If you’ve ever wanted to invest in gold, silver, platinum or even bitcoin, online investment platform Goldmoney should be on your radar. Founded in 2014 by entrepreneurs Roy Sebag and Josh Crumb, and previously known as BitGold, Goldmoney is the leading online platform for investing in gold and other types of commodity funds.
“Goldmoney’s patented technology enables gold to circulate as smoothly as any fiat currency in the world,” says Renee Wei, the company’s Director of Global Communications.
Fiat currency is any legal tender whose value is backed by the government that issued it, such as the American dollar, the Euro or any other major currency. Precious metals and other assets whose value isn’t reliant on an issuing government are examples of commodity money. Bitcoin, although it is not a tangible good like gold or silver, is also a type of commodity money.
Bringing Commodity Investing Into the Digital Age
Goldmoney helps people invest in all types of commodity money. Sebag and Crumb started the company as “a mission-driven company focused on bringing gold investing into the digital age,” says Wei. In 2015, they acquired GoldMoney, which had been founded by James Turk in 2001. The two businesses combined to form Goldmoney Inc., taking advantage of GoldMoney’s existing user base and platform.
Through Goldmoney, clients can invest, earn or spend gold, silver, platinum, palladium and digital assets such as bitcoin. The commodities are securely stored in 15 insured vaults located in seven different countries. Goldmoney safeguards nearly $2 billion in assets for more than 1.5 million users around the world; they have clients in 150 countries. In fiscal year 2018, Goldmoney boasted record revenue and profit, showing 90 percent year-over-year growth.
A Mission of Financial Empowerment
Wei says Goldmoney is driven by a passion for financially empowering people. “We aim to help all kinds of people protect themselves and navigate the hidden risks in the global financial market.” Their mission, she says, is “to build the world’s safest financial service using digital technology, and make precious metals-backed savings accessible to all.”
To that end, there is no minimum purchase required to create an account at Goldmoney; anyone can invest in the currencies they offer and utilize their services. And fees are kept low, as well, making it even more accessible to a range of users.
Why Invest in Precious Metals?
“In a world where fiat currencies have lost the majority of their purchasing power, the need for real assets and sound money such as gold has grown quickly,” says Wei. “Goldmoney empowers our clients by giving them the tools to reach financial security and freedom outside of the mainstream financial system.”
One of the benefits of using Goldmoney, Wei says, is that users can be assured that their precious metals are securely held in insured vaults, fully identified as owned by individual Goldmoney clients. “This form of direct individual ownership is safer than owning a share of a corporate entity or trust.”
Many Users, Many Ways to Use Goldmoney
“Our clients use the Goldmoney platform in many diverse and creative ways,” says Wei. Some use it as a savings account, putting away a small amount each month in gold savings rather than in a cash-based bank account. Others allocate a percentage of their long-term investment portfolio to gold, in order to diversify their holdings.
Still others use the platform for active trading, buying and selling precious metals daily, while some want to dip their toes in the cryptocurrency market. “Many users choose to hold both precious metals and cryptocurrencies as decentralized investments outside of the global financial system.
Easy to Earn, Easy to Spend
Investing, earning and spending are easy with Goldmoney. For example, they offer a prepaid MasterCard that lets users spend their savings in gold using four different fiat currencies.
“Users have the option to apply for a plastic card, a silver card, or 18K gold or silver cards—fully functioning prepaid cards made of precious metals,” says Wei. Card membership includes complimentary concierge service, a luxury that provides expert personalized support to individual clients, anywhere in the world.
There is also a feature that lets clients send and receive precious metals payments to and from verified users instantly—like Venmo, but for gold and silver. “Many users take advantage of this feature to transfer wealth to loved ones located around the world, as well as to pay employees,” says Wei.