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Global #crypto payment provider BitPay has announced the OneGold precious metals and digital gold marketplace is now accepting Bitcoin and #BitcoinCash, according to a press release.
OneGold — founded by APMEX, a leading precious metals retailer, and Sprott, an alternative asset manager — is focused on giving investors the ability to combine the “key benefits of physical gold and silver with those of blockchain-based digital assets.” OneGold #CEO Ken Lewis indicated that adding Bitcoin and Bitcoin Cash to the payment roster boosts “transparency and efficiency.” He projected that the added options would lead to a positive response from “a large number of cryptocurrency buyers from international markets, where accepting credit cards is not always practical.” Fostering Transparency And Payment Security
In the press release, BitPay Chief Commercial Officer Sonny Singh said that cryptocurrency is “an ideal payment method for e-commerce and precious metals” due to risks of fraud and identity theft related to the use of credit cards. Chargebacks, he noted, cost merchants nearly $19 billion last year.
Cryptocurrency is touted by some as a solution to these types of issues since each transaction is recorded and stored on the blockchain with a lack of sensitive information.
In March 2016, JM Bullion said customers could use Bitcoin to purchase gold and silver through BitPay. The bullion company indicated at the time they would give a four percent discount to those who used the cryptocurrency for payment.
OneGold maintains the ability to take fiat or cryptocurrency, or any combination of the two, as payment. The company is also protected from Bitcoin price swings through BitPay.
All digital precious metals available through OneGold are allocated to physical precious metals held inside of the Royal Canadian Mint.