BitGold, which recently rolled out the full version of its platform, will go live for public trade today on the TSX Venture Exchange.
The Toronto-based startup is aiming to leverage Bitcoin’s blockchain to streamline the transacting of gold. It believes that the properties of gold and its rarity make it a reliable medium for savings and trade. Services include gold purchases, storage, and capabilities of spending or accepting gold for payment. Among its major backers is Sprott Asset Management, a prominent hedge fund with a focus on alternative assets like gold.
Earlier this year, the startup entered into a reverse merger agreement with Loma Vista Capital Inc, a shell company traded on the venture exchange. BitGold has indicated that the merger is now complete.
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The new entity will be traded under the symbol XAU, a play on gold’s Au symbol in the periodic table of elements.
According to a regulatory filing, there are 36,619,885 common shares, 3,888,888 warrants, 462,346 agent warrants and 1,974,428 options outstanding.
BitGold joins bitcoin exchanges QuadrigaCX and CoinTrader as other Canadian bitcoin companies announcing plans to go public this year.