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The Cointree partnership allows gold to flood into crypto wallets
Cointree is now allowing investors to store gold as well as cryptocurrency in their digital wallets, which is a world first.
The Australian crypto exchange has reached an agreement with Digital Gold Money Platform (DGMP), Rush Gold, to implement world-first Gold-as-a-Service APIs to its platform, allowing investors to own and hold gold in their crypto wallets.
The APIs allow apps and platforms to fully integrate real-time gold pricing, transactions, and reporting in a format that retail crypto investors are already familiar with, simplifying diversification while providing downside protection.
Cointree COO Jess Renden told Stockhead that the partnership is "a huge move" that advances Cointree's Holy Grail of increasing Australia's financial literacy and knowledge of investment markets.
Renden claims that by providing a service to purchase gold directly through the platform, "we are able to assist our investor membership, who are primarily young retail investors, in better understanding how to diversify their investments and hedge against market risk."
"With many cryptocurrencies experiencing a correction in recent months and some of the volatility in crypto markets easing, investors are now looking for ways to secure their gains for the long term and strengthen their portfolio to hedge against the potential of inflation."
The decision to include gold in crypto wallets comes less than six months after JP Morgan stated that Bitcoin, not gold, is the new inflation hedge.
This partnership could be interpreted as a hedge against that hedge.
Cointree (and everyone else):
How it works
Renden claims that buying gold bullion on the exchange is just as simple as investing in cryptocurrency.
"Cointree members simply need to sign in to the platform, visit the buy page, select gold, and specify how much AUD they want to spend," she says. "Then they process the order, and it's in their account." "I have immediate access to genuine gold bullion."
While investors can use the exchange to buy and sell gold, pay bills with it, and set up recurring purchases, it is not currently exchangeable.
"We're looking into trading gold and cryptocurrency, but it's not yet possible," Renden says.
Who is Rush Gold?
Rush Gold is a FinTech platform that provides customers with digital access to real gold that they can use just like cash to buy, save, transfer, gift, and spend via the Rush Mastercard and the world's leading mobile wallets.
It was founded in 2016 and was named 2021's Digital Disruptor of the Year at the Finder Innovation Awards in August of last year, as well as Finance Business of the Year at the MyBusiness Awards in 2020.
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By Crypto PiratesCointree is now allowing investors to store gold as well as cryptocurrency in their digital wallets, which is a world first.
The Australian crypto exchange has reached an agreement with Digital Gold Money Platform (DGMP), Rush Gold, to implement world-first Gold-as-a-Service APIs to its platform, allowing investors to own and hold gold in their crypto wallets.
The APIs allow apps and platforms to fully integrate real-time gold pricing, transactions, and reporting in a format that retail crypto investors are already familiar with, simplifying diversification while providing downside protection.
Cointree COO Jess Renden told Stockhead that the partnership is "a huge move" that advances Cointree's Holy Grail of increasing Australia's financial literacy and knowledge of investment markets.
Renden claims that by providing a service to purchase gold directly through the platform, "we are able to assist our investor membership, who are primarily young retail investors, in better understanding how to diversify their investments and hedge against market risk."
"With many cryptocurrencies experiencing a correction in recent months and some of the volatility in crypto markets easing, investors are now looking for ways to secure their gains for the long term and strengthen their portfolio to hedge against the potential of inflation."
The decision to include gold in crypto wallets comes less than six months after JP Morgan stated that Bitcoin, not gold, is the new inflation hedge.
This partnership could be interpreted as a hedge against that hedge.
Cointree (and everyone else):
How it works
Renden claims that buying gold bullion on the exchange is just as simple as investing in cryptocurrency.
"Cointree members simply need to sign in to the platform, visit the buy page, select gold, and specify how much AUD they want to spend," she says. "Then they process the order, and it's in their account." "I have immediate access to genuine gold bullion."
While investors can use the exchange to buy and sell gold, pay bills with it, and set up recurring purchases, it is not currently exchangeable.
"We're looking into trading gold and cryptocurrency, but it's not yet possible," Renden says.
Who is Rush Gold?
Rush Gold is a FinTech platform that provides customers with digital access to real gold that they can use just like cash to buy, save, transfer, gift, and spend via the Rush Mastercard and the world's leading mobile wallets.
It was founded in 2016 and was named 2021's Digital Disruptor of the Year at the Finder Innovation Awards in August of last year, as well as Finance Business of the Year at the MyBusiness Awards in 2020.
Support us!