Friday, September 29, 2017

Despite Peter Schiff's opposition to cryptocurrencies, Goldmoney brings Bitcoin and Ethereum into business model

Goldmoney is an international company that provides financial services to customers based on a physical gold model.  And in fact, Goldmoney is one of the world leaders in providing depositors and investors the ability to store their wealth in gold while still having the ability to use it as money.

A little over a year ago, financier Peter Schiff joined up with Goldmoney as the company's business model fit nicely with the mission of Schiff's own company, SchiffGold.  And while Peter Schiff carries a lot of weight with the board and direction of Goldmoney, on Sept. 28 the company announced they were suddenly bringing two cryptocurrencies into the mix, and this despite the fact that Schiff has a very strong opposing view on the virtual money.

Goldmoney Inc. (TSX:XAU) (“Goldmoney”) (the “Company”), a precious metal financial service and technology company, today unveiled the addition of vaulted Bitcoin and Ethereum as secure and fully-reserved offline investable assets within the Goldmoney® Holding, a major enhancement that allows qualified clients to buy, sell, and exchange cryptocurrencies with nine global currencies as well as gold, silver, platinum and palladium bullion. With today’s launch, Goldmoney becomes the world’s first publicly traded and regulated financial service to offer insurable, auditable, and Anti-Money Laundering (“AML”) compliant exposure to cryptocurrencies. 
For over 15 years, Goldmoney has been the market leader and original innovator providing direct online access to securely vaulted and insured precious metals. As the market for blockchain assets continues to grow, Goldmoney clients have approached the Company seeking ultra-secure and financially transparent solution for custody of blockchain assets, where an institutional-quality solution still does not exist in the digital asset marketplace. As a result of many months of engineering and product development to meet client demand, the Company is pleased to offer the following services and innovations for eligible Goldmoney Holding owners: 
  •  Buying and selling of digital assets that are safely secured in vaulted cold storage. Cryptocurrency offerings currently include Bitcoin and Ethereum; additional leading digital assets will be added over time.
  • Funding of Goldmoney Holdings with 50 types of cryptocurrency, enabling wallet holders to sell a variety of cryptocurrencies and fund their Goldmoney Holding with fiat currency to access precious metals and other Goldmoney service offerings. 
  • Will seek the establishment of peer-to-peer (“P2P”) lending capabilities on digital assets in partnership with Lend and Borrow Trust, allowing owners of Bitcoin and other assets to safely borrow against their positions. - Globe News Wire


Crumb and Sebag have a vary clear point in regards to the fundamental difference between precious metals and crypto:
"Blockchain assets can likely never achieve the store of value, low volatility, and duration risk-free properties of precious metals, as precious metals possess these three related properties physically in nature – not due to economic theory or network effects in markets. While cryptocurrencies likely possess revolutionary new forms of information utility and transactability, and may be an important asset class for speculation, diversification, hedging the risks and unintended consequences of extreme-centralization in markets, we remain cognizant of the risk that any or all of these assets may ultimately lose all of their value or be deemed illegal by local governments or regulators."
With this in mind, - the global online marketplace priced in Gold - will remain faithful to precious metals, not allowing pricing in human-made currencies.

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