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Canadian Gold Shop Started Accepting Crypto

Hamiliton-based SafeGold has entered the cryptosphere, accepting Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), and is currently waiting to swap for the long-awaited SafeTitan (STTN) (STTN). This comes as stablecoins provide crypto investors with a way to engage the blockchain-based economy while still holding tangible assets. When it comes to retaining value with digital currency, gold is becoming increasingly popular.

 

The gold buyer, situated in Ontario, Canada, is one of a few commodity enterprises embracing cryptocurrency. SafeGold is a leader in Hamilton jewellery exchanges, selling gold, silver, and palladium coins and bars. In addition, the company pays cash for gold jewellery, scrap gold, bars/coins, dental gold, and Royal Canadian Mint coins.

 

The price paid for gold in any form varies according to the karat of the gold. SafeGold, for example, now advertises 9K gold at $21.50 per gramme, while 24K gold fetches $57.25 per gramme. The corporation also pays $2,119 per ounce of gold bullion and $2,779 for palladium bullion. SafeGold also accepts gold and silver coins minted in the United States or Canada.

SafeGold currently accepts Bitcoin (BTC), but will be able to accept additional coins once they are sold on exchanges, such as Dogecoin (DOGE). Notably, the upcoming cryptocurrency SafeTitan, which is connected with the BNB token, can be traded on Binance for a token that SafeGold accepts.

However, the Hamilton, Ontario-based firm is not the only one interested in gold in the cryptocurrency industry. Kitco Gold, a Canadian company, will soon launch its own stablecoin. In this situation, cryptocurrency investors can buy Kitco Gold (KGLD), which represents actual gold stored in Kitco’s DirectReserve vaults.

Kitco also specialises in real-time news and data regarding the value of gold, which token holders will have access to. Stably, a stablecoin provider, is offering smart contract technology for minting and burning KGLD on the Ethereum (ETH) network. According to the firm, utilising a stablecoin provides investors with the security of a physical asset as well as the certainty of a digital asset.

Stablecoins are a sort of crypto currency whose value is determined by the value of an item such as fiat currency or commodities. As a result, they are more stable, hence the name, and less volatile than the continuously changing values of Bitcoin (BTC) or Ethereum (ETH) (ETH). These cryptocoins have often been used to buy and trade other crypto currencies, such as bitcoin, by converting fiat money to stablecoin first. This also helps to avoid the time-consuming process of transferring fiat money to cryptocurrency through a bank.

Stablecoins allow businesses and organisations interested in entering the crypto world to do so with greater certainty. Visa, for example, is leveraging USD Coin to make crypto transactions easier for cardholders, such as with Dogecoin (DOGE). However, as more stablecoins backed by US dollars are created, federal officials are searching for ways to control them. Stablecoins surpassed $100 billion in value earlier this year, making them a viable option for many investors.

While USD Coin (USDC) is backed by US dollars, many users wish to tie their currencies to other historical commodities. Dollars used to serve in a similar way, acting as certificates for a specific amount of gold. This gold indeed exists and was primarily kept by the government. You might, however, exchange your certificates for actual gold at any time.

Bridgewater Associates CIO Ray Dalio feels that gold is the best cryptocurrency investment. “There are some assets that you want to buy to diversify your portfolio, and bitcoin is something like digital gold,” he explained on CNBC’s Make It.

However, Dalio is concerned that the government may one day regulate or criminalise bitcoin. And gold, he claims, has a long history of being a “storehouse of wealth” that can be exchanged for money at the same value as when it was obtained. The “Gold Standard” is making a comeback, but this time to provide some security to bitcoin investors.