Real-time bitcoin-to-gold exchange and banking 2.0 Vaultoro has reached a significant $1 million milestone in gold trading volume, recording an average monthly trading growth rate of 91 percent.
The exchange has seen a rapid increase of its user-base, especially in developing countries such as India, which are severely underbanked or unbanked.
“The developing world skipped the landline and went direct to mobile phones. They are now doing the same with traditional branch banking because it’s just too uneconomical to set up,” said Vaultoro CEO and cofounder Joshua Scigala in a statement.
“Vaultoro enables anyone to easily enter the global economy securely and privately by utilizing the native Internet currency bitcoin and removing the extreme volatility by combining the security of assigned gold bullion. This will go a long way towards ending poverty by including a potential 5 billion people who have been left behind by traditional banking,” Scigala added.
In conjunction with the announcement, Vaultoro has launched an equity crowdfunding campaign on BNK TO THE FUTURE, to maintain its growth and to expand its services throughout underbanked regions in Asia and Latin America.
The startup has offered 25 percent equity for $785,000 , enabling anyone to fund the project and profit from the platform. Currently, Vaultoro has raised $236,000 from 149 international backers. With the new financing, the startup plans to redevelop its mobile application, and offer a multi-lingual platform for its users.
Joseph is a web developer and designer, writer and a passionate musician who loves to travel. He has worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.