TORONTO, June 09, 2021 (GLOBE NEWSWIRE) -- Totenpass Inc., a 60% owned subsidiary of Goldmoney Inc. (TSX:XAU), is pleased to announce its proprietary gold storage drive technology has been selected by Galactic Legacy Labs (“GLL”) as the backbone for its space commercialization ventures.
GLL is a space focused technology company founded by Lori Taylor, Nova Spivack, and Chris Habachy. GLL will be sending an indestructible time capsule to the Moon with the data of 1 million “earth ambassadors” on the robotic Nova-C lander, built by Intuitive Machines. The moon lander will launch atop SpaceX’s Falcon 9 in the first quarter of 2022.
The Totenpass is a permanent digital storage drive made of solid gold. Led by Bruce Ha, formerly the head of optical media research at Kodak, Totenpass has been developing a novel approach to digital data storage by embracing recent developments in light optics and the unique properties of the element gold.
After three years of research and development, Totenpass is preparing to launch this disruptive technology in beta in July 2021. While the main activity of Totenpass will be consumer facing, an Enterprise division was established in Q1 2021 to address the backup and archival storage needs of private corporations and governmental organizations. The material science advancements achieved by the Totenpass team not only make this technology the best way to store digital information physically, once and forever, but also make this technology the perfect medium for sending information to space. This is because gold’s elemental properties resist both radiation and the harsh conditions inherent to space exploration.
GLL has an ambitious plan to commercialize several space related ventures over the coming years. The first venture will allow everyday people to send their digital information to the moon. GLL has established an exclusive relationship with Intuitive Machines and has reserved Payload capacity on the SpaceX Falcon 9 launch slated to depart in the first quarter of 2022.
As part of the agreement between Totenpass and GLL, Totenpass will earn an 18% stake in GLL and be paid an annual license fee of $125,000 USD in the first year, rising to $500,000 USD in the third year. In addition, Goldmoney Inc. will be making a C$750,000 investment in exchange for a 2.5% stake in GLL.
“We are pleased to see that Totenpass has already found its first enterprise application in the nascent space industry. We did not originally conceive of this use case for Totenpass but recognize the technological superiority of our invention for this specific application. This agreement provides an initial validation of our business concept while also being an indication of the long-term economic potential inherent to this business. We believe that in the coming years, private citizens, corporations, and governmental organisations will increasingly require a method to backup and store their precious digital information once and forever. Our technology offers the most effective means to preserve precious bits offline providing true ownership of one’s data and reducing one’s dependence on the internet and external energy sources. We are excited to be launching Totenpass in beta to consumers in the coming months and will be updating shareholders on further commercial developments as they materialize.” Said Roy Sebag, Co-Founder of Totenpass Inc. and CEO of Goldmoney Inc.
“I am excited for our partnership with GLL which extends the reach and impact of our technology to the new frontier of space exploration. This project achieves two of my visions, to expand humanity's knowledge to the stars and to create a time machine for generations long into the future. This is because Totenpass is the only storage medium known to withstand both space and time.” said Bruce Ha, Co-Founder of Totenpass Inc.
“We are proud to announce our partnership with Totenpass Inc., one of the world’s leading storage companies with proprietary IP and technology.” Chris further comments, “We believe our exclusive partnership with Totenpass will support the storage, delivery, and preservation of GLL’s data into space for millions, if not billions of years,” said Chris Habachy, Co-CEO of GLL.
About Goldmoney Inc.
Goldmoney Inc. (TSX: XAU) is a precious metal focused financial technology company. Through its ownership of various operating subsidiaries, the company is engaged in precious metal sales to its clients, including arranging delivery and storage of precious metals for its clients, coin retailing, and lending. Goldmoney clients located in over 150 countries hold approximately $2.6 billion in precious metal assets. The company’s operating subsidiaries include: Goldmoney.com, SchiffGold.com and Goldmoney Lend & Borrow. In addition to the Company’s principal business segments, the Company holds a significant interest in Menē Inc., which crafts pure 24-karat gold and platinum investment jewelry that is sold by gram weight and Totenpass Inc. which has developed a proprietary gold storage drive. Through these businesses and other investment activities, Goldmoney gains long-term exposure to precious metals. For more information about Goldmoney, visit goldmoney.com.
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