Vaultoro and Factom Collaborate to Make Gold Market Transparent
Austin, TX – March 25th, 2015
Vaultoro.com and Factom are collaborating to bring even more transparency to their Bitcoin / Gold trading exchange. By using Factom’s data layer for the blockchain, Vaultoro’s audit transparency strategy can eliminate the third party risk and centralization problems that plague the gold and Bitcoin exchange industry.
The Factom technology uses the same cryptography behind Bitcoin to mathematically prove the existence of any data it receives. Factom hashes that data and embeds anchors into the Bitcoin blockchain. Thus creating a provably time-stamped record keeping system capable of maintaining a near real-time, unforgeable audit trail of Vaultoro’s asset inventory reports, published by its custodian partners.
“We already strive to create the most transparent system in the gold exchange market. Factom gives us tools to set a new industry standard for any exchange.”Said Joshua Scigala, CEO and Co-founder of Vaultoro.com
Adopting Factom will allow Vaultoro to leapfrog the industry by embracing cryptographic proofs of their reserves and user transactions.
“Vaultoro has already created powerful tools for transparency and accountability beyond the scope of all other Bitcoin or gold exchange platforms. By using Factom, they also get to use powerful blockchain technology for their customers to validate and verify everything they do – in a trustless, decentralized environment.” Said Peter Kirby, President of Factom.
Customers are demanding transparency from Bitcoin exchanges faster than government can regulate it. Factom and Vaultoro are delivering a solution that does not need to wait for government regulation as they can now deliver absolute transparency using unbreakable and immutable math.
Who is Vaultoro?
Vaultoro is a real-time Bitcoin gold exchange that allows its users to convert their Bitcoins instantly to gold and back alleviating volatility risk for Bitcoin users. Vaultoro’s “bank independent trading” allows users to trade gold confidently, in amounts as small as 0.001 gram. Users’ assets are insured and stored safely in top-tier vaults located in Switzerland. Vaultoro provides users the ability to verify their gold holdings via proof of reserves and proof of audit using third party providers. Learn more at Vaultoro.com.
Who is Factom?
Factom is a generalized data layer for the blockchain that allows users to publish and verify any digital information. The Factom technology is especially compelling for those who want to build trust with users by providing complete transparency and real time audit ability of their systems of record, while at the same time maintaining user privacy. Blockchain based authenticity verification and auditing of document and offers significant value to any business process one wants to make honest and accountable. Check out examples and videos that explain how different companies can use this new platform: Factom.org.