Bits of Gold, a Tel Aviv-based crypto exchange, has announced the development of a new application program interface (API) service for cryptocurrency payments. The API is targeted towards the local businesses and will enable them to accept payments in cryptocurrencies.
As many small businesses are skeptical towards crypto, they will receive the value of the payment in Israeli Shekels or US Dollars.
Bits of Gold is one of the largest crypto exchange operating in Israel. With its new service, the exchange is hoping that more and more businesses will adopt cryptocurrencies and thus expanding payment options for the country’s crypto users.
Youval Rouach, the CEO of Bits of Gold, revealed in an interview with the Israeli business daily Globes that the exchange is working towards the development of a cash register that will enable the retailers to accept and store cryptocurrencies securely. Moreover, it hopes ito launch a crypto clearing service for businesses in the county by the second quarter of 2019.
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“Crypto transfers are not a complicated matter but the regulatory demands, which include identifying the client, make it complicated…Our service allows to use Bitcoin and comply with the rules of the regulator, without developing a vast payments system for each business,” added Bits of Gold CGO Tomer Niv.
Despite a bear market and declining interest in cryptocurrencies, the number of Bits of Gold’s client remained steady, Rouach said. Moreover, the exchange is planning to expand its footprint in the industry and has increased the size of its team by hiring software developers and customer service personnel.
Israel and Cryptocurrency
When compared to other parts of the world, the crypto penetration in Israel has a long way to go. According to a survey conducted by Bezeq, one of the largest telecom companies in the country, only 5 percent of the Israeli population has invested or used Bitcoin. This low adaptability has forced Bits of Gold to drop the idea of acquiring a bitcoin ATM.
Earlier this year, Israel’s finance ministry published draft legislation concerning money laundering via cryptocurrencies. Moreover, in July, the country’s institutions had given many positive cues for the acceptance of blockchain firms in the first Israel Blockchain Summit.