The deal remains subject to regulatory approvals and other customary closing conditions. The transaction is expected to close within 60 days.

Canada-based BitGold, a platform for savings and payments in gold, is to buy the operating and intellectual property assets of GoldMoney Network, a global private manager of precious metal assets.

BitGold, which has offices in Toronto and Milan, is acquiring GoldMoney’s assets - including C$1.5 billion in assets under vault management - in exchange for the issuance of 11,169,794 common shares in the company. This values the transaction at C$51.9 million.

Jersey, British Channel Islands-headquartered GoldMoney is owned by high-profile investors including James Turk of IAMGOLD Corporation the Fleming family and Eric Sprott, founder of Sprott.  

“We created GoldMoney with the vision of making gold accessible for savings and payments, a vision that BitGold is rapidly expanding in a new era of cloud computing and mobile technology,” said James Turk, founder of GoldMoney.