Vaultoro Surpasses $1m USD in Gold Trading Volume
Bitcoin is often compared to gold, as both currencies seem to check similar boxes on the list of what makes them so unique. But there are major differences between gold and Bitcoin as well, as one of these currencies can be easily transferred around the world in mere seconds, whereas the other can not. As […]
Bitcoin is often compared to gold, as both currencies seem to check similar boxes on the list of what makes them so unique. But there are major differences between gold and Bitcoin as well, as one of these currencies can be easily transferred around the world in mere seconds, whereas the other can not. As far as exchanges go, there is a certain appeal to trade between gold and Bitcoin, which is why Vaultoro has become a major platform over the past year.
Vaultoro: Real-Time Bitcoin and Gold Exchange
It goes without saying that investors from all over the world are looking at multiple ways to store their wealth in different types of funds. With banks and other traditional financial institutions failing left, right, and center, keeping wealth in the form of fiat currency is not an option for many people, not even in developed countries.
People living in unbanked and underbanked nations have an especially hard time to convert fiat currency into other currencies. Various countries around the world are enforcing very strict capital controls, stemming the flow of funds moving in and out of the country. The latest country to join the growing list of countries with capital controls is China.
Converting wealth into precious metals directly is not an easy task. Granted, individual consumers can buy gold and other precious metals in specialized shops, but they can only accommodate for small quantities. Larger investors, who look to convert tens — or hundreds — of thousands of local currency units into gold, might face increased difficulties.
As a result, there are quite a few investors who have started converting batches of local currency into Bitcoin. With so many Bitcoin exchanges available around the world, it has become a lot easier to obtain virtual currency in a convenient manner. But that left quite a few people wondering whether or not they would be able to trade their Bitcoins for gold and precious metals at some point.
Vaultoro is a UK-based platform specializing in exactly this market, offering a real-time Bitcoin gold exchange platform to users from all over the world. Exchanging bitcoin for gold — and vice versa — eliminates any form of volatility for Bitcoin users. Furthermore, Vaultoro’s business model revolves around “bank independent trading,” which lets customers trade very small and very large amounts of gold in the same manner.
All of the user assets traded on the Vaultoro platform are insured and stored safely in top-tier vaults, which are located in the country of banking, Switzerland. Every Vaultoro user is able to verify his or her gold holdings through proof-of-reserve, as well as proof-of-audit, conducted by third-party auditors.
Over $1m USD Trading Volume in Gold
Just a few days ago, Vaultoro reached a milestone in the company’s young history, when it surpassed $1m USD in gold trading volume. Vaultoro has seen an average trading growth of 91% per month, combined with a 29% monthly user base increase. These numbers have indicated a positive trend for the company as of late, and translated into surpassing the US$1m gold trading volume mark.
Vaultoro CEO and co-founder Joshua Scigala stated:
“The developing world skipped the land line and went directly to mobile phones. They are now doing the same with traditional branch banking because it’s just too uneconomical to set up. Vaultoro enables anyone to easily enter the global economy securely and privately by utilizing the native Internet currency bitcoin and removing the extreme volatility by combining the security of assigned gold bullion. This will go a long way towards ending poverty by including a potential 5 billion people who have been left behind by traditional banking.”
To keep the momentum going, Vaultoro launched an online investment campaign on the BnkToTheFuture platform recently, and 40% of the goal has been reached so far. The minimum investment goal is 400,000 EUR, and there are more than two weeks remaining in the campaign.
That being said, Vaultoro hopes to reach a total amount of $780,000 USD by the end of the campaign, which is equal to 25% of the company’s shares. Equity crowdfunding is a great way to apply for additional funding while giving investors a share of the company’s profits in return. Should the campaign prove to be successful, Vaultoro plans to use the funds to expand its business even further, including providing its service in multiple languages and developing an application for mobile phones.
What are your thoughts on the Vaultoro platform? Have you ever used it, and if so, what was your experience like? Let us know in the comments below!
Source: Press Release Via Email
Images courtesy of Vaultoro, BnkToTheFuture