Yesterday, CoinGate, the cryptocurrency payment processor announced that it now supports XRP payments on over 4,500 stores. These service would allow merchants to sell products or services and receive payments in cryptocurrencies rather than fiat money. If a merchant has a product worth $10 to sell for example, CoinGate will make it possible for users to pay in cryptocurrencies by contacting different exchanges. The payment processor will determine how much the client will have to pay in cryptocurrencies allowing the customer to make the cryptocurrency payment.
So far, CoinGate provides the service for Bitcoin and 50 other cryptocurrencies. XRP is the latest in the list. If the client chooses Bitcoin as the preferred payment method, CoinGate will provide an option for making the payment through the Bitcoin Lightning Network. The payment processor takes about 1% for providing the service.
CoinGate Payment Gateway For Merchants
The payment processor, CoinGate offers four types of merchant integration. The most common is a PoS mobile app that is available for Android and iOS devices. The app accepts cryptocurrency payments in retail businesses. Another available option is the CoinGate cryptocurrency payment plugins that can be integrated in different e-commerce sites. The third is a merchant payment API that offers full automation for accepting LTC, BTC, and now XRP among other coins. It provides unique addresses for the platforms, a tracking platform for viewing payment history and real-time exchange rates from top exchanges. The fourth integration method is a payment button for cryptocurrencies that can be placed on the website of the merchant.
During the announcement, CoinGate said that it decided to add XRP because there has been a high demand for the integration of the token in the community. Adding XRP to the list allows members of the XRP community to use the coin for payment in over 4,500 shops online. The announcement also stated that merchants who use CoinGate as their chosen cryptocurrency payment processor will be able to instantly settle payments in BTC, EUR, ETH after they’ve received payments in XRP. They can also decide to hold it.
In the blog post, the company also talked about the long standing debate on XRP’s decentralization. The post stated:
“There are many people in the cryptocurrency community who believe that XRP isn’t decentralized. This is mainly because a significant portion of the XRP in circulation is controlled by a single entity: Ripple. On reality, this isn’t the case. There are ongoing strategies that will push XRP to a new level of decentralization as the ledger reaches different stages of development. There will be more third party validators involved in the transaction verification process of the ledger. Two secure nodes will be available for each while the nodes that are controlled by developers will be removed. This will not just make the network more decentralised but it will make it more scalable as well. We are running our own node validator to further promote the decentralization of the XRP network.”
Interested users can now purchase XRP through one of the methods its supports which include bank transfers, debit card payments, or credit card payments. Hopefully, this will boost the adoption of the XRP token on a global scale.
Do you think XRP will get a boost in adoption because it has been added to the list of CoinGate cryptocurrencies?