Israel’s Tel Aviv-based cryptocurrency exchange Bits of Gold has developed a new application program interface (API) service for local businesses that will enable them to accept payments in cryptocurrencies and receive the value of the payment in Israeli Shekels or US Dollars.
Additionally, a complimentary service has also been added that allows the businesses to accept payments in Shekels bu receive the payment in cryptocurrencies.
The catch to this is that more users of the service mean more choices for the involved companies regarding the methods of payment, and as such, the exchange has expressed hope that more companies will start using the service now that the API is launching. Further expansion plans building on this concept includes the introduction of a cash register that allows the businesses to accept crypto payments and a Bitcoin clearing service for businesses. The latter is supposed to be available to the public by the second quarter of 2019.
The Vice President of Bits of Gold, Tomer Niv explained,
“Crypto transfers are not a complicated matter but the regulatory demands, which include identifying the client, make it complicated…Our service allows to use Bitcoin and comply with the rules of the regulator, without developing a vast payments system for each business.”
The bearish market situation throughout 2018 managed to scare off many investors in Israel, similar to other places in the world, but according to the CEO of Bits of Gold, Youval Rouach, the company has still managed to grow steadily. The use of the services offered by the company remained stable throughout the year and the growth of the company included hiring more software developers and customer service personnel.
However, the company did give up on a plan to buy another Bitcoin ATM and offering clients a more diverse range of cryptocurrencies to trade, during the same time as its growth.
The CEO noted that the national authorities on the matter are doing an impressive job drawing up regulations for the industry that safeguard both the company’s and the customer’s interests, even going as far as to say that Israel is an international leader in terms of crypto regulation. However, he also said that as long as the Bank of Israel doesn’t confirm its stand on the matter, private banks will continue to exploit the industry in the country.