Online Gold Marketplace Brings in $50 Million Accepting Crypto Payments

OneGold, an online bullion marketplace that’s been accepting cryptocurrency payments since December 2018, has so far sold $50 million worth of the precious metal for cryptocurrency, which according to BitPay represents 10% of the firm’s yearly revenue.

The online gold marketplace has been accepting bitcoin, bitcoin cash, ether, and stablecoin payments. OneGold essentially lets users fund their accounts to buy gold and silver, but offers its users a 2% discount if they choose to pay with cryptocurrencies. These payments are supported by BitPay.

The precious metals themselves are held at the Royal Canadian Mint, a corporation of the Canadian government, or with APMEX, Brinks or Loomis in the United States. Users’ holdings are “100% redeemable for physical precious metals.” The marketplace is now launching a mobile app that’ll make it easier to buy gold with bitcoin.