Gold Cube to Accept Cryptocurrency
After attending TechCrunch NY 2016, Gold Cube has grappled with whether or not to add PayPal, Square or Apple Pay to its ATM payment options. However, adding the ability to accept cryptocurrency at the time was placed on the “future development list”. However after weighing the pros and cons, Gold Cube has made the decision to incorporate Coinbase, the easiest and most trusted place to buy, sell, and manage your digital currency, to its platform.
Crypto enables cheap and borderless near-instantaneous transactions. This enables customers all over the world — even those without access to traditional banks, but with access to the Internet — to purchase Gold Cube’s product and services. For large payout or payment amounts, which have traditionally taken extra time to clear, crypto transactions would be nearly instantaneous. In addition, cryptocurrencies are not bound by a specific country’s exchange rate: rather, they are universally recognized, which makes them more attractive for business like Gold Cube, that is preparing to scale internationally.
Another benefit of crypto: it makes it easy for many people to contribute to a single purchase because everything goes to a smart public ledger, which can be trusted. Since traditional payment gateways do not support the high-risk businesses such as the precious metal or the pawn industry, cryptocurrency as payment is also a good choice.
Gold Cube hopes that accepting cryptocurrency will help them attract a younger demographic of people who prefer the simplicity and anonymity of crypto transactions. Just offering several payment options has always been linked to higher conversion rates. In addition, some customers feel safer paying with crypto as compared to PayPal or credit cards.
Being at the cutting edge of technology, Gold Cube thinks it’s important to always be open to new technology. “If a customer wants to pay us in crypto, why should we turn them down?” Originally, “we only accepted payments in dollars through processors such as Stripe and PayPal. But with the vast increase in the number of cryptos available over the past few years, we’ feel the time has come to allowed customers to pay in crypto.”
How will Gold Cube accept cryptocurrency?
In order to accept crypto via the Gold Cube website, Coinbase will be integrated into the company’s “cash for gold” business model. Customers will be able to check out using crypto to purchase from the Gold Cube Online Store, which is then deposited to their digital wallet or deposited as a local currency.
After Gold Cube attended Blockchain San Francisco crypto conference in San Francisco on October 5-12, 2018, CEO Nakia Geller had this to say about the company’s new offering, “We’ve wanted to add this feature for over two years. However, we were waiting for the right time. Now is the right time! We are excited to offer our customers the opportunity use their cryptocurrency to buy or sell their unwanted gold or silver jewelry or coin. We believe this will allow our company to grow and scale exponentially as we move into international markets in the coming year. ”