Wix and CoinGate announce their partnership. And it promises. The news will delight those who are worried about winter and whose low temperatures do not seem to be affected by climate change.
Coingate X Wix
Announced on January 10, the association between Wix and CoinGate marks the increasingly dynamic progress of the adoption of cryptocurrencies as a legitimate means of payment with merchants, especially e-commerce sites.
Coingate, one of the largest payment service providers in Europe, announced the integration of its services with NASDAQ-listed website giant Wix.com Ltd; by extension, therefore, to all Wix-based e-commerce sites.
In practice, this will allow Dutch, German, Spanish and Lithuanian traders to receive payments from its customers in crypto-assets. A news that seems to demonstrate that the ecosystem is not at half mast despite the costly adventures of 2022. As for the other European citizens, it will probably be necessary to wait for the entry into force of the MICA regulation, scheduled for 2024.
For those wondering, merchants associated with CoinGate can obviously choose to receive euros or dollars for a payment made by one of their customers, for example in Bitcoin.
Here, the process is the same as for bank cards issued by the association of cryptocurrency exchange platforms such as Binance or Crypto.com with payment providers Visa or Mastercard. Specifically, the cryptoassets paid by the consumer through his crypto card or his CoinGate account, whether ETH, BTC or BNB to name but a few, these will be almost instantaneously converted into fiat money, then transferred to the trader, in Euros, Dollars or Sterling, as he pleases.
Justas Paulius bets on the growing adoption of cryptocurrency payments
The young Lithuanian luminary of the crypto ecosystem, Justas Paulius, CEO of CoinGate – European champion of payment services – founds the hope that this partnership with Wix and therefore the merchants who use the latter’s web services, can inspire more and more merchants so that their products are available for people who exclusively use crypto-assets or for those who, for various reasons, do not have access to traditional payment services such as banks and their credit cards.
Justas Paulius said when announcing the partnership:
“Cryptocurrencies are gradually becoming inseparable from people’s daily lives globally. Our mission is to open the doors of the global economy to everyone, whether or not they have a bank account and use credit cards, while also providing merchants with an easy way to deliver their products to them. And I believe our partnership with Wix is a step closer to achieving that goal.”
“Considering that the world now has more than 300 million cryptocurrency users, enabling this means of payment when you’re a merchant could be the key to a decisive competitive advantage.“
Also, it is worth noting that, in its R&D report released on Jan. 4, CoinGate discloses huge results in the eyes of investors. In fact, the company can boast that e-commerce sites using their services received 927,294 payments in cryptocurrencies last year; a 63% increase compared to 2021. This means that a transaction is made every 34 seconds by CoinGate. Nothing less.
As a thing, the crypto winter is invigorating: it reveals the weaknesses that deserve to be corrected, punishes those who evade the most basic rules of trust and consolidates the actors whose technological, economic, numerical and iron foundations harden in the winter frost.