Bitstamp Offers Gold Buying Service To EU Users

Bitstamp,  a European Union based bitcoin marketplace, in partnership with precious metal traders Moro & Kunst, is offering a new method of withdrawing funds in the form of physical gold to its EU clients, CoinDesk reported. At the moment, the service is only available with US dollar.

Users can purchase gold directly from the firm's website by choosing from bars ranging between 1–1000 grammes. On Bitstamp’s website, gold prices are quoted in USD and updated every 5 minutes. Before submitting an order, USD balance must be available. To initiate an order, users need to go to withdrawal section and click “Gold”.

Gold shipments carry a certified tracking number and delivered within two to five days after the order is placed. Personal pickup is also available at the Moro company premises located at: Dunajska cesta 156, 1000 Ljubljana, Slovenia.

"We want to introduce a bitcoin/gold trading pair and this is first step in doing so. We think that clients that are long in bitcoin would prefer to take advantage on bitcoin's volatility if they trade it against alternative store of value – gold," Nejc Kodrič, Bitstamp's CEO, told CoinDesk.

The company also told CoinDesk that it plans to expand the service soon, potentially offering gold storage at Moro & Kunst's vaults in Vienna or Ljubljana, and eventually introducing direct convertibility of gold and bitcoin.