We are very happy to announce that Euro Pacific Precious Metals will be the latest merchant to accept bitcoin through BitPay. They become the largest precious metal merchant to accept bitcoin for silver and gold purchases. Based in New York City, Euro Pacific Precious Metals is a major international gold and silver dealer – and the world's largest by volume to accept bitcoin to date.
Euro Pacific Precious Metals is led by famed investor Peter Schiff and specializes in making high-quality bullion coins and bars part of its customers' financial portfolio. The company has built a reputation for calling out unsavory practices in the gold dealer industry, and for its honest and competitive pricing across all product categories. Executives at Euro Pac Metals regularly seek out new ways to make transactions easier and cheaper for its customers, which is why BitPay was chosen.
"Bitcoin offers tremendous benefits as a medium of exchange for both our domestic and international customers. A wire transfer of fiat funds can be slow and expensive for the customer, and credit card fees are too high to absorb at the low premiums we offer. Not only does BitPay's service make business sense, but we are excited about giving owners of bitcoin the opportunity to inexpensively and reliably convert any excess holdings into precious metals rather than back to fiat currency," said Michael Finger, Director of Marketing at Euro Pacific Precious Metals.
This partnership marks another major milestone in the acceptance of bitcoin worldwide, as larger and more global companies embrace the digital currency.
"We are very excited to form a partnership with Euro Pacific Precious Metals, especially right on the heels of our collaboration with Toshiba. BitPay is honored to have a role in helping such global and established companies integrate bitcoin into their payment systems," said Tony Gallippi, Executive Chairman of BitPay.
BitPay is attracting merchants who sell low-priced goods where credit card fees are expensive and high-ticket items such as gold and silver where chargebacks are common and costly. Accepting bitcoins allows merchants to make these transactions irreversible, while eliminating the risk of fraud and identify theft for the buyer.