Goldmoney Inc. announced that following several months of negotiations and planning, founders Roy Sebag and Josh Crumb have signed a non-binding Letter of Intent in Zhauyuan, Shandong Province, China at the headquarters of Zhaojin Mining formalizing a joint venture framework whereby Goldmoney, Taojinyn, and Zhaojin will together jointly launch and operate a local version of Goldmoney in mainland China which will be named Goldmoney® China. The framework agreement outlined in the LOI follows an extensive period of analysis of the local market by Goldmoney, leading to the architecture of a local version of Goldmoney which will comply with all local rules and regulations for the ownership of gold and precious metals, while introducing the Goldmoney® brand, software innovation and intellectual property, and thought leadership through Goldmoney Insights® to the precious metals market. A definitive agreement and official founding of the JV is expected to close by the end of the year.

While further details will be provided at or near the official launch date, which is presently scheduled for February 2018, the Goldmoney® China framework agreement calls for the local Goldmoney business to be operated by a 20 person team in a new office in Beijing's Chao Yang Technology district adjacent to the Taojinyn offices. Taojinyn, which is China's first digital gold service, and its founder Yuming Zhao will run the operation and will own a 51% share of the Joint Venture. The relationship between the JV and Goldmoney Inc. will be similar to that of a localization affiliate, with the JV providing localized marketing and internet-based customer acquisition, client onboarding, and servicing of Chinese clients of the Goldmoney Holding while earning a 50% revenue share for the lifetime of each client.

Goldmoney Inc. will operate all payment processing, redemptions, precious metals dealing and vaulting, and managing the continuous development of intellectual property and expertise at the Company's centralized operation offices in Toronto, Canada and St. Helier, Jersey.