Goldmoney, the parent company of gold-based payments and savings platform BitGold, is consolidating its operations by merging BitGold’s individual operations into the larger Goldmoney company.
The consolidation is in response to BitGold surpassing one million users a year after the combination of BitGold and Goldmoney businesses. BitGold — which acquired Goldmoney for $59.4 million in May last year — established itself as a platform that allows users to acquire, store, and spend gold that is stored in a secure vault. As gold is considered the most stable currency, people that invest money in gold can protect their earnings.
With the BitGold brand phased out, the company will operate under three different user experiences: Goldmoney Personal, which encompasses the company’s self-directed individual savings and payments business; Goldmoney Business, which encompasses the company’s suite of global payment solutions like gold payroll, invoicing, and checkout tools; and Goldmoney Wealth, which encompasses the company’s Jersey-based precious metal custodian and investment business, which will serve high net worth individuals, families, and institutions currently operating as Goldmoney.
The past few months have been strong for the company, as it launched its merchant processing service in 150 countries this past April and, in the same month, Goldmoney listed on the Toronto Stock Exchange.