Bits of Gold, an Israeli cryptocurrency exchange, recently announced an API to enable cryptocurrency payments. The goal of the API is to empower Israeli businesses to accept cryptocurrency payments, but receive the value in either Israeli Shekels or US dollars. Bits of Gold understands that many merchants are reluctant to store value in cryptocurrency; however, with funds exchanged to Shekels or dollars, this should allow customers to pay in cryptocurrency, but not expose merchants to risk associated with cryptocurrency.
Bits of Gold is already a leading cryptocurrency exchange in Israel. The company hopes that by getting merchants involved in cryptocurrencies within Israel, cryptocurrencies will gain traction within the country. In addition to the API, Bits of Gold is developing a cash register that merchants can use to accept and store cryptocurrencies securely.
Currently, Bits of Gold is offering the API through its service titled Checkout with Bitcoin. The company has not yet published API docs. Those interested in using the API in a brick and mortar store, or an online store can contact the company.
Cryptocurrency adoption has been slower in Israel than many countries around the world. With stiff regulatory hurdles, and PR campaigns targeting cryptocurrencies within Israel, Bits of Gold and other cryptocurrency-related companies have an uphill battle. However, Bits of Gold believes that empowering customers to pay in cryptocurrencies and merchants to accept crypto payments without storing value in crypto will help change the reputation of new currencies in the country.