Early morning news reaching The Independent Republic indicate that a new partnership between Coingate and Prestashop will allow for the use of cryptocurrency in payments in as many as 80,000 merchants in Europe. This means that consumers can use pretty much any crytocurrency in the Coingate portfolio, to pay for goods and services at any of the locations that use Prestashop e-commerce software solutions. The coins available on Coingate include: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dash (DASH) and 50 other popular Alternative coins.
Coingate is a cryptocurrency payment gateway that allows various businesses to accept Bitcoin and alternative coins for payments. The company was founded in 2014 and incorporated in Vilnius, Lithuania. Users can buy cryptocurrencyies from Coingate’s website using bank transfers, credit and debit cards and mobile phone credit/balance. Users can also sell their crypto to Coingate. Notable alternative currencies available on the platform include Bitcoin Cash (BCH), Basic Attention Token (BAT), Bitcoin Gold (BTG), Dogecoin (DOGE), EOS (EOS), Reddcoin (RDD) and more.
Prestashop on the other hand, is an open source e-commerce solution based in Paris, France, and currently used in 250,000 stores worldwide and available in 60 different languages. Of this 250,000 stores, 80,000 will be able to integrate Coingate solutions for cryptocurrency use.
The goal, according to Coingate CEO Dmitrijus Borisenka, is to encourage adoption of cryptocurrencyies amongst people other than the tech-savvy early-adopters of cyrpto. This means that once the partnership and services are up and running, the availability of the cryptocurrency payment option in the stores will encourage others who were reluctant of buying and using crypto to get into the ever expanding crypto community.
This will involve integrating Coingate to the back-end software in Prestashop to provide a smooth user experience at the Point Of Sale (POS). Availability of such a service will also assist the crypto HOLDers who have been looking for ways and means to use their crypto in real life situations of buying of goods and services. This is particularly welcome news after the indefinite postponement of the release of Litepay.
Such HODLers have more or less the top 20 cryptocurrencies in their digital asset investment portfolio. As a result, the major coins of BTC, ETH, LTC, XRP and other Alt-coins will benefit once there is crypto adoption and circulation in trade as envisioned by the CEO of Coingate.
Perhaps this will be a precursor to the acceptance of crypto as a currency by the regulators who refuse to acknowledge them as such. One such example is the recently concluded G-20 Summit that declared crypt as assets and not currencies. This was after the governor of the Bank Of England and Head of FSB (Financial Stability Board), Mark Carney, vehemently declared that Cryptocurrencies did not pose a risk to the world economies. His statements were made on the 18th of March and resulted in a $1,000 price jump of Bitcoin (BTC) in the crypto markets.
However, the same G-20 officials have called for Crypto Regulation Recommendations by July of this year. This is in an attempt to have a unified stance by the group towards cryptocurrencies. After the meeting of the G20 Finance Ministers in Buenos Aires, the Argentinian Central Bank Chair, Frederico Sturzenegger said that the member nations had agreed that cryptocurrencies needed to be examined and more information gathered about them.
Perhaps all these news of early adoption by Coingate and Prestashop combined with the statements of the G20 officials confirm what we have been thinking all along.
That Crypto Is Here To Stay! And that It Is Unstoppable. What then is left is for other companies to adopt the digital assets as payments from consumers.
[Photo source, smartereum.com]
Follow us on Telegram