Tel Aviv-based Bits of Gold Crypto Exchange Announces Development of Payments API
The Israeli-based cryptocurrency exchange Bits of Gold announced that it is currently developing a new API service specifically designed for crypto payments. The main intention is to allow merchants in the region to start accepting crypto payments. The information was released a few days ago by Finance Magnates.
As other companies are already doing, merchants will be able to accept cryptocurrencies for the goods or services they sell, but they will receive US Dollars or Israeli Shekels. This will allow cryptocurrency enthusiasts in the country to use their virtual currencies as desired in many shops around Israel.
During an interview with the Israeli business news outlet Globes, Youval Rouach, the CEO of Bits of Gold, commented that the exchange is working on a cash register for merchants to accept digital assets. In the future, they are also planning to launch a crypto clearing service for businesses in Israel.
At the same time, the exchange is experiencing some issues with the regulatory environment. Regulatory agencies around the world have been trying to protect users from scams and other fraudulent activities.
Tomer Niv, the CGO of the crypto exchange commented:
“Crypto transfers are not a complicated matter but the regulatory demands, which include identifying the client, make it complicated… Our service allows to use Bitcoin and comply with the rules of the regulator, without developing a vast payments system for each business.”
The platform did not experience a large decline in the number of users, even after a year-long bear market in the crypto space. The exchange is also planning to expand the number of individuals working in the company. The intention is to hire software developers and customer service personnel.
According to Bezeq, one of the largest telecom companies in Israel, just 5% of the population invested in virtual currencies or used Bitcoin in the past. This is the reason why Bits of Gold decided to stop with its plans to acquire a Bitcoin ATM.