Online Bullion Marketplace Onegold Sees $50 Million in Crypto Payments
On January 13, the online bullion marketplace Onegold announced the launch of a new mobile application so customers can buy, sell or redeem precious metals at any time. Since 2018, Onegold has accepted cryptocurrencies like BCH and BTC and the firm currently gives customers a 2% discount for paying with cryptocurrencies. According to Bitpay, Onegold has seen $50 million worth of crypto payments since supporting digital assets, which represents 10% of the firm’s yearly revenue.
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Onegold Sees $50 Million in Crypto Payments Since December 2018
In December 2018, news.Bitcoin.com reported on the Apmex and Sprott owned online bullion marketplace Onegold accepting cryptocurrencies via Bitpay. At the time, Bitpay’s chief commercial officer Sonny Singh said that Bitpay and Apmex have worked together for years and when they launched Onegold, the Atlanta firm was “ready to help them accept bitcoin and bitcoin cash.” Since then, Bitpay claims cryptocurrencies have represented 10% of the firm’s online revenue and Onegold has processed $50 million in digital currency transactions.
Essentially, Onegold provides a service where users can fund their accounts to purchase gold and silver, as transactions are independently verified and the company uses top-tier vaulting partners. For instance, the company claims its digital silver and gold products are fully allocated and physical metals are kept safe at the Royal Canadian Mint. Onegold clients can redeem their digital silver and gold products at any time through Apmex. The gold or silver credits from Onegold can be exchanged for physical coins, bars or rounds.
At the time of publication, Onegold also offers 2% off orders if people pay with cryptocurrencies via Bitpay. Since it uses the payment processor, Onegold supports BCH, BTC, ETH, and the various stablecoins Bitpay accepts. Additionally, on January 13, Onegold announced the launch of a new application that will make it easier to buy, sell, and redeem precious metals. According to the announcement, the new platform is available for Android and iOS mobile devices and the marketplace is open 24/7. “This mobile app will further enable our mission to ensure wealth preservation is conveniently available to everyone at the lowest possible total cost of ownership available on the market today,” explained Ken Lewis, Chief Executive Officer at Onegold on Monday.
Dollar-Cost Average the Price of Gold and Silver Over Time
Precious metals markets have seen increased activity in 2019 and on January 8, 2020 gold prices surged past the $1,600 per ounce mark after Iran allegedly fired rockets at U.S. occupied Iraqi bases. One Troy ounce of .999 precious gold touched $1,605.80 on global spot markets that day. So far, precious metals and digital assets have seen significant gains after the domino effect of war games between American forces and Iranians.
Onegold isn’t the only online operation that sells precious metals (PMs) for cryptocurrencies as there’s a variety of crypto-accepting providers. News.Bitcoin.com’s Kai Sedgwick recently reported on how to use cryptocurrencies in order to invest in gold. For instance, the well known gold bug Peter Schiff often tweets about how much he dislikes bitcoin but Schiffgold.com accepts BCH and BTC for PM purchases.
The report also discusses platforms like Kinesis, Currency.com, and the digital currency Digix gold token (DGT). People can also leverage companies like Goldsilver, Suisse Gold, Silvergoldbull, Apmex, JM Bullion, Roberts & Roberts, Bitgild, Vaultoro, Goldmoney, SDBullion.com, and Money Metals to purchase PMs with cryptos. Onegold’s announcement claims the new application features transparent pricing “with no hidden fees.”
The Apmex owned subsidiary believes the mobile application will make it easier for PM investors to dollar-cost average their safe-haven assets. “Onegold is an ideal resource for people who would like to passively save weekly, monthly or quarterly and dollar-cost average the price of gold and silver over time,” the company’s announcement emphasizes. Onegold stresses that with the mobile app, customers can take possession of the physical bullion at any time as Apmex will deliver the products using priority mail.
What do you think about Onegold’s new application for iOS and Android smartphones? What do you think about the $50 million the company raked in from cryptocurrency payments? Let us know what you think about this topic in the comments section below.
Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Image credits via Shutterstock, Wiki Commons, Fair Use, Onegold.com, the Apple App Store, and Pixabay.
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