Bits of Gold team (company pic)
Bits of Gold, an Israeli crypto financial services company, received authorization to launch Israel’s first ever stablecoin. The Israeli Capital Market, Insurance and Savings Authority authorized a pilot program for the new digital currency called BILS.
Bits of Gold said that this is a “first of its kind move in Israel to literally integrate digital currencies into the Israeli economy” and that anyone with internet access will be able to use the BILS stable shekel to “store value and perform financial transactions, even without the need for a traditional bank account.”
Not to be confused with cryptos, a stablecoin is a type of cryptocurrency that attempts to peg its market value to a some external reference point, such as fiat currency (like the US dollar), a commodity (like gold), or even another cryptocurrency. This peg aims to reduce the volatility that is characteristic of many other cryptocurrencies, making stablecoins more suitable for use as a medium of exchange.
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The new currency is planned to be initially based on Solana’s blockchain infrastructure, which has characteristics that are suitable for stable currencies such as cost and speed of network transfer, and with the help of the Solana Foundation. The infrastructure for issuing the currency and its custody will be provided by Fireblocks and the technological development of the currency and the related infrastructure will be carried out with the help of QEDIT. The accounting firm EY was chosen to be the firm accompanying the project, and will assist in building the control mechanisms that every currency issued is backed by shekels in the bank account.
Founded in 2013, Bits of Gold’s B2C platform serves over 200,000 clients and handles a high-volume brokerage desk efficiently with over-the-counter (OTC) transactions for liquidating digital assets belonging to private investors and investment houses. The company’s B2B services range from complete B2B2C engagements, wherein Bits of Gold takes care of the entire crypto operation, including licensing and regulatory liabilities for businesses, to white-label B2B offerings, catering to diverse client needs. Bits of Gold is committed to innovation and growth, as demonstrated by developing cutting-edge financial SaaS products and payment solutions for businesses.
“Driven by our mission to promote cryptocurrency access in Israel and the world, Bits of Gold has been a digital currency gateway for over a decade”, said Youval Rouach, Bits of Gold’s co-founder and CEO. “We are proud to introduce BILS, a ground-breaking development that literally connects digital currencies into the Israeli economy. The introduction of BILS marks a significant progression in integrating digital currencies into the Israeli economy, while expanding financial accessibility. Now, anyone with the internet can engage in financial transactions, all without the prerequisite of a traditional bank account.”
