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Scotiabank Digital Banking Lab


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Capital Markets & Trading | Toronto, ON | Founded: 2001 | Employees: 82 |


Last updated December 15, 2018 | To download a PDF version, click here

Company Overview

GoldMoney is a digital gold-payments and saving platform based in Toronto, Ontario. GoldMoney provides fully-reserved holding accounts for precious metals and cryptocurrencies and has its own proprietary exchange. GoldMoney serves over 1.5 million users and has nearly $2B of assets under custody.[1]


Senior Management

Roy Sebag: Co-Founder, CEO (2015-Present); Co-Founder and CEO, Menē Inc. (2017-Present); Founder and Managing Principal, Braavos Capital (2012-Present).  Previously: Co-Founder and CEO, BitGold (2014-2015); Founder and Portfolio Manager, Essentia Equity Ltd. (2004-2010).

Josh Crumb: Co-Founder, CSO (2015-Present); Co-Founder and Director, Menē Inc. (2017-Present); Previously: Co-Founder and CSO, BitGold (2014-2015); Co-Founder and CFO, Coffee Flour (2014-2015); Executive Director, Goldman Sachs (2010-2012); Director of Corporate Development, Lundin Group (2005-2010). Education: M.S., Mineral Economics, B.S., Engineering, Colorado School of Mines.

James Turk: Lead Director (2015-Present); Founder and writer, Free Gold Money Report (1987-Present). Previously: Founder and Chairman, GoldMoney (2001-2015); Manager, Abu Dhabi Investment Authority (1983-1987); Vice President, Chase Manhattan Bank (1969-1980). Education: B.A., Economics, George Washington University.


After working in hedge funds focused on distressed and natural resource related opportunities, Roy Sebag saw an opportunity to create a fintech company built upon gold rather than fiat currencies. He co-founded BitGold in 2014 and launched the platform in May 2015 with the aim of creating a transactional platform that shortened the settlement cycle for gold.[2] In July 2015, BitGold acquired GoldMoney, a fully-reserved gold bullion and payments company.[3] The name of the parent company was changed to GoldMoney Inc. subsequent to the acquisition.[4]



In December 2014, BitGold raised C$3.5 million in Series A funding.[5] In January 2015, BitGold went public through a RTO of Loma Vista Capital, in conjunction with a private placement of approximately C$6 million.[6] In June 2015, BitGold completed a C$21 million private placement[7] and another C$30 million private placement in October 2017.[8]


Key Corporate Developments

Press releases:
May 13, 2015: BitGold begins trading on TSX Venture Exchange
July 20, 2015: BitGold completes acquisition of GoldMoney
Jul 8, 2016: Goldmoney announces acquisition of Schiff Gold Inc. and joint venture with Peter Schiff
Nov 1, 2017: Goldmoney opens first brick and mortar location in Toronto
Nov 15, 2017: Goldmoney offers clients the ability to trade cryptocurrency through bitcoin
Dec 1, 2017: Goldmoney announces spinoff of Menē Inc. and public listing through RTO


Business Highlights


GoldMoney leverages technology to target two lines of business:

  • Savings – GoldMoney provides online holding accounts for customers to invest in precious metals.
  • Payments – GoldMoney allows customers to spend cash from their account through a prepaid card or make precious metal payments to other Goldmoney clients or businesses online.


  1. Precious metals holdings: GoldMoney allows customers to trade physical gold and precious metals through an online holding account that is fully-reserved. Users can make payments to other GoldMoney accounts or to businesses that accept GoldMoney holdings. Clients can also spend and withdraw cash directly from their account through a prepaid card. GoldMoney charges a 0.5% fee each time metals are bought or sold and charges a 0.75% fee for exchanging between metals. GoldMoney charges monthly storage fees for holdings that range from 0.01% to 0.082% of the value stored depending on the metal.[9]
  2. Cryptocurrency holdings: In addition to precious metals, GoldMoney also allows customers to trade cryptocurrencies. Cryptocurrencies are secured using offline “cold-storage”, meaning that the private keys are stored within a password-protected hardware wallet, which is placed within a secured vault.[10] GoldMoney charges a 2.5% fee on all purchases and sales of cryptocurrencies. A monthly storage fee of 0.085% is applied to cryptocurrency holdings.[11]
  3. Schiff Gold: Schiff Gold is a subsidiary that operates as a full-service discount precious metals dealer. Schiff Gold buys silver and gold at a reference trade price, equal to the spot price plus 15-20%.[12] GoldMoney clients can physically redeem metal in their accounts through Schiff Gold at no fee.[13]



GoldMoney leverages technology that enables it to provide online access to accounts, instant global payments, fast settlement and security through a closed-loop system with a proprietary digital ledger and exchange.[14]



GoldMoney operates online in over 150 countries, with a single branch in Toronto.[15] Precious metals are stored in fully insured vaults in Canada, and across the world. GoldMoney is regulated as a Dealer in Precious Metals by FINTRAC in Canada and is registered with the Financial Crimes Enforcement Network in the U.S.[16]



GoldMoney does a mix of traditional and digital marketing, in Fiscal Year 2018 they spent C$2,762,474 on advertising and promotion.[17] They also utilize clients to market GoldMoney through a referral program, where clients can earn commissions equal to 25% of the net margin of transactions from accounts created through their referral codes.[18]




Many established banks in Canada provide precious metals banking services, such as ScotiaMocatta. There are several online precious metals dealers and technologies that allow the public to buy physical gold, such as:

  1. OneGram – (Dubai, UAE) OneGram has issued a cryptocurrency that is backed by physical gold.
  2. Canadian Bullion Services – (Toronto, ON) Canadian Bullion Services is a Canadian precious metal dealer with its own online trading platform and storage services.


Corporate Profile Created By: Sean Ginham, Ivey HBA & Engineering 2019
Sean Ginham

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