Bitgold buys GoldMoney: Is this the start of a new rush into gold investment vehicles?
By: Peter Cooper, Arabian Money
GoldSeek.com
Monday, 25 May 2015
The precious metals business seems to be gearing up for a new gold rush in the retail sector judging by last week’s takeover of the slightly-staid industry stalwart GoldMoney by the upstart Bitgold whose shares have soared since its initial public offering in Toronto this January. It’s an all-share deal with some big insiders.
The shareholders of GoldMoney, who include some of the biggest names in the gold business, will get 11,169,794 shares in Bitgold, valuing the transaction at $49 million. The transaction is expected to close within 60 days.
Gold glitterati
GoldMoney’s owners include: James Turk, Iamgold Corporation, the Fleming family and Eric Sprott, founder of Sprott. GoldMoney headquarters is located in Jersey and regulated by the Jersey Financial Services Commission.
Bitgold CEO Roy Sebag said: ‘With the technology of the Bitgold platform we can expand the GoldMoney legacy of trust, security and a client-centric purpose to new markets, growing from a much stronger base and benefiting all stakeholders. Combining the first global e-marketplace for gold with the latest and most innovative, we instantly become the world’s largest and most active bullion money service.’
GoldMoney founder James Turk commented: ‘We created GoldMoney with the vision of making gold accessible for savings and payments, a vision that Bitgold is rapidly expanding in a new era of cloud computing and mobile technology.
‘Together we will continue to operate GoldMoney with the same level of security, integrity and premium customer service, but GoldMoney clients will now have access to expanded payment options, a gold debit card, and the many applications and features being developed by this innovative team.’
The Rest…HERE
