BitGold is set to migrate to the Toronto Stock Exchange. The company has just concluded a reverse merger with Loma Vista Capital.
As a part of the deal, BitGold will keep its name, but leave the Canadian National Stock Exchange. BitGold’s deal will raise C$6 million in subscription receipts. The company will also be receiving C$5 million in warrants at a later date.
Commitments with major securities, such as Clarus and Dundee are part of the subscription receipt.
Going public allows the company to build trust. A spokesperson stated that the company will now have to follow regulatory frameworks. Meeting governance standards, the company hopes to further expand its brand.
The Toronto-based company’s CEO, Roy Sebag, states that the company is a “public-private” entity. Sebag states that the company’s shares, 60%, are still held by principal investors along with himself and company co-founder Josh Crumb.
BitGold recently closed a Series A round of funding that included major investors, such as Soros Brothers and PowerOne Capital, providing $3.5 million to the company.
BitGold’s platform is a bit of a mystery at the moment. The goal is to improve gold and bitcoin offerings as a whole. The beta launch of the BitGold platform is set to launch in two weeks. The platform will allow users to provide bitcoin for gold or gold for bitcoin.
The company is not yet open to the public. Investors can expect the company to open to the public within 2 months of their beta launch.
BitGold is a bitcoin company to watch for investors. If the platform is a success, it will allow bitcoin to be used in an entirely new way. Bitcoin converted to gold will be redeemable around the world. Sebag has further stated that customers will receive a debit card, further enhancing the ease of use for BitGold’s customers.