BitGold Moves Further Away from Bitcoin, Adopts SEPA Deposits in Europe

This came after Bitstamp added physical gold delivery as a withdrawal option for European clients.

BitGold (CVE:XAU) has announced to clients that it is now connected to online banking across the Single Euro Payments Area (SEPA). The firm explains that with SEPA deposits, BitGold users with accounts at participating banks in the region can now “make secure online bank transfers without worrying about credit cards, foreign exchange issues, or unnecessary wire delays.”

The brokerage, publicly traded on the TSX Venture Exchange, recently rebranded as GoldMoney following its merger with the UK-based precious metals storage firm. The startup’s stated objective is to make it easy to store and spend gold. As implied by its original name, it was considered to have employed some use of blockchain technology to carry out transfers. However, it minimized its association with anything to do with Bitcoin from the start, and now makes practically no mention of it whatsoever as can be seen from the announcement quoted above. Instead, it has focused entirely on the precious metal it promotes, as observed with its takeover of GoldMoney.

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Coincidentally, the BitGold announcement of integrating with the European banking system followed popular bitcoin exchange Bitstamp revealing yesterday that it is now offering a new method of withdrawing funds in the form of physical gold to its EU clients. This is thanks to a cooperation with Moro & Kunst d.o.o., a precious metals re-seller operating in the Slovenian, Austrian and Croatian financial markets since 1993. Bitstamp says that at the moment, purchase is only available with USD and the gold will be delivered within 2 to 5 business days of an order being placed.

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