Goldmoney Inc. Formally Exits Cryptocurrency BusinessMar 6, 2019
TORONTO – (March 6, 2019) – Goldmoney Inc. (TSX:XAU) (“Goldmoney” or the “Company”) has decided to exit the cryptocurrency business. Goldmoney will work with its customers who store their cryptocurrency with it to minimize any inconvenience this decision may cause.
As of March 6, 2019, cryptocurrency purchases are no longer available. Customers who store cryptocurrency with Goldmoney will be able to liquidate their position or request that their cryptocurrency be delivered to their wallet.
Customers may liquidate their position or take delivery up until May 6, 2019. On that date, Goldmoney will sell any remaining cryptocurrency positions and place the proceeds from the sale in the customer’s holding, after which all cryptocurrency related activity on the Goldmoney.com platform will cease.
The Goldmoney Board of Directors made this decision following a review of several factors. By exiting this business line, Goldmoney will maintain its focus on new growth initiatives within the precious metal industry.
About Goldmoney Inc.
Goldmoney Inc. (TSX: XAU) is a precious metal focused company that safeguards $1.8 billion of assets owned by clients located in over 150 countries. The company’s activities include: sale and purchase of precious metals and their storage through Goldmoney.com, online jewelry retailing through Mene.com (TSX-V: MENE), coin and bar sales and purchases through SchiffGold.com, and gold and silver collateralized lending and borrowing through LendBorrowTrust.com. Through these businesses Goldmoney pursues opportunities to grow its operation and provide its shareholders with long-term exposure to the precious metals. For more information about Goldmoney, visit goldmoney.com.
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This news release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “may”, “potential” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. believes, expects or anticipates will or may occur in the future, is forward-looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof.
Forward-looking information in this release includes, but is not limited to, statements with respect to: service times for transactions on the Goldmoney network; growth of the Company’s business, expected results of operations, and the market for the Company’s products and services and competitive conditions. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the Company’s operating history; history of operating losses; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company’s common shares; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company’s operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Company’s ability to manage rapid growth; competition; the ability to identify opportunities for growth internally and through acquisitions and strategic relationships on terms which are economic or at all; effectiveness of the Company’s risk management and internal controls; use of the Company’s services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; and those risks set out in the Company’s most recently filed annual information form, available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by law.