DigitalTangible says that it has integrated Coinbase’s bitcoin and USD wallets into its platform.
The service originally launched in 2014 when it introduced functionality to register gold purchases on the blockchain. The objective was to make it easier and cheaper to buy precious metals, which traditionally would take several days to become registered under their new owners.
Users with a Coinbase account can now buy gold and silver using their BTC or USD balances, which potentially makes the process even easier. Founder and CEO Taariq Lewis explained:
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“We aim to make the transaction experience for our precious metals traders and dealers as seamless as possible. Since bitcoin payment is the fastest way to secure precious metals in the industry, we wanted to differentiate ourselves by making this process even faster by using Coinbase.”
The move was also strategic in leveraging Coinbase’s leading wallet and vault services, which has yet to experience a major breach and boasts over 2 million users, as opposed to DigitalTangible hosting a wallet of its own.
The firm is now among several that have sought to digitize gold or make it tradable with bitcoin. The two assets are sometimes compared to having deflationary characteristics. Netagio originally launched a gold-inspired bitcoin storage solution, and then facilitated trading between the two before transitioning entirely to bitcoin services.