BitPay, a payment processor for cryptocurrency has announced the partnership between OneGold and BitPay is now low. OneGold is now accepting Bitcoin and Bitcoin Cash in exchange for gold.
OneGold is a company founded by APMEX, a leading precious metals retailer, and Sprott, an alternative asset manager The company’s focus is on giving investors the ability to combine the “key benefits of physical gold and silver with those of blockchain-based digital assets.”
In the press release, BitPay Chief Commercial Officer Sonny Singh said that cryptocurrency is “an ideal payment method for e-commerce and precious metals” due to risks of fraud and identity theft related to the use of credit cards.
Chargebacks, he noted, cost merchants nearly $19 billion last year. When you own physical assets, chargebacks cannot happen.
In March 2016, JM Bullion said customers could use Bitcoin to purchase gold and silver through BitPay. The bullion company indicated at the time they would give a four percent discount to those who used the cryptocurrency for payment.
OneGold maintains the ability to take fiat or cryptocurrency, or any combination of the two, as payment. The company is also protected from Bitcoin price swings through BitPay.
Bitpay’s been making big moves as they continue to progress in the market. About a month ago, BitPay indicated they were backing the Bitcoin Cash ABC side in regards to the recent BCH hard fork.
The decision meant BitPay joined alongside industry leaders like Coinbase and Binance in support of the ABC side.
This could be an excellent way for crypto holders to diversify their portfolio and even play against the volatility. BitPay isn’t the first company to look into this, but they are a big player in the blockchain space and a reliable one, so this can be helpful for the users on their platform.