GunBroker.com introduced FreedomCoin Tuesday at SHOT Show 2019, a faster and better way for its millions of users to buy and sell online. The regulatory-compliant cryptocurrency ensures secure digital payment options that are typically less expensive than money orders, credit cards and other digital wallets. With companies like PayPal turn it back on legal firearms sales, GunBroker.com’s move empowers users on its site to complete simple, trusted transactions as they see fit.
GunBroker.com users can buy FreedomCoins with U.S. dollars and store them in personal, secure blockchain wallets until needed. Buyers and sellers, in turn, can choose the form of monetary exchange on the website.
“We’ve heard the pain points of our merchant community,” said Patricia W. Huff, director of marketing at GunBroker. “GunBroker.com is tapping blockchain technology to replace the need for other costly and time-consuming payment options FreedomCoin represents the future of payments and an opportunity for people to use regulated cryptocurrencies for everyday purchases.”
The digital wallets are powered by BitRail, a blockchain-backed infrastructure that enables organizations to operate regulatory-compliant cryptocurrencies for payments. Users can quickly convert funds from dollars to FreedomCoin and back again though an easy-to-use app. The platform provides the same buyer protections as credit cards, but includes an additional layer of security through blockchain verification, two-factor authentication, and price volatility management.
“Unlike the cryptocurrencies you hear about in the news such as Bitcoin or Ethereum, FreedomCoin is a stable coin pegged to the dollar,” said Jay Zwitter, GunBroker director of sales. “FreedomCoins will not lose value after you purchase them.”
Setting up a wallet is simple and only requires a valid e-mail, phone number, and the last four digits of a Social Security number—the same information GunBroker already requires. Safeguards built into the platform help prevent fraud and ensure complete regulatory compliance. Information about who buys or sells what will not be openly shared on the blockchain and will remain private.