There are interesting correlations between blockchain companies and precious metals. Most people aren’t aware that Ripple and gold have some very interesting ties. Exploring these opportunities can prove worthwhile.
The GBI – Ripple Connection
Back in 2014, when cryptocurrencies were still in their infancy and very few people paid attention to this industry. Ripple was already making a name for itself. Through a partnership with GBI, it became possible to trade and buy gold. Gold Bullion International was one of the first bullion providers to explore this particular opportunity.
More specifically, it is possible to trade digital units of physical gold. This has now become the new normal, but back then, it was revolutionary. Leveraging Ripple technology allows for quicker and cheaper settlement. This partnership also allowed Bitcoin users to purchase gold on the Ripple network. A remarkable partnership that put Ripple on the global map at an early stage.
Suisse Gold Handles XRP
It is quite interesting to see how XRP is perceived as a payment method. This is what the asset is designed for, but it is hardly used that way. Suisse Gold, a Swiss gold and silver website, has begun accepting XRP payments for its physical products. This is a major vote of confidence for Ripple’s native asset.
Slowly but surely, more merchants start to see the benefit of XRP. It is fast, cheap, and global. Rippe has built a very versatile technology stack that can change the online payments space altogether. Thanks to companies such as Suisse Gold, buying gold with XRP is now a viable option.
Trading XRP and Gold
Most people may not be aware, but there is another angle between gold and Ripple. On the Uphold exchange, it is possible to switch between XRP and XAU at any given moment. This can be done free of charge, making it a very interesting option to explore now or in the future.
While users only buy digital pieces of gold, their physical counterparts are stored safely in an Australian vault. It is an option to explore for those looking to diversify a portfolio. For now, it is not possible to achieve this same goal on Vaultoro, although that situation may come to change in the future.
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