Goldmoney Inc has announced it is reinvesting in the platform and giving back to its users by reducing user deposit, redemption, and vault-to-vault exchange fees by 50%, and doubling user referral rewards for its Golden Heart™ Program.
Goldmoney Network users can now purchase, redeem, and exchange gold between vault locations for 0.5% above the spot gold price. Gold transfers and gifts remain free on the network, and storage up to 1,000 grams will continue to be provided without charge. Additionally, Goldmoney Personal users can now earn two times the bonus gold through the Golden Heart program when those who they invite to join the network make a deposit of 0.1 grams or more within the first seven days of signing up.
Since becoming a publicly traded company, Goldmoney Inc. has generated continued revenue growth and remains committed to its core mission: democratizing access to stable and secure savings by making physical gold accessible and frictionless to everyone. The most important stakeholders in achieving its mission are the Company’s growing community of users; therefore, its committed to delivering additional value to them until it succeeds in making gold as frictionless as any other medium of exchange and eliminates barriers to access in both fees and banking interoperability.
“Our growth in Q2 is due entirely to accelerated organic adoption, which has enabled us to further reinvest in the platform and give back to our users. We are passionate about making stable and secure gold savings accessible to everyone, and this 50% reduction in fees makes Goldmoney the least expensive route to physical gold by a wide margin,” said Josh Crumb, co-founder and Chief Strategy Officer, Goldmoney Inc. “As our community continues to grow and loyally support the Network, we have decided to reward that loyalty by doubling Golden Heart referral payouts for Goldmoney Personal users.”
“The decision to reduce fees is consistent with our intelligent growth strategy; incurring minimal short-run underwriting costs will accelerate adoption and network velocity, increasing the long-run earnings power of the Network business,” said Roy Sebag, founder and CEO of Goldmoney Inc. “This virtuous feedback loop is the single most important factor to the future success of the company, and the costs incurred have minimal impact on our revenue when adjusting for growth, accelerated transaction velocity, and the revenue mix between Network, Wealth, and fees.“