Bitpanda Starts Offering Metals Trading Options of Gold and Silver to its Crypto Exchange
Bitpanda, one of the most popular exchanges in Europe, has revealed that they are adding a new asset class to their platform. Users will now be able to buy and sell gold and silver through the crypto exchange. The information was released by the exchange on Twitter on May 9.
Introducing a brand new asset class to Bitpanda: Metals! Gold and silver will be soon available to buy and sell on Bitpanda with ultra-low fees and the same ease as our other assets. Read more about Bitpanda Metals at https://t.co/s0TdbZGU7l #gold #silver pic.twitter.com/LaKDknjKWm
— Bitpanda (@bitpanda) May 9, 2019
Bitpanda Launches Investments in Gold and Silver
The recognized cryptocurrency exchange announced that users will be able to buy shares of real gold and silver bars from Pro Aurum and Philoro. Users that buy these metals will be the owners of a specific share of real gold and silver that is stored in a secure vault.
At the same time, the platform claims that the gold and silver purchased by users are 100% insured and stored in a secure vault. Although it is necessary to pay trading fees while transacting these precious metals, there will be very low fees. In order to incentivize users to start trading gold and silver, there are currently no trading fees.
Moreover, the company explained that users have to pay a storage fee of 0.0125% per week of the total amount held. This covers insurance and storing, which is a lot cheaper than the usual amount of storing precious metals in a secure and insured vault.
The co-founder of Bitpanda, Paul Klanschek, explained that they will provide further information about holding and claiming physical gold and silver as well.
About the new markets, BitPanda explained:
“You buy shares of real gold and silver bars from our partner pro aurum and philoro. The bars are safely stored in a secure vault in Switzerland. When you buy gold and silver on Bitpanda, you are the owner of a specific share of real gold and silver, stored in a secure vault.”
The cryptocurrency exchange has more than 900,000 users and a team of around 100 individuals from 32 different countries. With this initiative, it will be possible for the exchange to bridge two different markets, metals and virtual currencies, which are not well connected.