JOSHUA SCIGALA: Vaultoro platform, the world’s first bitcoin/physical gold trading platform
Trade in gold has a long history. Gold was discovered already in antiquity and, since its first use as currency, was a symbol of wealth and social status in many states. Today, gold still plays an important role as a subject of transactions and economic activity.
Today, despite the fluctuation in the value of metal, investment in gold is a popular way of diversifying the investment portfolio as large investment companies, including banks and private investors. Why is it profitable to invest in gold?
Today we will talk how to invest in gold using cryptocurrencies, and how attractive the investment portfolio can be with CEO Vaultoro Joshua Scigala
- Hello Joshua
- You, along with your brother Philip, created the Vaultoro platform, the world’s first bitcoin / physical gold trading platform. Tell me how this idea originated and why gold?
Well, I lost a heap of money in the MtGox exchange collapse and so wanted to create an exchange where the counter asset was not owned by an exchange or a bank. You see when an exchange that deals with fiat goes bust liquidators come in a seize all the assets that belong to the exchange and if the bank goes bust the user also looses. Physical gold is different. You can allocate it legally as the user’s property and not the property of the exchange. This means that if anything was to ever happen to Vaultoro, liquidators could not get access to our client’s property as it’s not on Vaultoro’s books.
- Vaultoro - full reserve banking. Tell me, how does the platform work?
Think of it as every other order book exchange, (Kraken, Bitstamp, Binance) Except instead of trading back and forth in fiat currency owned by the bank the exchange uses, you are trading in and out of Physical allocated gold bullion, secured in one of Europes largest and most secure vaulting facilities run by Pro Aurum Switzerland. The gold is fully insured and audited by one of the largest auditing firms in the world, BDO international.
- With what coins does the Vaultoro platform work and will you expand your list of already presented coins?
For the last 3 and a half years We have been a bitcoin / gold only business, but we are busy working on Vaultoro 2.0 which will have more pairs. Please tweet me @vaultoro with #TradeCryptowithGold if you would like your favourite token listed when we launch the new platform.
- If we are talking about buying a product, then of course, we want to get it in hand. How is the delivery to the buyer?
Once you have traded into gold you can simply contact our support staff to get physical delivery, or you can just trade back into crypto when you want to spend that value. While many people want physical delivery, we were set up for the specific reason to trade back and forth in and out of allocated gold. The process of physical delivery is expensive and it’s dangerous to hold gold at home. If there is one thing that insurance companies are good at its pricing risk. To ensure gold using a professional Top-tier, Audited vaulting facility is far far cheaper than insuring gold you secure at home. Why? because home secured gold is often stolen.
- Does Vaultoro plan to issue its own coin as a reserve banking?
We are looking at it yes. It will be a world first and will revolutionise how gold is mined, it’s something no one else has ever thought of, I’m very excitied about it. (More details coming soon. Be sure to follow us on Twitter or sign up for our newsletter).
- Precious metals, this is not only gold, but silver and platinum. Will there be an extension of the product line?
Yes, Vaultoro 2.0 will also offer silver, Platinum and palladium. Since 2005 Palladium has gone up over 700%
- What are the goals set in the roadmap for 2018?
Oh wow so much. Vaultoro 2.0 with more trading pairs, Bar9 (our easy physical assets wallet) will be expanded to include cryptos and more metals. And we are looking at releasing our unhackable hot wallet which uses AI and blockchain based record keeping bot to sign a 1 of 2 multi-sig wallets before funds are released. This will stop internal and external hacks to ever be possible.
- Crypto Capital News will wish Vaultoro’s commercial growth. And, traditionally, your wishes for the readers of Crypto Capital News.
Thank you so much! We will continue to keep up with all the breaking stories you guys magically manage to dig up before anyone else. Keep up the great work.
Thanks Joshua for the interview
Tweet @Vaultoro using #BitcoinToGold and get a shoutout!
