Online bullion marketplace, Onegold has announced the launch of a new mobile application that enables trading precious metals with cryptocurrency.
According to reports, the innovation by OneGold allows the buying, selling, or redeeming of gold and other precious metals with cryptocurrency. This new mobile application from Onegold sets a new huge milestone for the cryptocurrency industry. The online bullion marketplace started accepting BCH and BTC in 2018, at a time when most conventional companies paid little or no heed to cryptocurrencies.
That said, all purchases carried out with crypto also enjoys a 2% discount.
Onegold gets support from BitPay
Based on a 2018 report, crypto payments on the Onegold platform gets powered by Bitpay. Besides, Bitpay and Apmex spent a lot of time planning the launch of the bullion online marketplace.
Chief Commercial Officer of Bitpay, Sonny Singh revealed that immediately after the launch his firm planned to help them accept BTC and BCH. Further adding that digital assets payments make up about 10% of the firm’s annual revenue. With over $50 million worth of crypto payments since the addition of crypto to the platform. In other words, Onegold allows users to purchase gold and silver with crypto seamlessly.
To mitigate foul play, the firm said all transactions must be separately confirmed and cleared. The firm also claims to possess top-notch vaulting partners. One of which remains the Royal Canadian Mint, where Onegold reportedly stores all its physical metals. Onegold claims that the new app carries transparent with no hidden fees.
Also, Users reportedly get the opportunity to reclaim their assets at any time via Apmex. It’s also possible to trade Onegold silver or gold credits for coins, bars, etc. The firm currently accepts BCH, BTC, ETH alongside several other stablecoins available on the Bitpay platform.
Currently, the platform is available for both iOS and Android devices.
CEO of Onegold, Ken Lewis commented on the matter, “This mobile app further enables our mission to ensure wealth preservation remains conveniently available to everyone at the lowest possible total cost of ownership available on the market today.”
US and Iran Crisis, a plus for gold
The price of gold experienced an upsurge following the unrest between the United States and Iran. One Troy Ounce of gold currently commands a value of $1,605.80.
Onegold isn’t the only firm looking to harness the benefits of trading crypto and precious metals. Globally, there’s a wide network of online operators that accept crypto for PM. For example, Schiffgold.com accepts crypto (BCH and BTC) on its platform. Although its founder Peter Schiff remains a well-known crypto critic.