Bitcoin is often compared to gold or more accurately referred to as ‘digital gold’ for its similarities to the physical metal gold. The biggest similarity is that physical gold is now being used as a store of value to hedge against fiat currency inflation. Bitcoin is also now taking up that role.
People have discovered that the Bitcoin properties can be leveraged to also hedge against any inflation events or demonetization. Bringing the two asset classes together was a natural fit for online bullion marketplace OneGold which helps investors buy and sell physical gold. Backed by APMEX and Sprott, OneGold started accepting payments in Bitcoin and Bitcoin Cash in December 2018 thanks to a partnership with leading cryptocurrency payment processor Bitpay.
Since this partnership went into effect, Bitpay reports that OneGold has sold more than $50 million worth of Gold while accepting payment in cryptocurrency. Bitpay reports that this figure accounts for at least 10% of the annual sales made by OneGold. On Monday, OneGold released its mobile application for both Android and iOS allowing its users to purchase gold through the mobile interface. This will make it even easier to purchase physical gold than before which expectedly should increase the sales figures for the company.
“We strive to consistently lead the pack in innovation and customer experience,” Ken Lewis, OneGold’s CEO said in a statement released on Monday.
OneGold has, since its integration with Bitpay, been offering a 2% discount to any customer who wishes to purchase gold using Bitcoin or any of the supported cryptocurrencies.
“Through an established partnership with BitPay, the largest global blockchain payments provider, Bitcoin, Bitcoin Cash, Ethereum, and various stable coins are also accepted through the OneGold mobile platform,” the press release notes.
The stablecoins are assumedly Tether [USDT], Coinbase/Circle’s USDC and Paxos Standard [PAX] which are the only stablecoins supported by Bitpay.