It.. looks like a women's clothing store Ha, gentso1 said that was just place holder until the dev puts the actual content in place. The idea is to be able to off ramp with bitSilver by having physical silver drop shipped in exchange for it.
This then is not the same model as BullionVault? I am under the impression that they store the metals themselves.
We do not store the metal for user's we simply ship it to them.
The market has shown that their is no shortage of companies looking to store YOUR metal for you
This is from Bullion vaults own page for actually getting YOUR metal.
Withdrawing Gold and Silver
The vast majority of users keep their metal safely in the vault. When they sell, they receive cash in their BullionVault account which can then be withdrawn back to their bank account.
But you can also withdraw the metal. The fees vary according to the circumstances:
Where you cannot reasonably be paid safely by bank transfer we reduce our fee to just 1%, plus transport and insurance costs, regardless of the size of your withdrawal.
Where the normal bank transfer could be used, but you elect a physical withdrawal, there are 3 options:
For whole, standard 400 oz gold bars the cost is 2.5% plus insured shipping.
Smaller standard 100g bars cost about 3-5% - depending on the location they are going to. This includes shipping and insurance.
We also allow withdrawal of non-standard amounts (e.g. smaller bars) but these cost 7.5% as we have to buy these products in to meet your request. The minimum withdrawal is 50g.
We only support withdrawal of whole 1,000 oz bars of silver bullion. The fee is 10%.
BullionVault gold and silver are both VAT (sales tax) free - for as long as they are held in our vaults. Upon physical withdrawal gold remains exempt, but 20% VAT then applies on silver.