CoinGate has announced the start of crypto payment solutions for e-commerce merchants that are based on Wix.
The crypto payments platform will introduce more than 70 cryptocurrency options, including bitcoin (BTC) and ethereum (ETH), to Wix users to pay for goods and services.
CoinGate advances in electronic commerce
The crypto payment platform, CoinGate, has announced plans to introduce crypto payment solutions to developers, merchants, and customers at Wix. As part of the package, Wix users will enjoy buying and selling goods and services through crypto payments integrated into the platform by CoinGate.
The digital asset payment platform will allow Wix users to collect, process and convert cryptocurrencies to fiat currencies and vice versa.
By default, CoinGate has used the Bitcoin Lightning Network (BLN), a layer in the bitcoin ledger that capitalizes on micropayment flows to scale the bitcoin blockchain. BLN allows the blockchain to efficiently and effectively perform transactions that would otherwise suffer from slow transaction speeds and high gas fees.
CoinGate will also allow reverse transactions in the case of redemption orders paid through the platform in digital assets. According to the blog, the crypto payment gateway will initially offer the service to Wix users in Germany, Lithuania, and the Netherlands before rolling out the service to all other parts of the world.
As e-commerce grows, the demand for crypto payment gateways like CoinGate continues to rise. Industry use of fiat currencies continues to deteriorate as cryptocurrencies offer cheaper and faster transactions than transactions involving central bank-issued currencies.
Crypto spending is at its peak despite bearish sentiments
The crypto gateway’s expansion into e-commerce reinforces data released by CoinGate on Jan. 4, revealing a rise in crypto payments in 2022 despite the prevailing crypto winter since the start of the year.
CoinGate began processing crypto payments in 2014, and since then online merchants have received more than 2.5 million different payment transactions for goods and services.
Remarkably, 2022 saw the most transactions settling at 927,294, an increase of 63% over the previous year despite experiencing the worst crypto winter ever. This indicates that cryptocurrencies are gaining utility in finance, despite being considered highly speculative assets.
