The emergence of bitcoin as a means of payment by retailers has coincided with the rise of crypto payment processors that offer payment service connections with major technological companies.
On January 10th, major European cryptocurrency payment gateway CoinGate announced a connection with Wix.com (NASDAQ: WIX), allowing users in Germany, Spain, Lithuania, and the Netherlands to pay using cryptocurrencies. Wix store owners in Germany, the Netherlands, Lithuania, and Spain can use the CoinGate online payment processing service.
We have partnered with @Wix to let businesses accept #crypto payments. 🎉
It adds a new payment method to the online store for customers to make payments in #Bitcoin (+ Lightning ⚡️), #Ethereum, #Litecoin, and +70 other #cryptocurrencies.
Read more: https://t.co/kTAmSLdE5K pic.twitter.com/grITg3x515
— CoinGate (@CoinGatecom) January 10, 2023
The Coingate payment gateway allows Wix merchants to accept Bitcoin (including Lightning Network payments) and more than 70 other cryptocurrencies from their customers.
All cryptocurrency the firm receives can be exchanged for and withdrawn in a single fiat currency, such as the euro, the dollar, or the pound.
Partnership to boost crypto adoption by businesses
According to Justas Paulius, CEO of CoinGate, the increased accessibility to clients who solely use cryptocurrencies or do not have access to traditional payment methods would encourage more enterprises to adopt cryptocurrencies.
With over 300 million bitcoin users globally, the CEO highlighted that accepting cryptocurrency payments in-store as an extra means to generate sales might be a significant step that offers some firms a competitive advantage.
Significantly, CoinGate announced on January 4th that eCommerce’s volume of crypto payments increased by over 60% in 2022.