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Video: Inside the Offshore Vault Where Gold Trades for Bitcoin

CoinDesk's Kadhim Shubber visits the offshore vault where Bullion Bitcoin trades digital gold for the real thing.

By Kadhim Shubber
AccessTimeIconApr 16, 2014 at 11:24 a.m. UTC
Updated Dec 12, 2022 at 12:51 p.m. UTC
Guernsey.Still001
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On the tiny and semi-independent island of Guernsey there is a new type of bitcoin exchange, one that trades 'digital gold’ for the real thing.

Around 60,000 people live there, around 70 miles off the south coast of England. Although closely linked to the United Kingdom, its direct relationship with the Crown, instead of the government, means that it is virtually autonomous, particularly with regards to financial issues and tax.

The island is home to  Bullion Bitcoinhttps://bullionbitcoin.com/, a unique exchange that trades bitcoin for physical gold. Launched earlier this year, the company says it wants to aid the easy transmission of gold while providing a solid store of value for bitcoin. The link between gold and bitcoin also lets the exchange’s users avoid the fiat currency system altogether.

Bullion Bitcoin’s regulated vault operator in Guernsey, Bullion Rock, gave CoinDesk exclusive access to their gold and silver vault.

Reporting and editing by Kadhim Shubber, footage by James Mossahebi.

Disclosure

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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