BitPay, the global blockchain payments provider announced that it has added OneGold, a marketplace to securely and conveniently buy, sell and redeem digital gold and other precious metals founded by APMEX and Sprott. According to a press release, it will now accept Bitcoin and Bitcoin Cash. The OneGold online marketplace is created for investors and links the principal advantages of physical gold and silver with those of blockchain-based digital assets.
In the press release, BitPay Chief Commercial Officer Sonny Singh stated
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. 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”
Now by using BitPay OneGold is shielded from any Bitcoin price buoyancy and has the choice to use cryptocurrency or fiat currency or a blend of the two. If the company decides to use 100% fiat currency, reserves are invested into the company’s bank account the following business day, minus a 1% fee BitPay charges for the whole method
Ken Lewis, Chief Executive Officer at OneGold said that
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. We anticipate a large number of cryptocurrency buyers from international markets, where accepting credit cards is not always practical.
OneGold applies VaultChain™ blockchain ledger. The VaultChain™ Gold and VaultChain™ Silver digital metals products accessible through OneGold are completely designated to physical metals locked at the Royal Canadian Mint, a Federal Crown Corporation of the Government of Canada.
The press release further elaborated that one of the significant hurdles traders have is credit card chargebacks. For online traders, this is enhanced with the appended hazard of identity theft and fraud. Credit card chargebacks cost traders almost $19 billion in 2017. Cryptocurrency provides transactional transparency as each transaction is confirmed, registered and saved on the blockchain. The transaction itself holds no delicate information. Moreover, as any cryptocurrency payment is a force transaction, the user transfers the exact amount of Bitcoin required to pay the bill. This eliminates the conventional scam and identity theft risks linked with credit cards. As a result, there are no chargebacks.
BitPay is a global bitcoin payment service provider based in Atlanta, Georgia, United States. It was established in May 2011 by Tony Gallippi and Stephen Pair. BitPay gives Bitcoin and Bitcoin Cash payment processing assistance for traders. Just a few days ago, BitPay betokened that they were supporting the Bitcoin Cash ABC in the recent BCH hard fork. BitPay’s system utilizes the principal software implementation of Bitcoin Cash called Bitcoin ABC. BitPay has not chalked any layouts to move from the Bitcoin ABC implementation of Bitcoin Cash to a separate implementation. The company is closely monitoring network requirements and the chains emerging from a chain split.
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