After the MTGox failure we had to find a way that we could to some extent protect those in the space without placing additional burdens on those working within it. This is where the reserve comes into play. It's a safeguard, a backstop even. We believe that if MTGox had a reserve of Bitcoin with a 3rd party, those affected may have had some recourse. It may not have made them whole but it would have been better than the zero it looks like they will end up with. We regard the reserve as a positive step forward and we advise others in the space to follow our lead when it comes to attempting to protect those within their respective coin space.
While I am here, if there is anything we at the reserve can do to assist those affected by the MTGox incident please let us know. If you are in contact with the representatives of MTGox, let them know we are willing to put Bankcoin up for them to monetise and make their clients whole. Based on what we know people that were in MTGox were in no way responsible for what happened and if we can assist these people then we will.
We all know how incredible Bitcoin is, we also know how it needs support in the store of value area which is where Bankcoin comes in. In consultation with major stake holders, the Bankcoin community and broader financial sector we determined that the 1 oz gold price was the most appropriate price. This price was established in an attempt to give financial sector clients the confidence they required.
Market price to 1st August 2017