The bitcoin-based financial services company Bitreserve is merging one of the newest innovations in currency with the world’s oldest, TechCrunch reports.
Through the institutional precious metals trading house Gold Bullion International, Bitreserve has created a new gold standard, linking its bitcoin currency exchange and payment services with gold. Now, using Bitreserve, customers can hold gold in their accounts and convert it to bitcoin to buy goods and services.
Bitreserve users fund their accounts in Bitcoin, which they can choose to convert into any of five “bitcurrencies” – U.S. dollars (USD), euros (EUR), pounds (GBP), yuan (CNY), and yen (JPY) to shield their deposits from the volatility of Bitcoin. At the same time, they can pay in Bitcoin from their Bitreserve accounts. This new initiative can be seen as one more instant conversion option for Bitreserve users, which could become very popular with gold investors.