OREANDA-NEWS. 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.”

 

Goldmoney Key Performance Indicators

Global Account Signups1

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.