Crypto start-up Vaultoro launches Bar9, a new gold-based online savings account
Alternative to the euro: Bar9 brings gold back as a mainstream currency
Online gold savings account Bar9: Quickly acquire your own secure and 100% allocated gold online – independent from banks
Vaultoro is driving forward the expansion of its products into multi-asset platforms following investment from FinLab
Further products are in the pipeline: app integration, the first gold-based credit card, expansion of the platform with further precious metals and (crypto) currencies
Berlin, 1 March 2018. The crypto start-up Vaultoro announces the launch of its second product: the online gold savings account 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. Should they wish, the gold can be sent to customers at any time. In a short while, the Bar9 app shall also be ready, the first gold-based credit card be made available and the platform extended 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 the listed company FinLab AG, one of the largest company builders and investors in the fintech and crypto sectors, to invest in the expansion of its 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 its new product, Bar 9 is now covering another financial area. “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: the fastest way to your own secure gold holding
“Having your own securely-stored gold holding that retains its value is no longer a privilege of the elite – it is becoming mainstream,” declares Philip Scigala, Joshua’s brother and co-founder of Vaultoro. The product doesn’t just make it easy to turn savings into physical gold – the customer can also easily exchange it back into traditional currency. “Bar9 is changing the way we store value. It offers everyone a fast, simple and safe way to invest their money in gold and to use it as a means of payment,” Philip Scigala continues. An account can be set up within minutes, the gold value is continuously tracked online and the gold can be sent to the customer at any time.
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 your own deposits and shows that Vaultoro is not using its users’ property for speculative purposes.
Two brothers, one start-up: the entrepreneurs behind Bar9
Bar9 is the second product from the fintech start-up Vaultoro. The founders are Joshua and Philip Scigala: two brothers who grew up on different continents and who have been designing technical solutions together since 2015 which allow customers to use their physical gold as a means of payment. The Vaultoro vision is to develop the biggest asset-based banking solution in the world. Its products include Vaultoro Trading, the world’s first real-time trading platform for gold and bitcoin, as well as Bar9, the 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.
We would be delighted to organize a background discussion/interview for you with the two Vaultoro founders Joshua Scigala (CEO) and Philip Scigala (CTO). In addition, we are also inviting you to take part in a test run with Bar9 to learn more about the functionality, features and look and feel of the online savings account.
Since 2015, the fintech start-up Vaultoro has been working toward its vision of developing the world’s biggest asset-based banking solution. The goal: creating a fair, global financial system for everyone. Vaultoro wants to enable everyone to easily and quickly manage their physical and digital assets such as gold, silver or bitcoin. The start-up creates technical solutions with which customers can use their physical gold as a means of payment. Its products include Vaultoro Trading, the world’s first real-time trading platform for gold and bitcoin, as well as Bar9, the gold savings account. To date, more than 1.5 tons of gold (with a current value of 55 million dollars) have been traded via Vaultoro and the quantity of gold traded is increasing every month by an average of 86 percent. Vaultoro’s head offices are located in Berlin and London. The start-up currently has more than 10,000 customers from 94 countries. www.vaultoro.com
Tel +49 173 360 19 25