Goldmoney Adds Bitcoin and Ethereum to Holdings and Launches ColdBlocks
Goldmoney wants to make it easier for average investors to purchases and hold cryptocurrency.
The Toronto-based precious metal financial service has announced the addition of vaulted Bitcoin and Ethereum, the two most popular cryptocurrencies, as secure and fully-reserved offline investable assets within Goldmoney Holding. This means qualified clients can purchase Bitcoin and Ethereum with nine global currencies, or even gold, silver, platinum and palladium bullion—if carrying precious metal happens to be preferential to cash.
The announcement means Goldmoney is the world’s first publicly traded and regulated financial service to offer insurable, auditable and anti-money laundering compliant exposure to cryptocurrencies. Goldmoney joins a list of financial services in Canada forging their way into the crypto world.
Originally Goldmoney was well-known for offering direct online access to precious metals, but as the hype around cryptocurrencies has grown over the past few years, the company realized a need for ultra-secure and transparent blockchain asset custodies. Investable cryptocurrency holdings will be powered by BlockVault, a new subsidiary that provides institutional-grade custodial services for blockchain assets.
Goldmoney Holding owners can now buy and sell digital assets like Bitcoin and Ethereum safely secured in cold storage, with more tokens or currencies to be added soon. Clients can also fund Goldmoney investments with over 50 types of cryptocurrencies as well. Finally, the precious metal finance company will seek to establish a P2P lending capability rooted in digital assets that will allow owners of Bitcoin to borrow against their positions.
ColdBlocks by BlockVault will also be launched by the end of the year. ColdBlocks is a “cryptographic innovation for the reification of blockchain cryptocurrencies into institutional-grade investable assets.”
ColdBlocks looks to remedy and solve cryptocurrency industry concerns such as regulatory compliance issues and a lack of custodial transparency.
“As the market for Blockchain assets and cryptocurrencies has transitioned, it has been perplexing to watch multiple technology companies serve as custodians for these assets while providing nearly zero accountability, transparency, or compliance with what are the most basic standards in the financial services industry,” said Goldmoney CEO Roy Sebag.
“The idea for ColdBlocks came about when one of our leading institutional investors asked us to devise a way for regulated hedge funds to buy and sell cryptocurrencies while providing the regulatory assurances mandated by their prospectus offering under securities-law.”
Goldmoney is publicly traded on the TSX and safeguards nearly $2 billion in assets for clients in over 150 countries.