The Swiss crypto finance company Bitcoin Suisse has added gold, silver and platinum to its platform so that users can trade the precious metals against Bitcoin (BTC) and Ether (ETH) as well as against five other major fiat currencies.
The precious metals stores are available for 24/7 trading with immediate cash payment, the company announced on May 26th. The offer will not be physically processed and the claims will only be limited to crypto and fiat.
Users can invest at least 100 Swiss Francs (US $ 103) with no custody fees on holdings up to US $ 103,000. Bitcoin Suisse notes that the precious metals company “adds assets that were part of long-term investment strategies.”
The three metals can also be traded against Swiss francs, US dollars, British pounds, euros and Danish kroner.
“By offering seamless precious metals trading, we are going beyond the crypto asset class for the first time,” says Stefan Lütolf, Head Training and Liquidity Management at Bitcoin Suisse.
“It’s an excellent one-click way to switch between the two assets,” he added, claiming the new product was a response to increasing demand for “scarce, highly valuable assets like gold and bitcoin.”
Lütolf is not yet convinced that Bitcoin could be Gold 2.0, but the company is preparing for a time when this will become a reality. The Zug-based company says: “All precious metals offered are stored with a trustworthy banking partner. Purchases are 100% secured by the Bitcoin Suisse bank guarantee. “
Bitcoin is increasingly drawing comparisons to gold, an asset so often referred to as the original “safe haven”. Bloomberg recently stated that BTC will mature into a gold-like store of value in 2020, citing the coronavirus-induced trillion dollar stimulus and mainstream adoption as the main driver.
Tradable products that combine BTC and gold or other precious metals are still few and far between. This is starting to change as platforms emerge offering the asset class, including the announcement in April of the Paxful peer-to-peer exchange that enables Bitcoin and gold to be traded.
What do you think of the Bitcoin Suisse BTC gold offer? Let us know in the comment section below.
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