Toronto-based GoldMoney has launched the world’s first automated gold to fiat settlement technology enabling gold payments to instantly settle as fiat currency. The new feature can be found within the BitGold platform settings under “Automatic Redemptions” and allows BitGold users to set Automatic Redemptions Plans.
Automatic Redemption Plans can be specified to redeem 0-100% of a users incoming gold payments and can be customized to encompass specific vault locations. Each plan can be linked to bank accounts in 15 global currencies or to a user’s prepaid debit card.
Once a plan has been set, any incoming gold payments received will instantly convert to fiat currency eliminating any gold price volatility to the receiving party. This enables transactions on the BitGold network to flow between two parties that seek lower transaction processing costs while avoiding any exposure to gold.
Coupled with the previously announced Automatic Savings and Payment plans, the BitGold ecosystem can now power several new and exciting use cases such as:
• Families living in different countries can set automatic payment plans on one end. The receiving family member can then set an automatic redemption plan on the other end with a prepaid card as the settlement destination. This results in an automatic remittance flow utilizing gold as the bridge between two different fiat currencies and at a total cost of just 2% to both parties with no minimum transaction amount.
• Business users may use this feature to instantly settle incoming payments to specific currencies used for procurement or working capital purposes. For example, a merchant requiring EUR currency may set an automatic plan to convert incoming gold to EUR at their European Financial Institution.
GoldMoney has over 400,000 clients from over 200 countries and $1.6 billion in client assets under administration. GoldMoney is regulated by the Jersey Financial Services Commission (JFSC) as a Money Services Business.
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