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Representatives from LSTA and Wholesale Coins Direct were on hand at the announcement that took place at the Texas Capitol Building to provide more detail regarding existing facilities as well as next steps in the process. LSTA and Wholesale Coins Direct are based in Texas and have been in the business of buying and selling precious metals since 2008. Their current vault facility is a highest rated Class 3 vault and will serve as the initial location for the depository as the company works to build a new vault facility for the Texas Bullion Depository.
"This is a great moment in the history of our state," said Hegar. "The Texas Bullion Depository will be yet another example of why Texas is the greatest state in the nation and a leader when it comes to economic innovations. People will be able to sleep at night knowing the State of Texas is protecting their gold."
"Lone Star Tangible Assets is honored and proud to have been selected for this incredible opportunity," said Matt Ferris, chairman of LSTA and Wholesale Coins Direct. "We have already developed a fantastic collaborative relationship with the Comptroller's office and we look forward to working with Comptroller Hegar and his staff as we make history together."
The Comptroller's office will provide ongoing oversight of the project to build out the depository and prepare for the opening. The Comptroller's Criminal Investigation Division (CID) has already performed inspections of existing facilities and physical security measures, while the Information Technology and Information Security Divisions examined proposed software and digital security systems.
"Oh they were very thorough," added Ferris. "But I think everyone involved in this process wants it to be done right rather than done fast. When you are asking people to trust you with their literal treasure, you need to make sure you've done your homework."
Wholesale Coins Direct and wholesalecoinsdirect.com will continue to operate as they have and will eventually offer secure metals storage at the Texas Bullion Depository, once the facility opens and the necessary details are worked through.
Official announcement from the TEXAS COMPTROLLER OF PUBLIC ACCOUNTS:
Texas Comptroller Glenn Hegar Announces Operator of Newly Created Texas Bullion Depository