Market Overview

OneGold Adds BitPay for Cryptocurrency Payments

Share:

Cryptocurrency Holders Can Invest in Precious Metals

BitPay,
the largest global blockchain payments provider, today announced OneGold,
a marketplace to securely and conveniently buy, sell and redeem digital
gold and other precious metals founded by APMEX and Sprott, is accepting
Bitcoin and Bitcoin Cash. The OneGold online marketplace is designed for
investors and combines the key benefits of physical gold and silver with
those of blockchain-based digital assets.

"Cryptocurrency is an ideal payment method for ecommerce and precious
metals where the risk of chargebacks, fraud and identity theft with
traditional credit cards is high," said Sonny Singh, Chief Commercial
Officer at BitPay. "BitPay and APMEX have worked together for years,
making it easy for APMEX to accept cryptocurrency. When they started
OneGold, we were ready to help them accept Bitcoin and Bitcoin Cash
through BitPay."

One of the biggest challenges merchants have is credit card chargebacks.
For online merchants this is increased with the added risk of identity
theft and fraud. Credit card chargebacks cost merchants almost $19
billion in 2017. Cryptocurrency provides transactional transparency as
every transaction is verified, recorded and stored on the blockchain.
The transaction itself contains no sensitive information. Furthermore,
as each cryptocurrency payment is a push transaction, similar to taking
cash out of a wallet, the user sends the exact amount of Bitcoin needed
to pay the bill, eliminating the traditional fraud and identity theft
risks associated with credit cards. As a result, there are no
chargebacks.

Using BitPay, OneGold is protected from any Bitcoin price volatility and
has the option to take cryptocurrency or fiat currency or a combination
of the two. If the organization chooses to take 100% fiat currency,
funds are deposited into the organization's bank account the next
business day, minus a 1% fee BitPay charges for the entire process.

"In addition to helping protect our own interests, adding Bitcoin and
Bitcoin Cash to the payment options for OneGold also increases our
payment transparency and efficiency," said Ken Lewis, Chief Executive
Officer at OneGold. "We anticipate a large number of cryptocurrency
buyers from international markets, where accepting credit cards is not
always practical."

APMEX is a leading precious metals e-retailer, with more than $10
billion in sales and 1.5 million customers. Sprott is an alternative
asset manager and a global leader in precious metal and real-asset
investing with more than $7.5 billion under management.

OneGold uses VaultChain™, a secure, immutable blockchain ledger. The
VaultChain™ Gold and VaultChain™ Silver digital precious metals products
available through OneGold are fully allocated to physical metals held at
the Royal Canadian Mint, a Federal Crown Corporation of the Government
of Canada. All digital precious metals are 100% redeemable online
through OneGold for physical precious metals, from 1 gram to thousands
of ounces, delivered to customers' doors with only a few clicks. All
online redemption orders are fulfilled by APMEX.

About APMEX, Inc.

For more than 15 years, APMEX has been one of the nation's largest
Precious Metals e-retailers, boasting over $10 billion in transactions.
APMEX has the largest selection of bullion and numismatic items provided
by a retailer, boasting more than 10,000 products. Product offerings
include all U.S. Mint bullion such as Gold, Silver and Platinum American
Eagle coins. APMEX also sells products from leading mints around the
world including The Royal Mint, Perth Mint, Royal Canadian Mint and many
others. APMEX is a member of the American Numismatic Association, the
International Precious Metals Institute and the Industry Council for
Tangible Assets. For additional information, visit www.APMEX.com
or call (800) 375-9006.

About BitPay

Founded in 2011, BitPay is the pioneer and the most experienced company
in bitcoin and blockchain payments. Its suite of products enables
businesses to send and receive cross border payments, also enabling
consumers to manage digital assets with the BitPay Wallet and turn
digital assets into dollars with the BitPay Prepaid Visa® Card. The
company has offices in North America, Europe, and South America and has
raised over $70 million from leading investors including Founders Fund,
Index Ventures and Aquiline Technology Growth. For more information
visit https://bitpay.com.

The BitPay Visa® Prepaid Card is issued by Metropolitan Commercial Bank,
member FDIC, pursuant to a license from Visa, U.S.A. Inc. "Metropolitan"
and "Metropolitan Commercial Bank" are registered trademarks of
Metropolitan Commercial Bank © 2014. Use of the Card is subject to the
terms and conditions of the applicable Cardholder Agreement and fee
schedule, if any.

View Comments and Join the Discussion!