As cryptocurrency investing is becoming more mainstream, it keeps attracting wealthier and more cautious established players. To answer the need for enhanced security by such investors, one of the biggest names in the gold business, Goldmoney, has now expanded its bitcoin cold storage service to include ethereum and bitcoin cash.
Goldmoney Expands Cold Storage
Goldmoney, a precious metal investment service and payment network traded on the Toronto Stock Exchange (TSX:XAU), is expanding its bitcoin (BTC) cold storage to include two more cryptocurrencies. The company has announced that ethereum (ETH) is now available to all its ‘Full Verified Goldmoney Holding Owners’ as a fully-reserved offline investable asset, with bitcoin cash (BCH) to follow in the coming weeks.
Clients can now directly purchase auditable and AML-compliant (Anti-Money Laundering) ethereum and sell their holdings back to Goldmoney in the same way they trade precious metals. The company explains that “securely stored in ‘cold storage’, client cryptocurrency holdings are password protected and shielded from being used in hot wallets or third-party transfers.”
From Gold to Crypto
According to its public records, Goldmoney is safeguarding nearly $2 billion in assets for clients located in more than 150 countries and brings in $524 million in yearly revenues. Back in December 2017 it was revealed that the gold specialist is now involved more in the cryptocurrency business than the precious metal trade that gives it its name.
The company’s founder, Roy Sebag, commented at the time that: “While it’s personally intellectually displeasing, it is becoming clear that since Goldmoney launched crypto (with only bitcoin), our net bitcoin sales per day have grown to become bigger than precious metals. We are seeing nearly half a mill $ a day of net crypto accumulation.”
Support for BCH cold storage, following BTC and ETH, is a predictable step as the cryptocurrency has been becoming ever more widely available recently. For example, the American ATM network Athena Bitcoin earlier this month added support for buying and selling bitcoin cash for USD on all its machines in dozens of physical locations across the US and Mexico.
Are wealthy gold bugs a natural audience for ethereum and bitcoin cash adoption? Tell us what you think in the comments section below.
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Author: Avi Mizrahi