Gringotts was created by a wizard named Gringott at some point in his life. The bank was then put at the hands of the Ministry of Magic. The largest, most well protected vaults lie deepest beneath the Gringotts surface while the opposites are closer to the surface. Vault 712 in Gringoots is the only vault used by the goblins as a lounge. Gringotts is derived from the word “ingots,” which means a mass of metal cast in a convenient form for shaping, remelting, or refining. Goblins get muggle money back into circulation in the event that muggle-borns need to exchange pounds for galleons.