Vaultoro.com, the first and longest running bitcoin / allocated gold exchange, has announced that it has closed a seven-figure seed funding round from Frankfurt, Germany based fintech investor Finlab AG (FRA:A7A).
Vaultoro co-founder Joshua Scigala said:
The investment from FinLab AG into Vaultoro will enable us to scale fast. Our mission is to enable as many people as possible to secure their savings in assets away from the banking system before another major currency crisis.
With the investment from a serious fintech focused VC like FinLab, Vaultoro stated that it can materialize its vision and mission a lot faster.
Vaultoro’s first upgrade will be a way for anyone to save in allocated gold and spend that gold using the world’s first real-time gold backed debit card. This will enable their members to save in allocated gold, secured in a top-tier high security Swiss bullion vault and spend it down to the cent anywhere that VISA or MasterCard are accepted.
After 2008, Greece, Cyprus, Venezuela, Brexit and more, people are worried about their paper based money sitting in a bank and not even earning interest. Vaultoro is the first company in the world to offer its client a real-time Debit card and internet banking functionality using gold and without the need of a bank. All gold is allocated in the users name as their legal property not on Vaultoro’s balance sheets, if anything happened to Vaultoro not even liquidators could touch their clients assets.
To make all the magic happen they are using blockchain technology in the background, specifically Bitcoin. Vaultoro enables the main stream to be able to move away from holding pure paper like Euros or Pounds and into a tangible fully insured, audited and allocated assets like gold and soon silver. Vaultoro is an asset based security solution that enables people to not only secure Tangible assets like gold and silver bars but also digital assets like Bitcoin, Ethereum, Dash and IOTA.
“We are excited about Vaultoro’s innovative real-time trading platform, that allows people from all over the world to trade and invest instantly into physical allocated gold, currently via their bitcoin savings and with other currencies like Euro in the near future”, says Stefan Schütze of Finlab. “We are looking forward to support the ambitious Vaultoro team with our know-how, network and financial resources in order to develop Vaultoro into a leading multi-asset exchange platform.”