Online bullion marketplace One Gold has announced that it will start accepting Bitcoin and Bitcoin Cash for purchase of gold or silver at its platform. The step is aimed at tapping international buyers.
So here comes one more use case of Bitcoin amidst the ongoing bear market. US-based online bullion marketplace One Gold has announced that it will accept payments in Bitcoin and Bitcoin Cash, thus allowing its users to purchase Gold and Silver using cryptocurrencies. The news was broken by One Gold yesterday, and according to it the decision is a result of company’s partnership with cryptocurrency payments service Bitpay.
The adoption of cryptocurrencies by One Gold is not entirely surprising, however. That is because One Gold itself is a blockchain-based online bullion marketplace. It has been developed in partnership between American Precious Metals Exchange (APMEX) and Sprott. Among the two companies APMEX has been working with Bitpay for quite some time, so it was only a matter of time for One Gold to start accepting cryptocurrencies.
Speaking about the new partnership with One Gold and company’s long-time relationship with APMEX the Chief Commercial Officer of Bitpay, Mr. Sonny Singh, said:
“Bitpay and Apmex have worked together for years, making it easy for Apmex to accept cryptocurrency — When they started Onegold, we were ready to help them accept bitcoin and bitcoin cash through Bitpay. Cryptocurrency is an ideal payment method for e-commerce and precious metals where the risk of chargebacks, fraud and identity theft with traditional credit cards is high.”
Ken Lewis, the CEO of One Gold, said that the partnership will help One Gold tap international buyers of bullion who can not always use credit cards for checkout. He said:
“We anticipate a large number of cryptocurrency buyers from international markets, where accepting credit cards is not always practical. In addition to helping protect our own interests, adding bitcoin and bitcoin cash to the payment options for Onegold also increases our payment transparency and efficiency.”
One Gold claims that its digital bullion with records maintained over blockchain is far more superior than gold-backed ETFs. The customers can not only redeem their digital bullion holdings with a single click whenever they want to, but they can also request the physical delivery of gold from their holdings at any point of time (the deliveries are fulfilled by APMEX).
So… would you want to exchange your Bitcoin or Bitcoin Cash holdings for gold/silver at One Gold? Share your thoughts in the comments.