Golden Wind is looking to make its US business into an online gold market with the launch of its gold purchase service.
The firm has acquired the rights to the Goldwind Gold Trading and Trading Platform (GTSP) from a UK-based investment bank, it announced in a blog post.
GTSP is a service that allows people to buy and sell physical gold at market prices.
Goldwind bought GTSS in April 2018 for $100m, and then bought the GoldWind Group in May 2018 for just $35m, it said.
Golds are then traded online on the Goldstream platform.
Goldstream is one of the leading gold trading platforms in the world.
GoldWind said it was “committed to providing an open marketplace for gold” for people to trade their gold, which is currently traded in more than a hundred currencies around the world including the US.
The company said it had also made an investment in the firm’s existing US operations, which it said were “unaffected by the gold market disruption”.
The company also plans to develop the gold exchange and exchange services for other currencies, it added.
Goldwind’s announcement came just days after the Australian Securities Exchange (ASX) said it would suspend trading of gold, silver and other precious metals.
It is not clear if the ASX decision will have a similar impact in the US, where a number of trading platforms have been shut down.
In August, the New York Stock Exchange (NYSE) also said it will stop trading in all metals, including gold, and will require customers to use Bitcoin.