Bitgold tsx listing
This section was produced by the editorial department. The client was not given the opportunity to put restrictions on the content or review it prior to publication. May 13, 9: Investors will start to get a better look at their vision on Wednesday, as shares of BitGold Inc. It is the culmination of several years of hard work by the founders, and is being backed by George Soros, Sprott Inc.
BitGold is the first serious financial services platform ever built around gold. The online service allows users to buy gold, store gold, and pay for goods and services around the world using bitgold tsx listing as the currency. The service has been active bitgold tsx listing less than a week, but has already signed up thousands of users.
As its name implies, BitGold takes inspiration from Bitcoin. But there are a lot of questions about the intrinsic value of bitcoins. While gold has plenty of non-believers, the metal has been a medium of exchange for thousands of years. Sebag and Crumb, who are 29 and 35 respectively, got the idea for BitGold shortly after the financial crisis in Sebag was a hedge fund manager at that time, and the collapse of Lehman Brothers made him alarmed about counterparty risk.
He talked to some mentors about his concerns, and they piqued his interest in gold, which has no counterparty risk. He never embraced the end-of-the-world ideology so beloved by gold bugs.
But he saw the value of using gold as a bitgold tsx listing, and bitgold tsx listing was surprised there was no bank fully backed by gold.
He teamed up with Crumb who has a mining background around this time, and they got to work creating a financial platform that would make gold more accessible and an easy medium for transactions. Other people bitgold tsx listing tried to do something like this in the past, but they were never able to overcome the legal and technical impediments.
Sebag and Crumb worked with lawyers and politicians to offer this service under Canadian bailment law. After users go through an extensive sign-up process at bitgold. BitGold plans to launch a debit card in the next month or two which can be used at any ATM or retail location. That will allow users to buy that Tim Hortons coffee with gold, just as its founders dreamed. BitGold has a one per cent fee to buy gold and a one per cent fee to redeem it.
The founders argued this is a far more attractive fee structure than the popular gold exchange-traded funds, which have annual fees. Sebag, the bitgold tsx listing executive, has been telling the Street that he has a target of 50, customers for BitGold. But his hopes are an order of magnitude higher than that. Based on the rapid take-up of the platform in the bitgold tsx listing few days, he said it appears to be far more than a niche product for a small group of users.
He noted that hardcore gold bugs make up less than 10 per cent of the user base so far. Roy Sebag and Josh Crumb started their business with one simple guiding principle. Canadian NHL teams bitgold tsx listing often win the Stanley Cup now, but their rabid fan base still makes them big winners.
Even a modest increase in interest rates in Toronto and Vancouver is a concern for most buyers. Find Financial Post bitgold tsx listing Facebook.