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BitPay Integration Lets Users Buy Gold With Cryptocurrency

BlockClutch Team

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OneGold, an internet market for buying, selling and redeeming valuable metals, announced a partnership with BitPay on Jan. 13 which will allow crypto consumers to buy gold and other precious metals onto Android and iOS apparatus. 

Throughout the integration with BitPay — a top Bitcoin payment service provider that now supports over 30,000 retailers, such as Microsoft and Avnet — OneGold’s new mobile program will accept payments in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and assorted stablecoins. Additionally, BitPay clients will save % while utilizing the support on OneGold.com. 

OneGold CEO Kenneth Lewis advised Cointelegraph the partnership is likely to create wealth preservation readily available to everybody in the cheapest cost of ownership that can be found on the industry:

“Cryptocurrency holders are a natural match as valuable metals investors and may use OneGold to balance their investment portfolio. Utilizing BitPay, cryptocurrency holders may easily purchase silver or gold in wholesale prices, save %, and generate a wonderful balanced mix of gold, silver, and cryptocurrencies.”

Cryptocurrency and its connection to gold

Bitcoin has ever been compared to golden, together with Bloomberg lately reporting which it’s equal to electronic gold, since there’s a correlation between both which extends deeper than being protected haven, restricted assets. 

At a brand new report, Bloomberg marketplace analyst Mike McGlone characterizes 2020 as a prime year for safe-haven resources, implying that moves in gold will work as a proxy for BTC’s cost performance. 

McGlone highlights the current cost increase at Bitcoin’s worth subsequent to the U.S.-sanctioned killing of Iranian overall Qassem Soleimani. Soon following this event, the cost of Bitcoin and gold moved up. 

McGlone noted,”The valuable metal attained a high of 1,600, although its electronic protege followed, netting a 20% increase.”

Especially, stablecoin operator Paxos has produced a crypto-asset redeemable for gold. Paxos launched PAX Gold (PAXG), a gold-backed ERC-20 token at September 2019, asserting that the item is your very first crypto-asset redeemable for gold. 

Based on some report, every PAXG token will probably return by one fine troy oz of London Good Delivery golden. Token holders allegedly have the gold it signifies, however, the tokens can be moved just like any other ERC-20 resources, which Paxos notes is significantly easier than sending gold.

Paxos’ stablecoin looks like the service model offered by OneGold, which has been set by precious metals trader APMEX and other asset manager Sprott. The business provides countless international clients with the choice to digitally hold valuable metals. When OneGold consumers are prepared to take ownership, they could convert their precious metal holdings to bodily metals, which can be sent by APMEX the identical working day.

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