BitPay, the largest global blockchain payments provider, announced that it is partnering with OneGold (founded by bullion giant – APMEX) to trade Gold by accepting Bitcoin and Bitcoin Cash.
BitPay was founded in 2011; it is the pioneer and experienced company in blockchain and bitcoin payments. Its products enable businesses to send and receive cross-border payments and also allows the consumers to handle digital assets with the BitPay wallet and turn digital assets into dollars with the BitPay Prepaid Visa Card.
OneGold which is founded by APMEX and Sprott, is a marketplace to buy gold securely, conveniently sell and redeem digital gold, silver, and other precious metals.
APMEX is a leading metals e-retailer, with 1.5 million customers and more than $10 billion in sales. Sprott is a global leader in precious metal and alternative asset manager, with more than $7.5 billion real-asset invested under management.
Ken Lewis, CEO of OneGold explained that credit card chargebacks were one of the big reasons the company chose to accept Bitcoin (BCH) and Bitcoin Cash (BTC). Lewis explained during the announcement “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.”
The OneGold is designed for investors; it combines the key benefits of physical gold and silver with blockchain-based digital assets. It uses VaultChain which is a secure, immutable blockchain ledger.
Speaking about the alliance of BitPay with OneGold, Sonny Singh, Chief Commercial Officer (CCO) at BitPay, stated
“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. 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.”
OneGold believes that cryptographically secured metals are better than Exchange-Traded Funds (ETF), gold and silver ETFs cannot be redeemed quickly and traded for physical assets at all, making customers settle for fiat currency.
The customers of OneGold can redeem their stored assets with the click of a button and buy physical metals like gold and silver from 1 gram to thousands of ounces, and the order is shipped to their door by Apmex.
OneGold maintains the ability to transact cryptocurrency or fiat, or any combination of the two as the payment. The company is protected from Bitcoin price volatility through BitPay.
Will alliance of OneGold with BitPay increase digital bullion purchases? Share your thoughts.