Online bullion marketplace Onegold announced on Tuesday that its customers can now purchase precious metals using Bitcoin Cash (BCH) and Bitcoin Core (BTC). Onegold's digital silver and gold products are fully allocated physical metals stored at the Royal Canadian Mint and can be redeemed at any time through Apmex.
Onegold Embraces Cryptocurrency Payments
Cryptocurrency proponents can now acquire digital gold and silver bullion products on the Onegold platform using BCH and BTC. Onegold is a blockchain-based platform that stores precious metals and allows customers to redeem their digital bullion holdings at any time. The concept was created by precious metals e-retailer Apmex and alternative asset manager Sprott. Their decision to support BCH and BTC stems from a partnership with Bitpay, which already has a prior relationship with Apmex.
Sonny Singh, Chief Commercial Officer at Bitpay, explained: "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." Singh added: "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."
International Bullion Buyers Seek Alternative Payment Methods
Ken Lewis, CEO of Onegold, highlighted that credit card chargebacks were a major reason the company chose to accept BCH and BTC. Because digital assets function like cash as a “push transaction” system, users must pay upfront, making traditional fraud scenarios far more difficult to execute. Lewis also noted that blockchain payments provide greater accountability and that international buyers are more inclined to purchase Onegold’s collateralized assets using cryptocurrencies.
“We anticipate a large number of cryptocurrency buyers from international markets, where accepting credit cards is not always practical,” Lewis stated. “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.”
Cryptographically Secured Metals Surpass Exchange-Traded Funds
Onegold believes its digital bullion is far superior to gold-backed paper products like exchange-traded funds (ETFs), including the Comex gold trust and LBMA Gold. While both are tradeable electronically, Onegold is cryptographically secured by a distributed ledger and backed by 100% physical metal. Onegold customers can redeem their stored assets with a click of a button and have physical metals shipped to their door by Apmex. Many gold and silver ETFs cannot be redeemed so quickly, and some offer no physical delivery at all, forcing investors to settle in fiat currency.
Onegold sees adding cryptocurrency support as a logical step forward, bridging the gap between digital assets and traditional precious metals investing. This move offers investors a more secure, transparent alternative to conventional paper-based gold products.