The intimate relationship between gold and Bitcoin continues as DigitalTangible partners with Agora Commodities to bring gold purchases to the blockchain.
Agora says that it is the “first full service bullion dealer accepting the new revolutionary currency Bitcoin as payment for precious metals.” Through its relationship with the largest bullion distributors, it says to offer precious metals at a lower cost than most dealers.
According to its website, DigitalTangible “brings together software engineering, cryptofinance, financial custody, and blockchain technology to traditional custodian finance.” It aims to digitize assets like gold to make them more easily tradeable.
Customers will be able to purchase precious metals and have the transaction registered on the blockchain ledger, similar to Colored Coins and other technologies seeking to digitize p2p asset transactions. According to a press release, “bitcoin holders can purchase digital tokens which come with an allocated proof of delivery from a bonded depository.”
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One of the stated objectives is to spare bitcoin holders from its volatility and enjoy the “steadier shores” of gold.
In promoting the launch, the first 100 customers will receive free shipping and custody for the remainder of 2014. Customers will also enjoy discounts on specific gold products.
The digital gold/bitcoin-for-gold space is quickly becoming a crowded one. Within the past few weeks, we’ve seen the launch of “digital physical gold” with Ripple, a gold-backed Independence Coin and new offerings by Netagio.