Sharps Pixley, the London-based bullion broker announced today that they are now officially allowing customers to convert their gold directly into bitcoin via leading bitcoin and blockchain payment processor BitPay.
In September 2017, Sharps Pixley and Bitpay announced they had teamed up on trades converting bitcoin-to-gold.
This new arrangement now permits trades the other way from gold-to-bitcoin, making the trade reversible and allowing clients to trade either way between these two important assets.
The Sharps Pixley name dates back to 1778. The business is built on old-fashioned trust and discretion; however, by offering its customers the ability to pay with bitcoin it provides a very modern perspective.
Since Sharps Pixley initially offered clients the opportunity to trade between gold and bitcoin, it has seen strong demand and recorded its best-ever monthly sales totaling £10M sales in March 2018 since the opening of its London bullion showroom in early 2016.
Ross Norman, Sharps Pixley CEO said: “by allowing clients to firstly convert bitcoin into gold and now gold into bitcoin is a recognition that there is overlap between these two assets in terms of the motivation for owning them; it follows that people should be able to trade between them in either direction.”
“Sharps Pixley is one of the largest and most reputable gold dealers in the world and we are excited for them to be the first merchant to offer payouts in bitcoin for gold,” said Sonny Singh, Chief Commercial Officer of BitPay. “We know this solves a real pain point in this industry as customers can now profit in both bearish and bull markets.”
Giles Maber, Director at Sharps Pixley said “even before we began accepting bitcoin as payment for gold, we had serious interest from clients looking to execute this trade, gold to bitcoin. This new service provides crypto investors with a safe haven in bearish markets and fast liquidity back into bitcoin when they turn bullish.”
Sharps Pixley, London’s leading bullion broker were among the first merchants to accept bitcoin as a payment method for physical gold and other precious metals. Sharps Pixley only offer this service via voice broking for larger transactions above £25,000 in value with total transaction fees from 1.75%
As full members of the London Bullion Market Association (LBMA), Sharps Pixley offer investors an extensive choice of bullion bars and coins produced by world leading and LBMA accredited good delivery refineries. A full service “one-stop shop,” investors can buy, store and trade precious metals using bitcoin. Sharps Pixley has a showroom dedicated to precious metals in St James’s, London where clients can walk in off the street to make their purchases or sales. “Our aim is to make investing in gold as visible, simple and competitive as possible” added CEO Ross Norman