OneGold Collaborates With BitPay To Allow Crypto Payment For Precious Metals

By Rishma Banerjee

OneGold is an online marketplace which enables its users to buy, sell, store, and redeem precious metals. According to a press release dated 11th of December, 2018, it has recently collaborated with BitPay, which is a leading Bitcoin payments processor, which provides its users with access to bitcoin (BTC) and bitcoin cash (BCH) payments for its products.

OneGold, which had been established by APMEX and Sprott, is an online marketplace which will help the clients overcome the challenges that come with purchasing goods with credit cards online, including identity theft, chargebacks, and more.

Sonny Singh the Chief Commercial Officer at BitPay, in a statement said,

“Cryptocurrency is an ideal payment method for e-commerce and precious metals where the risk of chargebacks, fraud and identity theft with traditional credit cards is high,”

BitPay which helps clients accept Bitcoin payments, without the fear of volatility was established in 2011 and is based in Atlanta. It has, over the years, developed into a recognized name in the crypto sphere.

As per a research report by Javelin Strategy & Research, in association with Verifi, merchants in 2017 has lost over 19 billion USD, to credit card chargebacks, which has, in turn, resulted in a 62 percent overall reduction in spending by consumers.

This alliance will now allow users to purchase gold, silver, and other precious metals with utmost ease, as will now be supported by OneGold in a secure way, while BitPay will solve the problem of credit card chargebacks.

As per the press release, OneGold will not have to be bothered about the volatility in bitcoins prices as BitPay will enable the option of accepting both cryptos and fiat where only a minimal one %fee will be charged by the blockchain payments processor.

Ken Lewis, the CEO if OneGold said that the addition of bitcoin and bitcoin cash to its list of payment methods would significantly increase the firm’s payment transparency and efficiency. Lewis said:

“In addition to helping protect our interests, adding Bitcoin and Bitcoin Cash to the OneGold payment options also increases our payment transparency and efficiency.”