BitPay Integration Lets Customers Purchase Gold With Cryptocurrency
OneGold, a web-based market for getting, promoting and redeeming treasured metals, introduced a partnership with BitPay on Jan. 13 that may enable crypto customers to buy gold and different precious metals on Android and iOS units.
By way of the mixing with BitPay — a number one Bitcoin fee service supplier that at the moment helps over 30,000 retailers, together with Microsoft and Avnet — OneGold’s new cell app will settle for funds in Bitcoin (BTC), Bitcoin Money (BCH), Ether (ETH), and varied stablecoins. As well as, BitPay clients will save 2% when utilizing the service on OneGold.com.
OneGold CEO Kenneth Lewis informed Cointelegraph that the partnership will make wealth preservation obtainable to everybody on the lowest value of possession obtainable in the marketplace:
“Cryptocurrency holders are a pure match as treasured metals buyers and may make the most of OneGold to steadiness their funding portfolio. Utilizing BitPay, cryptocurrency holders can shortly purchase gold or silver at institutional pricing, save 2%, and create a pleasant balanced mixture of gold, silver, and cryptocurrencies.”
Cryptocurrency and its relationship to gold
Bitcoin has typically been in comparison with gold, with Bloomberg lately reporting that it’s equal to digital gold, as there’s a correlation between the 2 that extends deeper than each being protected haven, restricted belongings.
In a brand new report, Bloomberg market analyst Mike McGlone characterizes 2020 as a first-rate 12 months for safe-haven belongings, suggesting that actions in gold will act as a proxy for BTC’s value efficiency.
McGlone highlights the latest value improve in Bitcoin’s worth following the U.S.-sanctioned killing of Iranian common Qassem Soleimani. Shortly after this occasion, each the worth of Bitcoin and gold went up.
McGlone famous, “The dear steel reached a seven-year excessive of $1,600, whereas its digital protege adopted, netting a 20% rise.”
Notably, stablecoin operator Paxos has created a crypto-asset redeemable for bodily gold. Paxos launched PAX Gold (PAXG), a gold-backed ERC-20 token in September 2019, claiming that the product is the primary crypto-asset redeemable for bodily gold.
In response to a report, every PAXG token will likely be again by one nice troy ounce of London Good Supply gold. Token holders reportedly personal the gold it represents, however the tokens might be moved like every other ERC-20 belongings, which Paxos notes is easier than delivery gold.
Paxos’ stablecoin resembles the service mannequin offered by OneGold, which was based by treasured metals supplier APMEX and various asset supervisor Sprott. The corporate offers hundreds of thousands of worldwide shoppers with the choice to digitally maintain treasured metals. When OneGold customers are able to take possession, they will convert their treasured steel holdings into bodily metals, that are shipped by APMEX the identical enterprise day.