Vaultoro, a Bitcoin Gold Exchange, has recently announced that they have been chosen among eight other startups to participate in the 2017 Techstars Berlin Accelerator. Vaultoro is aiming at developing the world’s largest and most transparent full reserve asset based banking solution.
The platform enables anyone in the world to exchange digital and physical assets, like gold, silver and Bitcoin, in an easy and secure way without an involvement of banks with their deposits plans.
The startup is on a mission to bridge the gap between traditional physical bullion industry and the ongoing Blockchain revolution, that has been the impact of which is believed to be as massive as the one made by the Internet.
Vaultoro is developing technical solutions that allow spending physical gold just like Bitcoin, Euro or any other currency.
The world’s most promising entrepreneurs
The solution developed by Vaultoro was noticed by Techstars, a global ecosystem that empowers entrepreneurs to bring new technologies to the market.
Running several accelerator programs, Techstars aspires to support the world’s most promising entrepreneurs throughout their journey, from putting an idea to the paper to the actual development and application of technology solutions.
Techstars connects startups with tens of thousands of community leaders, founders, mentors, investors and corporate partners allowing entrepreneurs to facilitate innovation.
Joshua Scigala, CEO at Vaultoro says:
“Techstars is one of the largest and most prestigious investors in startups around the world. They not only invest time and money but have an extraordinary network that helps light up the path ahead to avoid the pitfalls where many startups fail.”
The potential of Vaultoro to bring an innovative solution
Techstars saw the potential of Vaultoro to bring an innovative solution to the market by mixing the oldest form of money and gold with Bitcoin, which is often proclaimed Gold 2.0. Especially given that Gold and Bitcoin markets behave similarly.
“The physical allocated gold markets are all about security, a hedge against inflation and banking crisis. Bitcoin is being used for similar reasons but it is also being used by speculators for the moon shot effect (huge price rise). Gold is understood globally by almost every culture as a secure store of value. It has been used as that for over 3000 years. Bitcoin, while it is being used in a similar way is very young so our users like to jump in between bitcoin and allocated gold”.
Vaultoro’s solution combines a globally recognized store of value with the speed, transparency, and divisibility of the Bitcoin Blockchain.
“Programmable digital currencies not controlled by companies or governments are one of the most interesting developments in computer science since the invention of the Internet itself. Bitcoin is getting stronger every day and our implementation makes gold relevant again as a global currency.”
Vaultoro has over 4,000 clients from 92 countries that hold over 1.8 mln Euros worth of Bitcoin and Gold through the platform. Having joined Techstars, Vaultoro will be working on building the world's largest allocated asset based banking facility with a provable full reserve. These will be digital assets like bitcoin and tangible assets like gold and silver. Sciagala says that Vaultoro is aspiring to become the most transparent bank in the world because of the glass books protocol they have created, inspired by blockchain technology. Company is planning to extend their platform through the integration of the Euro offering a physical gold backed VISA debit card and creating banking app.
Other startups chosen for this year Techstars accelerator are:
- Cucumber Tony, an orchestration tool for WiFi networks and IoT devices
- VanHack, an Online School and recruiting platform helping tech talents in finding jobs abroad
- ICM Hub, an AI- powered customer service for airlines
- App Samurai, a self-service mobile marketing tool for startups
- Quotiss, providing shipping logistics quotes in one click
- Trevor, a platform that empowers project teams to look and find answers about their projects while exporting live results, and
- atript, developing a software to target users of other websites.
For more information about Techstars please visit their website.