Crypto payment processors that provide payment service integrations with leading technology firms continue to be integral in the cryptocurrency space to rise in tandem with the ever-increasing prevalence of the usage of cryptocurrencies as a form of payment by merchants.
CoinGate, a leading European crypto payment gateway, announced on January 10 an integration with Wix.com (NASDAQ: WIX), which accepts crypto payments from their customers in Germany, Lithuania, Spain, and the Netherlands. As a result, German, Lithuanian, Dutch, and Spanish Wix shop owners now have access to the CoinGate e-commerce payment gateway.
Wix retailers that integrate Coingate as a payment processor may accept Bitcoin (including Lightning Network payments) and over 70 other cryptocurrencies from their clients.
All cryptocurrencies received by a business may be converted to and withdrawn in a single fiat currency, such as EUR, USD, or GBP, to mention a few.
Partnership to encourage more businesses to accept crypto
CoinGate CEO Justas Paulius believes that this partnership will inspire more businesses to take advantage of cryptocurrency markets by allowing them to serve a larger number of customers who either only use cryptocurrencies or do not have access to traditional payment methods like banks and credit cards.
“Cryptocurrencies are becoming inseparable from the realities of people’s daily lives globally. Our goal is to give all people a way to participate in global economies, regardless of whether they own a bank account or use credit cards, while providing merchants with a convenient way to serve them. I believe our partnership with Wix brings us one step closer to our goal,”
The CEO added:
“With more than 300 million cryptocurrency users around the world, having a cryptocurrency payment method in your store as an additional way to make sales might be the defining action that gives certain businesses a competitive advantage.”
Notably, despite the crypto market suffering a severe correction in 2022, CoinGate also reported on January 4 that the volume of crypto payments in eCommerce climbed over 60% in 2022.
