Canadian money for the gold shop begins to accept Bitcoin, DOGE, ETH, more

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Posted on Sunday, August 15, 2021 at 9:54 a.m.

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Hamilton-based SafeGold joins the cryptosphere as it accepts Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH) and waits to trade for the long-awaited SafeTitan (STTN). This is because stablecoins provide a way for crypto investors to enter. the blockchain-based market while holding physical assets. Meanwhile, gold is increasingly preferred as a way to preserve value with digital currency.

SafeGold backs up crypto with gold

The Ontario, Canada-based gold buyer is one of the few commodities companies to switch to crypto. SafeGold is one of the leading jewelry exchanges in Hamilton offering gold, silver and palladium coins and bars. The company also offers cash for gold jewelry, scrap gold, bullion / coins, dental gold and Royal Canadian Mint coins.

The prices paid for gold of any form vary depending on the karat of gold. For example, SafeGold currently lists the price of 9K gold at $ 21.50 per gram, while 24K gold sells for $ 57.25 per gram. The company also pays $ 2,119 per ounce of gold bullion and $ 2,779 for a palladium bullion. SafeGold also accepts gold or silver coins made in America or Canada.

SafeGold accepts Bitcoin (BTC) but will also be able to accept more coins once traded on exchanges, like Dogecoin (DOGE), for example. Notably, even the upcoming SafeTitan cryptocurrency, which is associated with a BNB token, can be traded through Binance for a token that SafeGold accepts.

Gold backed crypto

But the Hamilton, Ontario-based company isn’t the only company interested in gold in the crypto market. Canada’s Kitco Gold will also issue its own stablecoin. In this case, cryptocurrency traders can purchase Kitco Gold (KGLD) which will represent the physical gold held in Kitcos DirectReserve vaults.

Kitco also specializes in real-time gold value news and data, which token holders will be able to access. Stably, a stablecoin issuer, provides smart contract technology for the minting and engraving of KGLD on the Ethereum (ETH) network. According to the company, using a stablecoin allows investors to have the assurance of a physical asset as well as the transparency of a digital asset.

Stablecoins provide accessibility to the crypto market

Stablecoins are a type of cryptocurrency whose value is based on an asset such as fiat money or commodities. This makes them more stable, hence their name, and less volatile than the ever-changing values ​​of Bitcoin (BTC) or Ethereum (ETH). These cryptocurrencies have typically been used as a way to buy and sell other cryptocurrencies by converting fiat currency to stablecoin before buying bitcoin, for example. It also avoids the complicated way of converting fiat currency to crypto through a bank.

Stablecoins offer businesses and organizations looking to enter the crypto space an opportunity to do so with greater confidence. An example is Visa which uses USD Coin to facilitate crypto transactions for cardholders, such as with Dogecoin (DOGE). But as more stablecoins are generated and backed by the US currency, government officials are looking for ways to regulate them. Earlier this year, stablecoins exceeded $ 100 billion, making it a good option for many investors.

The gold standard of the crypto craze

While the USD Coin (USDC) is backed by US dollars, there are other historical products that many users prefer to peg their coins to. In fact, dollars used to work the same way, acting like certificates for a certain amount of gold. This gold actually existed and was primarily owned by the government. However, you can exchange your certificates for your physical gold at any time.

Bridgewater Associates CIO Ray Dalio believes gold is the best bet for crypto. There are certain assets you want to own to diversify the portfolio, and bitcoin is something like digital gold, he told CNBC Make It.

But Dalio also fears that one day bitcoin will be restricted or banned by the government. And gold, he says, also used to be a store of wealth that can be exchanged for silver at a value similar to its purchase. The Gold Standard is back, but this time to give some reassurance to cryptocurrency investors.

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