If you’re in Israel and own a local business, you may accept crypto payments through Bits of Gold’s new API. Bits of Gold is a local exchange based out of Israel.
The exchange recently developed an application program interface (API) service meant to enable companies to accept payments in crypto and receive the value in Israeli shekels or U.S. dollars.
The exchange has also developed a complimentary service that allows businesses to get paid in shekels and receive the value in cryptocurrency.
Bits of Gold hopes that the new service will allow more companies to enter the field and thus expand the payment options for Israeli crypto users.
The exchange also plans to soon launch cash registers that will enable retailers to accept crypto payments as well. Kind of similar to Square payments in the USA.
In addition to that, the company will also begin offering a Bitcoin clearing service for businesses in the second quarter of 2019.
Regulations can be a pain..
Another problem that Bits of Gold are trying to resolve is regulations. According to Bits of Gold’s VP, “Crypto transfers are not a complicated matter but the regulatory demands, which include identifying the client, make it complicated”
He also added, “Our service allows to use Bitcoin and comply with the rules of the regulator, without developing a vast payments system for each business.”
Despite the regulations, the exchange has still been growing strong. The number of companies that use Bits of Gold’s services remained quite stable in 2018, according to its CEO.
And the exchange also continued to grow during the year, hiring more software developers and customer service personnel, reaching a total staff of 21 people. However, the company also gave up on plans for buying another bitcoin ATM as well as offering clients an option to trade on a combined basket of top cryptocurrencies.