Toronto’s Goldmoney recently acquired Schiff Gold. It’s the financial technology firm’s second acquisition since going public last year.
“We’re proud to have successfully completed our second acquisition since becoming a publicly traded company in 2015,” said Roy Sebag, founder and CEO, of Goldmoney.
In the same breath, Goldmoney announced it is giving back to its users by reducing user deposit, redemption, and vault-to-vault exchange fees by 50%, and doubling user referral rewards for its Golden Heart Program.
Goldmoney Network users can now purchase, redeem, and exchange gold between vault locations for 0.5% above the spot gold price. Gold transfers and gifts remain free on the network, and storage up to 1,000 grams will continue to be provided without charge.
Goldmoney says it remains committed to its core mission: democratizing access to stable and secure savings by making physical gold accessible and frictionless to everyone.
“We are passionate about making stable and secure gold savings accessible to everyone, and this 50% reduction in fees makes Goldmoney the least expensive route to physical gold by a wide margin,” said Josh Crumb, co-founder. “As our community continues to grow and loyally support the Network, we have decided to reward that loyalty by doubling Golden Heart referral payouts for Goldmoney Personal users.”
“The decision to reduce fees is consistent with our intelligent growth strategy; incurring minimal short-run underwriting costs will accelerate adoption and network velocity, increasing the long-run earnings power of the Network business,” said Sebag. “This virtuous feedback loop is the single most important factor to the future success of the company, and the costs incurred have minimal impact on our revenue when adjusting for growth, accelerated transaction velocity, and the revenue mix between Network, Wealth, and fees.”
Goldmoney operates the world’s largest 100%-reserved gold-based savings and payments network.