Small businesses contribute significantly to the overall economy of any country. Many of these businesses have already begun accepting cryptocurrency payments, and the added payment transaction option improves lead conversion and revenue generation.
We’ll be exploring how crypto payment gateways work and how Unbanked is leading the way with its unique solutions.
What Is a Crypto Payment Gateway?
Third-party payment processors that deal with digital assets and cryptocurrencies, primarily Bitcoin and Ether, are called crypto payment gateways. Service providers are critical to the current crypto landscape because they accelerate the global adoption of crypto assets.
Volatility had been a barrier to widespread cryptocurrency adoption among business merchants. This reduces the utility of cryptocurrency among users because even the most ardent crypto enthusiast has few options. This is primarily why crypto payment gateways are important at the moment, as they allow merchants to use cryptocurrency as a payment method without the need for crypto wallets or crypto-fiat conversion tools.
The most appealing aspects of digital assets for crypto traders are their novelty and high volatility. On the other hand, existing businesses may regard the same features as worthless. The primary reasons crypto is considered a risky business option are the rapid variation in their valuations due to volatility and legal status. However, things are changing, and they are changing quickly.
The mainstream acceptance of cryptocurrencies as a viable alternative currency is clear, with most countries lifting crypto-related bans. Some countries have even declared Bitcoin legal tender (El Salvador and CAR). Several leading countries have stated their intention to allow the use of cryptocurrency once a proper regulatory framework is in place.
Breaking the crypto adoption barrier with Unbanked
Unbanked is a global fintech solution built on the blockchain. By fusing traditional business, fintech, and banking systems with blockchain infrastructure, Unbanked increases the use of cryptocurrencies for everyday transactions and investments. It is founded on the idea that having access to and control over one’s finances are essential human rights. The business provides a range of highly personalized financial products that let the banked, unbanked, and underbanked design a financial experience that is as distinctive as their lives.
Recently, Unbanked and MasterCard announced their collaboration to offer card services that let users spend their digital assets through this authorized program. European citizens can register for a user account at Unbanked.com, deposit cryptocurrency, and, if accepted, receive a card to spend their digital assets.
Unbanked cardholders have access to 15 different cryptocurrencies, including BTC, ETH, UNI, XLM, and UNBNK, to fund their user accounts. The ability to convert cryptocurrency to fiat in real-time at businesses that accept cards is provided by a cryptocurrency-backed card issued by Moorwand. The card provides distinctive financial, payment, and cryptocurrency services that facilitate cardholders’ use of and access to virtual currencies.
Unbanked, founded in 2018, serves hundreds of thousands of customers and is financially supported by a community of investors who are also product users. Unbanked takes pride in its security, privacy, and compliance, and its platform is intended to accelerate the global adoption of cryptocurrencies.
Web3 brands such as Litecoin Foundation, Nexo, StormX, Stacks, and other leading crypto companies use Unbanked’s infrastructure. With this expansion, all Unbanked partners can offer their card programs to residents of the United Kingdom and parts of Europe.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.