There is a promising move towards mainstream adoption as Prestashop and Coingate are teaming up to pave the way for around 80,000 merchants in Europe to accept cryptocurrencies. This arrangement will allow consumers to pay for services and goods at any e-store that utilizes the e-commerce software solutions of Prestashop. They may use Dash, Ripple, Litecoin, Ether, Bitcoin and 50 other altcoins that the payment provider accepts.
Prestashop and Coingate
Coingate is Lithuania-based, and it is a cryptocurrency payment gateway that allows various businesses to accept altcoins and Bitcoins as payment. People who use this service may purchase cryptocurrencies from the website of Coingate through credit cards, debit cards, mobile phone credit and bank transfers. People who use this may sell their coins to Coingate as an exchange for the Euros. Aside from the big five, the platform also has notable alternative currencies like the Reddcoin, Bitcoin Cash, Dogecoin, Bitcoin Gold, among others.
The open-source e-commerce solution based in Paris is Prestashop. As of the moment, people may use it in 270,000 stores all over the world, and it is also available in 60 different languages. Eighty thousand of these 270 thousand stores may be able to integrate Coingate solutions as a cryptocurrency.
According to Coingate CEO Dmitrijus Borisenka, their goal is to encourage the adoption of cryptocurrencies among a mainstream clientele. They hope that once the services and partnership are up and running, the cryptocurrency payment option will be available in all stores. These people also hope that this will encourage non-traditional users to become involved in the cryptosphere.
Here is Borisenka’s explanation:
The encouragement of adoption among people who are beyond the tech-savvy early-adopters may be one of their biggest priorities. It is ideal to use Prestashop as the base for small to medium stores that may use cryptocurrencies as an accessible and innovative payment method. This option may be so much cheaper than the traditional card payments, and they may also have promotional benefits that the Bitcoin tag also carries.
There may be a whole new market of people who have different types of cryptocurrencies, and they are searching for ways on how to spend them. However, there may be a gap between the merchants and the customers in this sphere that may still be significant. Therefore, it is essential to encourage and educate businesses to adopt an attitude that is forward thinking, so they will be able to overcome the misconceptions that surround the cryptocurrencies.
When a person sets up an account with Coingate, the team promises a payment process to merchants that are capable of installation within just a few clicks. It has an added feature that in the settlement, despite what coin the consumer will pay in, payments will come to the merchants in any currency they choose. It may be fiat or otherwise. Settlements may occur in Euros real-time the following day. It shows that there is the issue of volatility when people deal with cryptocurrencies as of the moment.
According to Borisenka, it is safe to accept cryptocurrencies as a way of payment. It is essential to protect our merchants from the risks of exchange rate volatility through locking the price of the Bitcoin after buying it. Merchants who choose to get Euro payments from us may not have to touch the cryptocurrencies at all. We will be the ones who will handle every stage of the process.
Both of the companies have enough experience in both the cryptocurrency and global payment sectors. As of the moment, Coingate has around 1,500 accounts all over the world. It has 50 thousand users, and their monthly revenue is at approximately $12 million. Prestashop is present since 2007, and it has evolved as an open-source platform that more than 270 thousand merchants from almost 200 countries use.