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Goldmoney uses blockchain tech to record gold transactions

Friday 23 December 2016 | 10:43 AM CET

Goldmoney, a gold-based savings and payments network, has rolled out a new platform via which users can buy gold and the underlying transaction data is recorded on a private blockchain ledger. 

Customers pay a fee of 0.5% and, as an added bonus, enjoy free storage for up to 1,000 grams of gold. Goldmoney spent three years building its private blockchain, led by Chief Technology Officer, Alessandro Premoli, according to Coin Telegraph. Premoli was an early member of the Blockchain community, a consultant for Ripple and is a regular contributor to open source projects. 

The payments network offers a range of transaction services, including the buying, selling, trading and redeeming of physical allocated gold. It works in a similar way to Bitcoin in one sense as a transfer of value. Members can buy gold and transfer the title to other members by email or text message. The recipient can then redeem the value of the gold to a bank account in their native currency or even to a Goldmoney Mastercard. The transaction takes place within a day and at a cost of 1%.

The physical gold deposits are handled by the Royal Canadian Mint at the Ottawa facility under strict contractual terms solely with Goldmoney. Goldmoney, instead, is responsible for the transfers its customers are performng at their request via the online platform. As such, Goldmoney is a contractor of gold depositing services offered by the Canadian Mint.

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