TORONTO, ONTARIO–(Marketwired – June 2, 2016) – Goldmoney Inc. (TSX:XAU), a financial technology company, which operates a global, full-reserve and gold-based financial network, announces a realignment of its operations to target the specific requirements of three different user experiences: Personal, Business, and Wealth. This step is being taken in response to the company’s rapid growth, having surpassed one million customer sign-ups less than one year after the combination of the BitGold and GoldMoney businesses.
As part of this transition, the company will integrate its BitGold and GoldMoney services under a unified Goldmoney identity, later this year:
| Goldmoney Personal: | will encompass the Company’s self-directed individual savings and payments business, currently operating as BitGold; |
| Goldmoney Business: | will encompass the company’s suite of global payment solutions, including gold payroll, invoicing, and checkout tools currently operating as BitGold Business Accounts and merchant processing; |
| Goldmoney Wealth: | will encompass the company’s Jersey-based precious metal custodian and investment business, which will continue to serve high net worth individuals, families, and institutions currently operating as GoldMoney. |
Though the BitGold brand will eventually be phased out, the patent-pending technology upon which it is built will continue to be enhanced and applied to each operating segment.
“This realignment is the logical evolution in the development of our business and culminates one year of planning and positioning to bring together GoldMoney and BitGold,” said Roy Sebag, CEO of Goldmoney Inc. “A new brand identity is a fundamental step that reflects the increasing unification of our global operations. As part of this transition, we’ve created a unique look for Goldmoney.com, which will be unveiled later this year.”
“Fifteen years ago when I launched GoldMoney, it was not generally appreciated that gold was money and could circulate as currency,” said James Turk, founder of GoldMoney. “So I combined two words to create a name that conveyed gold’s historical and natural role. To further reinforce the company’s gold focus, it is a positive step for the name to now evolve by emphasizing Gold rather than Money, unifying the word as Goldmoney.”
In conjunction with the rebranding and operations realignment, the company is changing its KPI reporting format to better reflect the new direction of the business as one integrated network powering three targeted user experiences: Goldmoney Personal, Goldmoney Business, and Goldmoney Wealth.
“We have changed our monthly KPI disclosure format reflecting a deeper understanding of our business,” said Roy Sebag. “We believe a consolidated view of transaction volume, user sign ups, and assets under custody provides a more accurate representation of Goldmoney Inc.’s consolidated performance. Separately, we will continue to publish segmented metrics we feel are relevant in quarterly investor relation presentations and other official investor communication.”
Further highlights of May’s business growth can be viewed at: https://www.bitgold.com/blog/infographic-goldmoney-kpis-may-2016/
Goldmoney Key Performance Indicators
Global Account Signups 1
| Period | Total Signups – End of Period |
Net Increase/Decrease |
| May 2016 | 1,052,959 | +139,297 |
Global Transaction Volume ($CAD) 2
| Period | Transaction Volume – for the Month | Net Increase/Decrease |
| May 2016 | $ 53,199,111 | $ -5,492,871 |
Global Customer Assets under Administration ($CAD) 3
| Period | Customer Assets | Net Increase/Decrease |
| May 2016 | $ 1,668,346,146 | $ -46,969,164 |
| 1. | Defined as total cumulative user sign ups on the Goldmoney network, including Goldmoney Personal, Goldmoney Business, and Goldmoney Wealth. |
| 2. | Defined as all dealing (buy/sell), deposits, redemptions, and p2p transfer activity on the Goldmoney network, including Goldmoney Personal, Goldmoney Business, and Goldmoney Wealth. |
| 3. | Defined as total segregated and allocated customer precious metals and full reserved currency balances under safekeeping. |
About Goldmoney
Goldmoney Inc. is a global, full-reserve and gold-based financial services group. Goldmoney provides financial services as a trusted, limited third-party, combining the unique attributes of gold with technology-driven innovation. Through Goldmoney® Personal and Goldmoney® Business, the company operates the world’s largest self-directed gold savings and payments network, making allocated physical gold accessible as a currency to any person or business with internet access. Through GoldMoney® Wealth the company offers bespoke precious metals custody and wealth services, trading and execution, card services, tax free retirement accounts and independent research to high net worth individual investors and institutions. GoldMoney Inc. has over 1,000,000 user signups from over 150 countries and $1.7 billion in client assets under administration. Goldmoney is regulated as a Dealer in Precious Metals by FINTRAC in Canada, and in addition, Goldmoney Wealth is regulated as a Money Services Business by the Jersey Financial Services Commission (JFSC). The JFSC is the main supervisory body that oversees and regulates Jersey’s large financial services industry. For more information on Goldmoney® visit: Goldmoney.com
Forward-Looking Statements
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, statements, projections and estimates with respect to the rebranding of the Goldmoney Inc. (the “Company”) businesses and website. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the need for regulatory approvals; the Company’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; unproven markets for the Company’s product offering; volatility of gold prices & public interest in gold investment; lack of regulation and customer protection; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; foreign currency and gold trading risks; use and storage of personal information and compliance with privacy laws; use of the Company’s services for improper or illegal purposes; global economic and financial market conditions; uninsurable risks; and those risks set out in the Company’s public documents filed on www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Josh Crumb
Chief Strategy Officer
647-499-6748