Degussa in Zurich and Geneva accepts cryptocurrencies for purchasing precious metals

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April 5, 2018 – Degussa Goldhandel AG, based in Zurich, is the first precious metal trader in Switzerland to accept cryptocurrencies as means of payment. Due to the increasing demand, particularly from institutional investors, for the ability to reallocate digital currency stocks to physical gold bars and other precious metals, these clients now have the option to pay at Degussa with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Portfolio managers, family offices and other larger investors, in particular, have shown a growing interest in the new service for some time.

Some gold and silver items available at Degussa. © Degussa Goldhandel

“Due to numerous inquiries from large-scale investors, who own or manage cryptomoney and would like to diversify the portfolio with the “safe haven” gold, we decided to accept digital currencies and thus to offer investors additional investment options”, states Andreas Hablützel, CEO of Degussa. “We believe cryptocurrencies and the associated blockchain technology is characterised by freedom, security and independence – values which we generally associate with Switzerland as a financial centre, as well as with gold”, continues Hablützel.

In the second phase, probably starting mid-year, private customers will also have the option to use cryptocurrencies to pay for precious metals in the online shop of Degussa Switzerland. Degussa AG already offers cryptocurrency owners the option to store their crypto codes (paper wallets), which are necessary for a crypto transaction, securely in a safe deposit box outside the banking sector.

Gold bars made by Degussa. © Degussa Goldhandel

Digital currencies and the related economic sector are gaining in significance in Switzerland, as can be observed, for example, in the so-called “Crypto Valley Zug”, and are also receiving political support.

Precious metals as well as cryptocurrencies differ in comparison with legal tender, as they cannot be produced in any required number and also are independent from economic policy interventions.

The website of the Degussa Goldhandel AG can be found here.

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