As reported by Bitcoin.com, the European cryptocurrency payment gateway Coingate has joined forces with the open source e-commerce solution Prestashop. The result? Approximately 80,000 new European merchants will now have the option to accept cryptocurrencies as payment.
The point of this joint venture is to provide more buying options for crypto enthusiasts. It’s to give people who already own cryptocurrencies more ways to spend them in real-world scenarios, like when they go out shopping. The added bonus would be to increase adoption among people not familiar with cryptocurrencies, bringing crypto into a greater mainstream environment.
The CEO of Coingate, Dmitrijus Borisenka, said:
“Encouraging adoption among people beyond the tech-savvy early-adopters is one of the biggest priorities for us. Prestashop has an ideal base of small to medium stores that may well utilise cryptocurrencies not only as an innovative and increasingly popular payment method, which is much cheaper than traditional card payments, but also the promotional benefits that the Bitcoin tag carries.”
Borisenka continued, explaining that for this to work, the most important part was “to educate and encourage businesses to adopt a forward-thinking attitude and to overcome the prevailing misconceptions that surround cryptocurrencies.”
Coingate says that it is easy for merchants to set up the crypto payment option. Currently, merchants who sign up with Coingate will be able to accept almost 50 cryptocurrencies, including the biggest of them all, Bitcoin (BTC). Each merchant can then choose what single fiat currency they wish to receive as payment for each transaction.
Borisenka explained the process further:
“It is absolutely safe to accept cryptocurrencies as a way of payment. We protect our merchants from exchange rate volatility risk by locking the price of Bitcoin at the moment of the purchase. Merchants who opt to receive Euro payouts from us, essentially, do not have to touch cryptocurrencies at all – we handle every stage of the process.”
Will this help to usher in a new wave of crypto investors?
Featured image: Gadini