Zurich, 2nd March 2018: Degussa Goldhandel AG, based in Zurich, is the first preciousmetal trader in Switzerland to accept cryptocurrenciesas means of payment. Due tothe increasing demand, particularly from institutional investors, for the ability toreallocate digital currency stocks to physical gold bars and other precious metals, theseclientsnow have the option to payat Degussa with Bitcoin (BTC), Ethereum (ETH),Litecoin (LTC) and Bitcoin Cash (BCH). Portfolio managers, family offices and otherlarger investors, in particular, have shown a growing interest in the new service forsome time.
“Due to numerous inquiriesfrom large-scale investors,who own or manage crypto-moneyand would like todiversifythe portfolio with the“safe haven”gold, wedecidedto accept digital currenciesand thus to offer investors additional investment options”,states Andreas Hablützel, CEO of Degussa.“We believe cryptocurrenciesand theassociated blockchain technology is characterised by freedom, security andindependence–values which we generally associate withSwitzerland as a financialcentre, as well as with gold”, continues Hablützel.
In the second phase, probably starting mid-year, private customers will also havetheoption to use cryptocurrenciesto pay for precious metals in the online shopof DegussaSwitzerland. Degussa AG already offers cryptocurrency owners the option to store theircrypto codes (paper wallets), which are necessary for a crypto transaction, securely ina safe deposit box outside the banking sector.
Digital currencies and the related economic sector are gaining in significance inSwitzerland, as can be observed, for example, in the so-called“Crypto ValleyZug”, andare also receiving political support.
Precious metals as well as cryptocurrencies differ in comparison with legal tender, asthey cannot be produced in any required number and also are independent fromeconomic policy interventions.
Degussa Goldhandel AG Switzerland is part of the DegussaGroup. Degussa Goldhandel GmbH in Germany, Degussa Metales Preciosos in Spain and the Londonprecious metal trader Sharps Pixley also belongto this group.