Benzinga | Nov 19, 2021 08:02AM EST

A-Mark Precious Metals Unveils Its New CyberMetals Platform '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."