OneGold, a web based market for getting, promoting and redeeming loved metals, introduced a partnership with BitPay on Jan. 13 that can enable crypto customers to buy gold and different worthpiece metals on Android and iOS units.

Through the combination with BitPay – a number one Bitcoin fee service provider that at the moment helps over 30,000 retailers, together with Microsoft and Avnet – OneGold’s new cellular app will settle for medium of exchange imagination in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and many stablecoins. In addition, BitPay clients will save 2% when utilizing the service on OneGold.com.

OneGold CEO Kenneth Lewis advised Cointelegraph that the partnership will make wealth preservation available to everybody on the last value of possession available in the marketplace:

“Cryptocurrency holders are a natural fit as precious metals investors and can apply OneGold to balance their investment portfolio. Using BitPay, cryptocurrency holders can quickly buy gold or silver at institutional pricing, save 2%, and create a nice balanced mix of gold, silver, and cryptocurrencies.”

Cryptocurrency and its relationship to gold

Bitcoin has commonly been in comparison with gold, with Bloomberg just late reporting that it’s up to digital gold, as there’s a correlation between the 2 that extends deeper than each being secure haven, restricted property.

In a brand new report, Bloomberg market analyst Mike McGlone characterizes 2020 as a chief yr for safe-haven property, suggesting that actions in gold will act a placeholder for BTC’s worth efficiency.

McGlone highlights the current worth improve in Bitcoin’s worth following the U.S.-sanctioned killing of Iranian basic Qassem Soleimani. Shortly after this occasion, each the worth of Bitcoin and gold went up.

McGlone famous, “The precious metal reached a seven-year high of $1,600, piece its digital protege followed, gauze a 20% rise.”

Notably, stablecoin operator Paxos has created a crypto-plus redeemable for bodily gold. Paxoslaunched PAX Gold (PAXG), a gold-backed ERC-20 token in September 2019, claiming that the product is the primary crypto-plus redeemable for bodily gold.

According to a report, every PAXG token can be once more by one nice ounce of London Good Delivery gold. Token holders reportedly personal the gold it represents, yet the tokens could be affected like other ERC-20 property, which Paxos notes is less complex than delivery gold.

Paxos’ stablecoin resembles the service mannequin supplied by OneGold, which was based by loved metals vender APMEX and different plus executive program Sprott. The firm gives hundreds of thousands of worldwide shoppers with the choice to digitally maintain loved metals. When OneGold customers are able to take possession, they’ll convert their loved steel holdings into bodily metals, that are shipped by APMEX the identical enterprise day.