BitGold enjoying rapid growth as users put gold to work in unlikely ways

, Bitcoin Tips

BitGold founder and Chief Executive Officer Roy Sebag (right)  and fellow co-founder and Chief Strategy Officer Josh Crumb (left) at their Toronto offices.

Roy Sebag and Josh Crumb never dreamed of all the ways customers would use their gold payment and savings platform.

There’s the guy who bought a car using gold. There’s the guy saving for his wedding in gold. There’s the Argentinian kid using gold as his savings account because his family has been devastated by currency crashes. There’s the Canadian who transfers funds to his college-age children offshore using gold, thereby avoiding foreign exchange conversion fees and actually making a profit because gold prices rose after his initial deposit.

Sebag describes the platform called BitGold as a “canvas” where everyone paints their own picture.

Gold is a currency,” said Sebag, chief executive of Toronto-based GoldMoney Inc. “And once you start letting it behave like a currency, different people will have different utility for it at different times. That’s what we’re seeing.”


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