BitPay Integration Cryptocurrency Allows Users To Buy Gold

OneGold, an online marketplace to buy, sell and redeem precious metals. They announced on Jan 13 a partnership with BitPay that will allow crypto users to buy gold and other precious metals on Android and iOS devices.

By integrating with BitPay, a leading Bitcoin payment service provider that currently supports more than 30,000 merchants. Including the new mobile app from Microsoft and Avnet OneGold, will accept payments in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and various stablecoins. Additionally, when using the service on OneGold.com, BitPay customers will save 2%.

OneGold CEO Kenneth Lewis said the collaboration would make wealth protection accessible to everyone at the lowest cost of ownership on the market. Cryptocurrency investors are a natural fit as inventors of precious metals and can use OneGold to fund their investment portfolio. Cryptocurrency holders can buy gold or silver at institutional prices quickly using BitPay. It saves 2% and creates a nice balanced mix of gold, silver, and cryptocurrencies.

Cryptocurrency and its relationship to gold

Bitcoin has often been compared with gold, with Bloomberg reporting recently that it is equivalent to digital gold. Since there is a correlation between the two that extends deeper than both being safe haven, limited assets.

In a new report, Mike McGlone, a Bloomberg market analyst, characterizes 2020 as a prime year for safe-haven assets. Indicating that gold moves will serve as a proxy for BTC’s price performance. McGlone stresses the recent price increase in the value of Bitcoin following the U.S.-sanctioned killing of Iranian general Qassem Soleimani. Shortly after that incident, both the Bitcoin price and the gold price went up.

The precious metal hit a seven-year high of $1,600, McGlone reported, while its digital protege followed, netting a 20% increase. In particular, stablecoin operator Paxos has created a redeemable crypto-asset for physical gold. In September 2019, Paxos released PAX Gold (PAXG), a gold-backed ERP-20 coin, saying the commodity is the first tangible gold redeemable crypto-asset.

PAXG token will return

Each PAXG token will return by one fine troy ounce of London Good Delivery gold, according to a study. The gold it represents is actually held by token holders. But the tokens can be transferred like any other ERC-20 properties, which Paxos notes are easier than shipping gold.

Paxos ‘ stablecoin resembles OneGold’s service model, which was founded by APMEX. A precious metals dealer, and Sprott, an alternative asset manager. The company offers millions of global customers the option of holding precious metals digitally. When OneGold users are ready to take possession of it. They can convert their precious metal holdings into physical metals that APMEX ships on the same day.

Source: cointelegraph.com

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