Even though most companies have yet to join the world of Bitcoins and digital currencies, GoldMoney Inc. has added a new option for businesses to process payments online.
The company said it now offers BitGold Business Accounts, a gold-based payments and savings platform to facilitate the settlement of accounts. The company made the disclosure at Money 20/20 Europe, FinTech conference in progress this week at the Bella Center at Copenhagen.
The platform is an attempt to transform global cross-border payments, giving business owners the ability to request and accept payments, whether B2B to B2C, in vaulted-gold bullion. GoldMoney said traditional payment systems and regional currencies are burdened by delays, as well as high cross-border processing fees.
Josh Crumb, cofounder of BitGold, said, “In our view, every business should only have to consider two forms of money when accepting payment for a transaction, — a local currency integrated with their local banking system, and gold, the world’s most recognized, stable and best-performing international money.”
The company said that BitGold’s digital ledger technology allows businesses to easily settle back to a local currency or bank account. They can also push out global supplier payments and payrolls.
Whether a business or consumer, payment can be done via a credit or debit card, or bank transfer from any currency, with gold being sent digitally as payment. Businesses, or merchants, can retain the gold to store earnings, or transfer to pay suppliers, the company said.
BitGold was founded in May 2015, and has raised more than $70 million in funding. It touts more than 800,000 users across at least 150 countries. GoldMoney is a gold-based financial service and technology group regulated by Jersey Financial Services Commission.