Mennica Skarbowa, a company listed on the NewConnect market of the Warsaw Stock Exchange and a leader in the sale of precious and investment metals, has introduced the possibility of buying gold, silver and diamonds for cryptocurrencies. The service will be available at all stationary branches of the company across the country. At the same time, these branches will launch a cantor business under the MS Trade brand, allowing the purchase and exchange of cryptocurrencies for cash. This strategic move, supported by the marketing claim ‘Buy gold by crypto’, opens Mennica Skarbowa to the booming cryptocurrency market. The company predicts that the new sales segment will contribute to revenue growth and attract new customers. Mennica Skarbowa is the first company in Poland to enable the exchange of cryptocurrencies for physical bullion. The technology partner of the MS Trade service is the Poznan-based company Ari10, which provided the necessary infrastructure as well as know-how.
The new Mennica Skarbowa’s service is based on four main business pillars:
- Buy cryptocurrencies
- Sell cryptocurrencies
- Buy gold for cryptocurrencies
- Exchange gold for cryptocurrencies
Cryptocurrencies supported:
At the beginning of its operations, MS Trade’s cryptocurrency exchange offices will support five key cryptocurrencies:
- Bitcoin (BTC): Called ‘digital gold’, it is the oldest and most popular cryptocurrency, used as a means of payment and store of value.
- Ethereum (ETH): A cryptocurrency that enables the development of smart contracts and blockchain applications.
- USD Tether (USDT): A so-called ‘stablecoin’ whose value is always tied 1:1 to the US dollar, ensuring stability during transactions.
- Binance Coin (BNB): A token of the Binance exchange, used not only as a means of payment on the platform but also to reduce transaction fees, very popular among traders.
- Ari10: A token belonging to a technology partner.
Examples of transactions
Currently, 1 Bitcoin costs about PLN 225,000 and 1 ounce of gold costs about PLN 10,000. This means that for 1 ounce of gold one has to pay about BTC 0.044. For example, a popular Krugerrand coin, worth about PLN 9,000, can be bought for about BTC 0.045. For larger transactions, such as the purchase of a kilogram of gold (a value of about PLN 320,000), the exchange will be about BTC 1.42. Alternatively, it will be easier to make such transactions in USD Tether (USDT), as its value is always equal to 1 US dollar, eliminating the need for additional currency conversions.
It will also be possible to exchange cryptocurrencies for cash and to buy them at Mennica Skarbowa stationary branches. The company will initially offer to exchange cryptocurrencies for the Polish zloty.
The introduction of the possibility to buy gold, silver and diamonds for cryptocurrencies is a strategic step for us, opening up a new sales segment. We look forward to increasing revenues and attracting new customers, especially those who have previously invested exclusively in cryptocurrencies. We are noticing growing interest in both cryptocurrencies, which are gaining official medium of exchange status in some countries, and gold, seen as a safe investment haven. Our initiative brings together these two seemingly distant segments of the financial market. We are the first company in Poland to enable the exchange of gold, silver and diamonds into cryptocurrencies as well as the other way around in a nationwide sales network. It is estimated that between 12 and 15 % of Poles already own cryptocurrencies, and their popularity as a means of payment is steadily increasing. The introduction of the EU DAC8 directive, increasing the transparency of cryptocurrency trading, will further strengthen their position in the market. We are convinced that cryptocurrencies are the currency of the future and their market share will grow rapidly – comments Adam Stroniawski, President of MS Trade, Managing Director of Sales at Mennica Skarbowa.
The process of exchanging cryptocurrencies for gold at Mennica Skarbowa’s branches will be extremely simple thanks to our innovative Ari10 Cryptoterminal. To sell a cryptocurrency, the customer scans the QR code displayed on the terminal using their virtual wallet. Once the transaction is confirmed on the blockchain, the customer receives cash in PLN and a detailed printout with the transaction information. This provides full documentation and security, which is analogous to traditional gold buying and selling transactions. Mennica Skarbowa’s advisor will then provide the customer with an offer to purchase gold, silver or diamonds, based on current prices – explains Magdalena Wczesna, Director of Sales at Ari10.
The service of exchanging cryptocurrencies for investment gold products is now available in 15 stationary branches of Mennica Skarbowa, operating from now on also under the sub-brand MS Trade. It will soon also be introduced in the online shop. According to AML (anti-money laundering) regulations, transactions above €1,000 require verification of the customer’s personal data.