it easier for people to own gold as a hedge against inflation and as a store of value.
“It’s just so much easier, like everything else, to do it from your mobile phone,” said Crumb.
The system charges a one per cent fee to exchange cash into gold and back but storage is free. It also allows users to transfer their gold value to a prepaid credit card, so they can actually buy a cup of coffee with their gold holdings, said Crumb.
“It gives the ability without having to go to coin shops and shave off some flakes of gold to buy something.”
Crumb said he and co-founder Roy Sebag were inspired by the possibilities of Bitcoin, which allows global financial transactions without going through banking systems…
