Goldmoney Inc.
TSX : XAU

Goldmoney Inc.

August 31, 2016 07:30 ET

Goldmoney Accelerates Settlement of Direct-to-Bank Gold Redemptions

TORONTO, ONTARIO--(Marketwired - Aug. 31, 2016) - Goldmoney Inc. (TSX:XAU), a financial technology company operating a global, 100%-reserved gold-based financial network, today introduced a new closed-loop network integration that enables instant gold redemption and expedites direct-to-bank value settlement for 87 countries and 44 currencies, accelerating global commercial transactions and supporting small business growth. Goldmoney Personal and Business users can now redeem gold balances to supported local currencies instantly and receive value settlement denominated in local currencies within 48 hours for a fee of only one percent.

"We're continuously strengthening our partnerships and improving the functionality of the Goldmoney network making it one of the most efficient methods for global transactions. With this new integration, we're making personal and business global gold payments and redemptions faster and easier than ever before," said Darrell MacMullin, CEO, Goldmoney Personal and Business. "International wire transfers can take up to one week, imposing unnecessary delays on person-to-person transfers, impeding cash flow and delaying small business growth. By using vaulted gold bullion for universal and efficient payments, Goldmoney Personal and Goldmoney Business users in eligible countries can instantly receive payments in gold and redeem to supported currencies at any time. Direct-to-bank settlements of redeemed value are completed in under 48 hours—and in some cases, within minutes."

Direct-to-Bank Redemption Availability and Associated Settlement Times
Country Personal Business[1] Settlement
Time
Supported
Currency
Antigua Same Day XCD
Argentina Next Day ARS
Austria Next Day EUR
Bangladesh Same Day BDT
Barbados Same Day BBD
Belgium Next Day EUR
Benin Next Day CFA
Bolivia Same Day USD
Brazil Same Day BRL
Bulgaria Next Day BGN
Burkina Faso Next Day CFA
Canada Next Day CAD
Chile Next Day CLP
China Next Day USD
Colombia Within Minutes to Hours COP
Costa Rica Same Day CRC
Cyprus Next Day EUR
Czech Republic Next Day EUR
Denmark Next Day EUR
Dominican Rep. Within Minutes to Hours DOP
Ecuador Within Minutes to Hours USD
Egypt Same Day EGP
El Salvador Within Minutes to Hours USD
Estonia Next Day EUR
Ethiopia Same Day ETB
Finland Next Day EUR
France Next Day EUR
French Guiana Next Day EUR
Gambia Same Day GMD
Germany Next Day EUR
Ghana Same Day GHS
Greece Next Day EUR
Guadeloupe Next Day EUR
Guatemala Within Minutes to Hours GTQ
Guinea Within Minutes to Hours GMT
Guinea Bissau Next Day XOF
Guyana Same Day GYD
Haiti Same Day USD
Hungary Next Day EUR
Iceland Next Day EUR
India Within Minutes to Hours INR
Indonesia Same Day IDR
Ireland Next Day EUR
Italy Next Day EUR
Ivory Coast Next Day XOF
Jamaica Same Day JMD
Japan Same Day JPY
Kenya Same Day KES
Latvia Next Day EUR
Liechtenstein Next Day EUR
Lithuania Next Day EUR
Luxembourg Next Day EUR
Malaysia Same Day MYR
Mali Same Day CFA
Malta Next Day EUR
Martinique Next Day EUR
Mexico Within Minutes to Hours MXN
Morocco Same Day MAD
Nepal Within Minutes to Hours NPR
Netherlands Next Day EUR
Niger Next Day XOF
Nigeria Within Minutes to Hours NGN
Norway Next Day EUR
Pakistan Within Minutes to Hours PKR
Panama Same Day USD
Peru Within Minutes to Hours PEN
Philippines Within Minutes to Hours PHP
Poland Next Day PLN
Portugal Next Day EUR
Reunion Next Day EUR
Romania Same Day RON
Russia Within Minutes to Hours RUB
Senegal Next Day CFA
Slovakia Next Day EUR
Slovenia Next Day EUR
Spain Next Day EUR
Sri Lanka Same Day LKR
St Kitts & Nevis Same Day XCD
Sweden Next Day EUR
Thailand Same Day THB
Togo Next Day CFA
Trinidad & Tobago Same Day TTD
Ukraine Same Day USD
United Kingdom Next Day GBP
USA Next Day USD
Venezuela Same Day VEF
Vietnam Same Day VND
[1] Only Goldmoney Business account holders may redeem to a business bank account.

About Goldmoney Inc.

Goldmoney Inc. (TSX:XAU) is a mission-driven financial technology company that operates the world's largest 100%-reserved gold-based savings and payments network. Goldmoney® provides financial services as a trusted third-party, combining the unique attributes of gold with technology-driven innovation. Through Goldmoney Personal and Goldmoney Business, anyone with internet access can buy, sell, transfer, earn, or redeem physical allocated gold on the network. Goldmoney Wealth 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 more than 1.22 million user signups from more than 150 countries and $1.85 billion in client assets under administration (as at August 30, 2016). Together, Goldmoney Personal and Business are regulated as a Dealer in Precious Metals by the Financial Transactions and Reports Analysis Centre of Canada. Goldmoney Wealth is regulated as a Money Services Business by the Jersey Financial Services Commission. For more information about Goldmoney, visit goldmoney.com.

Forward-Looking Statements

This news release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "may", "potential" and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. (the "Company") believes, expects or anticipates will or may occur in the future, is forward-looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof. Forward-looking information in this release includes, but is not limited to, statements with respect to: service times for transactions on the Goldmoney network; growth of the Company's business, expected results of operations, and the market for the Company's products and services and competitive conditions.
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 Company's limited operating history; history of operating losses; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company's common shares; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company's operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Company's ability to manage rapid growth; competition; effectiveness of the Company's risk management and internal controls; use of the Company's services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; and those risks set out in the Company's most recently filed annual information form, available on SEDAR. 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 update or revise any forward-looking information, except as required by law.

Contact Information

  • MEDIA CONTACT
    Jacquelyn Humphrey
    Director of Global Communications
    Goldmoney Inc.
    jac@goldmoney.com

    INVESTOR CONTACT
    Josh Crumb
    Chief Strategy Officer
    Goldmoney Inc.
    647-499-6748