Cryptocurrency startup Vaultoro is today announcing the launch of its second product: an online gold savings account known as Bar9. Using Bar9, customers can immediately invest their money in physical gold and thereby protect it against inflation and currency fluctuations – starting from just one euro.
The savings account works in both ways: customers can store their savings balance as gold, but can also turn their gold into money and make withdrawals in euros – just like a normal bank account, but without any involvement from the bank. The bars of 99.99% fine gold are stored in a Swiss vault and can be sent to customers any time.
In a short while, the Bar9 app will be ready to go live, along with a gold-based payment card, while the will proceed with plans to include other precious metals, such as silver and palladium, as well as cryptocurrencies, including Bitcoin.
In September 2017, Vaultoro received a seven-figure sum from FinLab AG, one of the largest company builders and investors in the fintech and crypto sectors. The money is being used to invest in the expansion of product range. The start-up has already been operating on the market as a real-time trading platform for gold and bitcoin since 2015.
“With Bar9 we are another step closer to realizing our vision of establishing a fair and global financial system for everyone. Gold is one of the most stable currencies in the world and is considered a safe method to preserve value in all cultures. Those who want to invest their money wisely, without needing to invest equally large sums in the process, will find the perfect solution in Bar9,” explains Joshua Scigala, Vaultoro’s CEO and Co-founder.
Bar9’s gold partner is Pro Aurum, one of the largest dealers of precious metals in Europe. Pro Aurum stores the bars of 99.99 percent fine gold in a vault facility in Switzerland. The purity is audited by BDO International, one of the biggest audit companies in the world.
Unlike traditional banking, Vaultoro has opted for a transparent protocol using blockchain technology. The “Glass Books Protocol“ guarantees absolute transparency of user deposits and shows that Vaultoro is not using its users’ property for speculative purposes.
Vaultoro services include Vaultoro Trading, a real-time trading platform for gold and bitcoin, and now Bar9, a gold savings account. The investment received from FinLab is being used by Vaultoro to expand its products into multi-asset platforms. Further precious metals such as silver, platinum and palladium as well as (crypto) currencies like Bitcoin or Ethereum are planned to be integrated into all the existing products.