Bitcoin Suisse has introduced a new service for investors in cryptocurrencies. The broker now accepts precious metals in exchange for tokens.
Bitcoin Suisse, the Zug-based crypto-broker, has introduced the exchange between precious metals and cryptocurrencies, according to a statement released by the company.
Investors can pay for Bitcoin and Ether with gold, silver or platinum without the usual delays. Clients of Bitcoin Suisse can also book the value of the metals or the coins in franc, dollar, pound, euro and Danish kroner.
A Link Between Safe Havens
The move is significant as it links the safe haven gold with the digital gold, a reaction to what currently happens in the markets. Both gold and the Bitcoin have had a good year so far, rising 14 percent and 24 percent respectively since January. Meanwhile, the Swiss Market Index has dropped some 7 percent.
The franc, also considered a safe haven, has gained 4 percent versus the euro while remaining stable versus the dollar.
Gold Traders Have Been Early Movers
Precious metals dealers have been quick to establish the link between gold and the Bitcoin. Pro Aurum, a German gold trader, has had a platform for such transactions since 2018, while rival Degussa is working with Zug-based startup Crypto Finance for a similar service.
