Coindesk Logo

Video: Inside the Offshore Vault Where Gold Trades for Bitcoin

Video: Inside the Offshore Vault Where Gold Trades for Bitcoin

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.

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

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

AccessTimeIconApr 16, 2014, 11:24 AM
Updated Sep 3, 2021, 11:46 AM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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 Bitcoin, 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

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.