From next month, customers of coininvest.com will be able to pay for their gold and silver with Bitcoins.
Based on digital tokens, Bitcoin is a decentralised digital currency that enables instant payment to anyone, anywhere in the world, outside of the traditional banking system.
Daniel Marburger, director of Jewellers Trade Services which owns coininvest.com, said: “For six years, we have been at the forefront of the precious metals industry, using online services to give everyday investors access to gold and silver in a new way. Our next step is to take online shopping for precious metals to the next level by allowing payment in Bitcoins.”
The conversion rate of a Bitcoin to a one ounce Krugerrand is currently around 1:1, making it an ideal time to take advantage of the gold price and turn a Bitcoin into a physical and long term investment.
A member of the London Bullion Market Association (LBMA), CoinInvest buys quality coins and bars directly from government-owned mints around the world. It is the first company of its kind and size within the bullion market to take payment in this way.
“We believe that accepting new payment methods is the way forward for any online business,” added Daniel Marburger. “We like the fact that Bitcoin transactions are fast, irreversible and cost very little, ultimately giving our customers more choice. This is a very positive step forward for our business.”
CoinInvest has taken steps to ensure all payments made in Bitcoins are checked, safe and comply with anti-money laundering regulations within its markets. Customers will still be able to use traditional payment methods if they prefer.