The cryptocurrency payment gateway for European merchants, Coingate in Vilnius, is tying up with Paris-based Prestashop, which is an open source e-commerce solution. The collaboration could bring more choices for people interested in investing into cryptocurrency which may also encourage cryptocurrency adoption in the coming times.
Coingate CEO, 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.”
The said alliance between the two companies is expected to reach out to an estimated 80,000 European merchants. The idea is to weave Coingate into Prestashop’s backend, providing users with a smooth experience.
Mr. Borisenka continued,
“There is an entire new market of people who own all kinds of cryptocurrencies and are looking for ways to spend them,” Mr. Borisenka continued, “but the gap between customers and merchants in this sphere is still huge. It is therefore crucial to educate and encourage businesses to adopt a forward-thinking attitude and to overcome the prevailing misconceptions that surround cryptocurrencies.”
Partnership to limit volatility
The team, after tying up with Coingate, promises merchants a payment module capable of installation in “a few clicks.” These are meant to back bitcoin cash, bitcoin core, and nearly 50 other cryptocurrencies. For merchants, it’s a single payment solution casting a wide crypto net. Moreover, payments come in a single currency of the merchant’s choice.
Mr. Borisenka assured,
“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.”
To fix the volatility issue, settlements will be made in Euros real-time the next day. Both companies are have exemplar expertise in payment and cryptocurrency sectors. Coingate has 1,500 accounts around the globe, 50,000 users, and monthly revenue around €10 million.
At the same time, Prestashop has been in the market for a little more than a decade, and has evolved into an open source platform with more than a quarter million online stores in nearly two hundred countries.
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