The EU-based Bitcoin exchange Bitstamp now allows customers to withdrawal funds in Gold. They recently released this information in a webpage news update. if someone has a Bitstamp account, instead of exchanging Bitcoin for Fiat currency and vice versa, they can request to purchase gold with their available funds. However, the company has not integrated Bitcoin functionality, so gold can only be quoted and exchanged for USD. But according to to their site, they intend add a Bitcoin-for-gold option soon.
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Bitstamp’s page summarized their ordering criteria:
“Gold prices are quoted in USD and updated every 5 minutes. At the moment, purchase is only available with USD. Before submitting an order, USD balance must be available. To initiate an order go to withdrawal section and click Gold.”
Bitstamp partnered with European company Moro Kunst d.o.o in order to bring this precious metal to their customer base. Moro Kunst d.o.o is a well-respected and widely known European bullion dealer. Their website says they have markets all across Europe, including Germany, Austria, Switzerland, Croatia, and elsewhere. They also have a relationship with the World Gold Council so that they can maintain gold trade worldwide.
The partnership between the companies seems well-timed and apt.