An Application Program Interface (API) service designed to allow companies to accept payments in crypto and receive the value in Isreali shekels or U.S. dollarsbess carried pi
Bits of Gold which is a cryptocurrency exchange based in Tel Aviv which bhas announced plans to launch . It has also developed a free service which enables businesses to get paid in shekels and receive the value in virtual currency.
The exchange is under the impression that the new serv5ice will attract more companies into the field and by doing so, it will increase the payment options for crypto users in Israel. The company also has plans to launch cash registers that will allow retailers to accept crypto payments.
Tomer Niv, the Vice President of Bits of Gold has also said that the importance of the API and the role the exchange is playing when it comes to ensuring appropriate use of cryptos. He stated that: “Crypto transfers are not a complicated matter but the regulatory demands, which include identifying the client, make it complicated, ”
He continued that:
“Our service allows to use Bitcoin and comply with the rules of the regulator, without developing a vast payments system for each business.”
Words from the CEO
The Chief Executive Officer of the exchange, Youval Rouach, also made it known that, although the number of individual investors who entered the market reduced, the number of companies that make use of Bits of Gold’s services remained consistent in 2018. The exchange continued to grow during the year by hiring more software engineers and customer personnel, and reach a total number of employees increased to 21. However, it had to let go of its plans to buy another Bitcoin ATM and also the offering of its clients the option of trading on a combined basket of the top virtual currencies.
Youval also believes that the local securities and anti-money laundering authorities are doing a great job by developing rules for the field, even turning Isreal to an international leader in terms of crypto regulation. He, however, noted that in as much as the Bank of Isreal doesn’t make a solid decision on the matter, commercial banks will continue to make it hard on the industry.