Many investors see Bitcoin as a form of 'digital gold', but for those with more faith in conventional stores of value, BTC can now be traded for real gold as well as other precious metals. The trading platform OneGold has added support for BitPay, according to a press release.
OneGold is an online marketplace that is run by APMEX, one of the world's largest e-retailers in precious metals. It makes use of VaultChain, a blockchain ledger that tracks purchases of gold, silver, and other assets. Each purchase is redeemable by customers for real physical metals, held in a vault at the Royal Canadian Mint.
An advantage of crypto adoption for APMEX is that it will reduce credit card chargebacks, which apparently cost merchants around $19 billion last year. According to BitPay CEO Sonny Singh, "Cryptocurrency is an ideal payment method for ecommerce and precious metals where the risk of chargebacks, fraud and identity theft with traditional credit cards is high".
"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," said Ken Lewis, Chief Executive Officer at OneGold. "We anticipate a large number of cryptocurrency buyers from international markets, where accepting credit cards is not always practical."
BitPay, which is currently leading the way in terms of crypto adoption by online merchants, also recently announced support for a company in a related industry. Customers of an online jewelry retailer will now be able to pay with BTC as well as BCH.