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Chiming in here.
1) @ajd we'll have someone follow up with you to get it immediately rectified.
2) Regarding US Bank account / onboarding, I will be the first to admit...the current user experience with our US bank technology partner for this has sucked. It's incredibly secure, but not intuitive. So it's not you misunderstanding, its on us to get that replaced. That's exactly what's happening, an entire new update to the bank linking experience, along with a slew of other major expansion and improvements to the entire deposit experience will be rolling out over the next week...so stay tuned.
3) Customer Support also going through major expansion / upgrades.
Thanks for your patience, we're getting this right.
Goldmoney essentially uses a private blockchain digital ledger that's proprietary, and a much better logic than open blockchain for the use of physical Gold....that's in essence the gem of the platform. The best of digital ledger properties combined with the best money stack (Gold) ;-). ...that's why you can make instant transfers of physical gold ownership between parties on the platform.
Why not use just the standard blockchain? Well....lots of reasons....but at a high level I would think every customer would want a third party custodian ( like a vault operator Brinks) to verify each transaction that the physical Gold allocation is there and you are allocated your full property rights to the physical asset. Something that's key in the integrity for every user.
So the Goldmoney technology enables transfers from user to user that is instant, (minus and risk mgmt on a transaction)
You can also redeem your Gold for fiat very fast as well ( i.e. load your Mastercard near instant - again minus any risk mgmt review)
And we are seeing more and more users every day use Goldmoney not just for building a savings position in Gold, but also to use it for transfers / payments with other users and keeping more value within the network, as they are seeing its a better alternative in many ways to exchange value ( speed + cost benefit)
When you are talking about redemption to a traditional bank account....that is when the funds leave the Goldmoney stack and ledger instantly and then into the banking system for settlement....Depending on the time of day, location and bank, you are now on a "banks settlement schedule" much like any other deposit ...banks are still trying to get to "faster payments" but at that point, its in there rails, and there settlement times for a wire to close. We can control how well / efficient Goldmoney technology works, but the speed how the banks accept money is a little out of our realm. ;-)
Having said that....there's lots of ways we can enable and distribute our technology throughout the banking system to make things even more interesting, so stay tuned.
I’ll add some commentary here
1) We have been striving to add as many effective payment choices for users globally to get easier access to building a gold savings position at a record pace. Whether its local payment options like Interac in Canada, Giropay in Germany, Boleto in Brazil, Sepa through Europe, ACH in the US, China Union Pay, more and more currencies for credit card processing, expanding physical gold options, etc etc. In fact, if you look at our track record since inception, nearly every month we’ve made additions and improvements to the deposit and redemption options for Goldmoney along with other product features / enhancements that have rolled out every month.
2) This first test & learn step with PayPal was ground breaking for both companies to start something very innovative. This wasn’t just adding PayPal as a payment option. We started our focus for Europe and UK because of the high demand we got from that market for more options than just credit card. PayPal has more than 70 million individuals and merchant account holders in this region who prefer the convenience of PayPal. As well, we felt it would be a market this year that could experience pretty aggressive volatility of GBP and EUR. Both PayPal and Goldmoney here have an opportunity of creating unprecedented access and safety for people in this region to protect their earnings in Gold.
We created a seamless way to link your PayPal and Goldmoney accounts, so ongoing, you can do essentially a 1 click deposit or redemption fast in and out of your PayPal account to Gold with ease. We are seeing a lot of individuals in Europe and UK use the PayPal option to set up a recurring savings balance to Goldmoney….so every week / or month an automatic transfer from PayPal to Goldmoney to build a savings in Gold.
Imagine you are a UK online merchant who accepts PayPal. You accept GBP and Euros as payment for your goods....what are your choices once you get paid? Keep your money in a PayPal account, or settle out to a bank account in GBP or Euros? Neither give much return on your balance and you can get exposed to some heavier currency volatility. Instead of settling to a bank in the same currency, why not settle a portion of your sales to Gold, and protect your earnings? You can move them back to your PayPal account instantly into GBP and Euros whenever you need them. Fast, Flexible and Secure.
PayPal also brings with it a great mobile experience obviously. So stay tuned for that enhancement coming which will make 1 click deposit and redemption from the phone very easy.
Here’s a little chart showing you how GBP has performed vs Gold this year. If I was a UK merchant or citizen, I would have wanted to have some of my wealth stored in Gold, and my savings would be much better off. PayPal will make that easier for a lot of people. Yes there is lots of other expansion potential, both in markets, currencies, functionality and integration and we’ll continue to review over time what are the best options.
Stay tuned ;-)
Settle down....keep your heads up......prepare for a bigger and better resurrection coming soon. Being worked on right now ;-) It was paused while we went through some unification things
Ok, I had to pop on here to leave a few direct comments... Its been fantastic to see the early feedback, and real time passion on here from everyone around the new Goldmoney look!! Internally we are pleased with the upgrade on the front and back end, and more importantly, it sets us up to start introducing a lot of great new features and other improvements to come. Seeing some of the early comments here in the Community REALLY has a great impact for everyone here on the team, so Thank You!! You are the advocates of our future together.
The name change was not as easy decision as what it might have seemed. The BitGold brand was Roy and Josh's baby. But they both exemplify the full commitment to build a unified global ecosystem that everyone can benefit from, and it made sense to start doing that under a new unified look that everyone can grow under. Their passion for this lead the charge to get a lot of key changes made in record time. This was not just a name change...it was a full on site upgrade. It's not as easy as some may think to execute everything that has been done for a company of this size, while still supporting a rapidly growing day to day business. There are many rockstars on the team emerging from product, marketing, design, finance, operations and customer support, and have to thank all of them for there massive dedication to the company growing. Again, the constructive feedback from the community here will continue to fuel us, make us better, and be a key ingredient to everyone's success. We're listening.
Yes, there's been a few growing pains we know of for users, and we are staying on top of them, and we are fully committed to getting things done right. We appreciate everyone's patience as we get to them. It feels like each week, we are getting more efficient as teams to outpace the growing demands from the platform, and we'll continue to get better as a young innovative company that sets really high standards.
It's great to see people around the world on here getting more educated about Gold, and how the platform can empower them in many ways with many new choices they may not have had before. That was part of the purpose of this company from the founders. Everyone is committed to expand that sharing of knowledge and interaction on here as well, so stay tuned. We also want to get more feedback from YOU, and get your help to spread the positive word out to more friends, family and businesses who can benefit from using Goldmoney. We'll be reaching out with some ideas on how you can help with the growth globally. Thanks to everyone here for your amazing support!