Onegold is an online precious metals’ trading platform where investors go to buy precious metals such as gold and silver. Also, Onegold acts as an asset manager for investors to manage their possessions. The platform was founded by APMEX and Sprott for the aforementioned uses. The tradeable physical assets by Onegold are safely kept at the Canadian Royal Mint through which they are redeemed by APMEX in the case that a trade occurs or is executed.
Very recently, the firm fully embraced Bitcoin and Bitcoin Cash as a form of payment by investors when purchasing the precious metals from Onegold. Each investor who bought gold and silver using Bitcoin and Bitcoin Cash was pre-disposed to a 4% discount of the total worth of goods sold. The exchange of precious metals with Bitcoin was made possible by relations with BitPay which is a leading experienced online platform that allows for Bitcoin and Bitcoin Cash Payments (have raised more than $70 million from investors) across vast borders and also comes in handy as a digital asset manager for their investors through BitPay online Wallet. The recent acceptance of cryptocurrency as a form of payment by Onegold was made easy/ possible because of an existing partnership between BitPay and APMEX that provided the base upon which the aforementioned was executed.
Onegold CEO, Ken Lewis pointed out the reasons why they decided to take up Bitcoin as a form of payment was because use of credit cards had a couple of issues. Some of these issues included exposure to fraudulent activities which is a cost that would have to be incurred by Onegold after they have executed a sale but the payment becomes null. Also credit cards have a lot of costs and charges that would be incurred and be disadvantageous to the firm. On the other hand, Bitcoin and Bitcoin Cash come in handy because they are prone to all the aforementioned issues. Consequently use of cryptocurrency increases the plausible market for Onegold as they can transact with investors from the world over, and allows for openness and transparency of Onegold.
BitPay works such that BitPay usually has a prepaid BitPay credit card that is powered by Metropolitan Commercial Bank which also allows turning of digital assets into dollars. Onegold believes that their turn into using digital backed metal gives them an upper edge as compared to their counterparts who use paper-backed assets.