A-Mark and JM Bullion Unveil CyberMetals, an Online Platform to Enable Digital Transactions of Precious Metals and Optional Redemption into Physical Coins and Bars
CyberMetals Marketplace to be Showcased at D.A. Davidson Investor Event on December 7, 2021
EL SEGUNDO, Calif., Nov. 19, 2021 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK) (A-Mark), a leading fully integrated precious metals platform, and its wholly owned subsidiary, JM Bullion (JMB), will unveil its new CyberMetals platform during a virtual presentation hosted by D.A. Davidson on Tuesday, December 7, 2021. Following the event, the Company will make available a copy of the slide presentation in the Investor Relations section of its website.
Leveraging the core strengths of A-Mark and JMB, CyberMetals is an innovative, online platform that digitizes large gold, silver and platinum bars and allows consumers to buy and sell fractional shares of these bars in a range of denominations. The platform will support both accumulation-type programs where customers acquire precious metals at pre-defined intervals, as well as more opportunistic purchase and sale transactions. This unique structure provides the lowest possible pricing spreads to customers, which is differentiated from existing programs in the industry that generally carry large pricing spreads for smaller valued transactions. Customers will be able to access the CyberMetals portal through an intuitive platform on desktop or mobile device (iOS and Android), giving customers 24/7/365 access to buy, sell and monitor their portfolio.
CyberMetals’ customers will have the option to convert their digital holdings to fabricated precious metals products via an integrated redemption flow with JMB. These products may be designated for storage by the Company or shipped directly to the customer, a feature currently unavailable in the domestic Exchange Traded Fund (ETF) marketplace. To fund purchases, customers will have a broad array of payment options, including credit/debit card, automated clearing house (ACH), bank wire, cryptocurrencies (via BitPay), and PayPal. CyberMetals, a special purpose entity, will store the precious metals at A-Mark’s Las Vegas, Nevada depository, which is fully custodied, secured and insured. A-Mark will partner with its current security partner, Loomis, to manage the storage of the metals.
A-Mark and JMB plan to start beta testing the CyberMetals marketplace in December 2021 with commercial release scheduled for February 2022.
“We are excited to unveil CyberMetals as we believe it is an innovative product offering that will attract new precious metals customers from previously untapped sources while reducing friction for precious metals ownership,” said A-Mark CEO, Greg Roberts. “The offering is highly complementary to our existing services, leveraging our physical footprint in Las Vegas along with our core competencies in product sourcing and logistics. We believe the CyberMetals marketplace will enhance and accelerate our new precious metals customer acquisition strategy.”
Michael Wittmeyer, CEO of JM Bullion, a wholly-owned subsidiary of A-Mark, commented: “The JM Bullion team has utilized its marketing and customer acquisition experience to build a deep and loyal customer base that will now have seamless access to the new CyberMetals platform. This new platform will also allow us to target previously untapped customer segments who prefer the convenience and simplicity of digital precious metals ownership.”
About A-Mark Precious Metals
Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading fully integrated precious metals platform that offers an array of gold, silver, platinum, palladium, and copper bullion, numismatic coins and related products to wholesale and retail customers via a portfolio of channels. The company conducts its operations through three complementary segments: Wholesale Sales & Ancillary Services, Secured Lending, and Direct-to-Consumer. The company’s global customer base spans sovereign and private mints, manufacturers and fabricators, refiners, dealers, financial institutions, industrial users, investors, collectors, and e-commerce and other retail customers.
A-Mark’s Wholesale Sales & Ancillary Services segment distributes and purchases precious metal products from sovereign and private mints. As a U.S. Mint-authorized purchaser of gold, silver, and platinum coins since 1986, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has longstanding distributorships with other sovereign mints, including Australia, Austria, Canada, China, Mexico, South Africa and the United Kingdom. The company sells more than 200 different products to e-commerce retailers, coin and bullion dealers, financial institutions, brokerages and collectors. In addition, A-Mark sells precious metal products to industrial users, including metal refiners, manufacturers and electronic fabricators.
Through its A-M Global Logistics subsidiary, A-Mark provides its customers with a range of complementary services, including managed storage options for precious metals as well as receiving, handling, inventorying, processing, packaging, and shipping of precious metals and coins on a secure basis. A-Mark’s mint operations, which are conducted through its wholly owned subsidiary Silver Towne Mint, enable the company to offer customers a wide range of proprietary coin and bar offerings and, during periods of market volatility when the availability of silver bullion from sovereign mints is often product constrained, preferred product access.
A-Mark’s Direct-to-Consumer segment operates as an omni-channel retailer of precious metals, providing access to a multitude of products through its wholly owned subsidiaries, JM Bullion and Goldline. JM Bullion is a leading e-commerce retailer of precious metals and operates five separately branded, company-owned websites targeting specific niches within the precious metals market: JMBullion.com, ProvidentMetals.com, Silver.com, GoldPrice.org, SilverPrice.org. Goldline markets precious metals directly to the investor community through various channels, including television, radio and telephonic sales efforts. A-Mark also holds minority ownership interests in two additional direct-to-consumer brands.
The company operates its Secured Lending segment through its wholly owned subsidiaries, Collateral Finance Corporation (CFC) and AM Capital Funding. Founded in 2005, CFC is a California licensed finance lender that originates and acquires loans secured by bullion and numismatic coins. Its customers include coin and precious metal dealers, investors and collectors. AM Capital Funding was formed in 2018 for the purpose of securitizing eligible secured loans of CFC.
A-Mark is headquartered in El Segundo, CA and has additional offices and facilities in the neighboring Los Angeles area as well as in Dallas, TX, Las Vegas, NV, Winchester, IN, and Vienna, Austria. For more information, visit www.amark.com.
Steve Reiner, Executive Vice President, Capital Markets & Investor Relations
A-Mark Precious Metals, Inc.
Investor Relations Contact:
Matt Glover or Jeff Grampp, CFA
Gateway Investor Relations
Released November 19, 2021