What Is Vaultoro?
Vaultoro, found online at Vaultoro.com, is a global bitcoin gold exchange. You can buy real gold assets in exchange for bitcoin. All Vaultoro gold is stored in a high-security vault facility operated by ProAurum Switzerland, the largest precious metals dealer in Europe.
The company uses real 99.9% pure gold bars that come directly from smelting companies. The gold is secured under your name, as your property, and is held off of Vaultoro’s balance sheet.
Vaultoro functions similar to other bitcoin wallets on the market. You can send, receive, and store bitcoins. The primary purpose of the wallet, however, is to enable anyone to trade into gold instantly, and secure that gold in the audited facility.
In other words, Vaultoro makes it easier than ever to buy real gold using your bitcoin.
The company has total assets of $6 million USD as of 2016. Vaultoro was founded in 2015 by Joshua Scigala and Philip Scigala. Today, the company is headquartered in London, England and Berlin, Germany.
How Does Vaultoro Work?
Vaultoro lets you deposit funds using bitcoin, then trade those bitcoins for real gold assets. The platform supports all altcoins through Shapeshift.
You can withdraw money from Vaultoro in the form of bitcoin. Or, you can withdraw it in the form of physical gold.
All Vaultoro gold is audited and insured. The bitcoin holdings, meanwhile, are also publicly audited and are held in multi-signature cold storage. If something was to happen to Vaultoro, you would still be able to access your gold: Vaultoro doesn’t own your gold. The gold is owned in your name, and you can claim that gold at any time.
Another advantage of Vaultoro is that there’s no need to verify your identity (unless you plan to deposit more than $5,000 worth of BTC per day).
All trades are subject to a fee of 0.5% to 0.2%, depending on your trading volume. You need to trade a minimum of 5 cents worth of bitcoin or gold. There’s also a small monthly fee for holding your gold in storage (0.034% per month).
Vaultoro claims to be the first real-time bitcoin gold exchange in the world. Here are some of the core features of the platform:
- Allows real-time trading between physical gold and bitcoin
- Trading is available on amounts as low as 5 cents’ worth of bitcoin or gold
- Gold is audited and insured
- Bitcoins are publicly audited and held in multi-signature gold storage
- Gold is held in your name and is not listed as a Vaultoro asset, which means that even if the company folds, you’re still entitled to your gold because it’s under your direct ownership
- No identity verification requirements (for traders who trade less than $5,000 worth of bitcoin per day)
- 0.5% to 0.2% trading fees, depending on 30 day trading volume
- Storage fee of 0.034% per month
- Gold is vaulted in a professional bullion vaulting facility inside Switzerland’s duty-free zone
The auditing process is unique. Vaultoro doesn’t directly own the gold held by its customers. Clients also aren’t required to submit ID details. For auditing, clients receive an anonymous client ID.
All anonymous client IDs and holdings are published and can be verified by everyone without knowing who anyone is. The client can see the sum of all bitcoin and gold holdings, then compare that data to the anonymous gold auditing statements.
Audits are performed by BDO International. Every gram of gold in the vaulting facility is audited and professionally insured against physical loss for full replacement value.
Vaultoro maintains its gold storage vaults in Switzerland. The company, however, is headquartered in London at the following address:
17 Worland Road
The company was founded in February 2015 by Joshua Scigala and Philip Scigala. As of 2016, Vaultoro had 8037 BTC or $6 million USD in assets. One report from 2017 showed that Vaultoro has 4,000 clients from 92 countries.
Prior to launching the company, Vaultoro CEO Joshua Scigala was a pioneer in the sharing economy, and built the world’s first clothing swap website in 2001.
In the future, Vaultoro plans to add additional currencies and assets. They have plans to add silver, for example, and to accept Euros. They may also issue a debit card in the future.
In 2017, Vaultoro was selected as one of eight startups for the 2017 Techstars Berlin program. Vaultoro was chosen from a pool of hundreds of companies worldwide.