Gold company brings in $50 million by accepting Bitcoin

By Liam Frost

OneGold, a precious metals marketplace founded by APMEX and Sprott, has reportedly brought in $50 million in cryptocurrency since partnering with blockchain service provider BitPay back in 2017. Crypto payments now account for 10% of OneGold’s annual e-commerce sales, according to BitPay.

OneGold’s platform currently accepts Bitcoin, Bitcoin Cash, Ethereum and “various stablecoins,” which are likely to be Circle’s USD Coin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX) because these are now the only three stablecoins that BitPay supports. Stablecoins are cryptocurrencies pegged to fiat currencies, such as the US dollar.

Today OneGold has also announced the launch of its new mobile application that allows users to buy, sell and redeem gold and silver using iOS- and Android-based devices.

“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,” said OneGold CEO Ken Lewis, in a press release.

The app offers the same functionality as its web-based marketplace and is aimed at “people who would like to passively save weekly, monthly or quarterly and dollar cost average the price of gold and silver over time,” and could make it much easier for people to buy gold with bitcoin.

The precious metals themselves are held at the Royal Canadian Mint, a Federal Crown Corporation of the Government of Canada or in the United States via APMEX, Brinks or Loomis. The release stated that users’ holdings are, “100% redeemable for physical precious metals, delivered by APMEX direct to customers’ doors.”

BitPay is becoming one of the most popular ways to accept bitcoin payments. As Decrypt reported last August, Blockchain.com, a Bitcoin wallet provider and block explorer with 41 million users, announced its integration with BitPay.

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