CoinGate offers crypto payment solutions for Wix
CoinGate has announced the launch of a crypto payment solution for Wix-based e-commerce merchants.
The crypto payment platform will offer more than 70 cryptocurrency options, including bitcoin (BTC) and ethereum (ETH), to Wix users to pay for goods and services.
CoinGate is making moves in e-commerce
Crypto payment platform CoinGate has announced plans to offer crypto payment solutions to developers, merchants and customers on Wix. As part of the package, Wix users will enjoy buying and selling goods and services using crypto payments built into the platform by CoinGate.
The digital asset payment platform will allow Wix users to collect, process and convert cryptocurrency into fiat and vice versa.
By default, CoinGate used the Bitcoin Lightning Network (BLN), a layer in the bitcoin ledger that leverages micropayment streams to scale the bitcoin blockchain. BLN allows the blockchain to efficiently and effectively process transactions that would otherwise suffer from lower transaction speeds and higher 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 expanding the service to other parts of the world.
With the growth of e-commerce, the demand for crypto payment gateways such as CoinGate continues to increase. The use of fiat currencies in the industry continues to decline as cryptocurrencies offer cheaper and faster transactions than transactions involving central bank issued currencies.
Cryptocurrency spending has peaked despite the bearish sentiment
The expansion of the e-commerce cryptocurrency portal reinforces data released by CoinGate on Jan. 4, which reveals a sudden increase in crypto payments in 2022 despite the crypto winter since the beginning of the year.
CoinGate started processing crypto payments in 2014, and since then, online merchants have received more than 2.5 million different payment transactions for goods and services.
Surprisingly, 2022 with the highest number of transactions settled at 927,294, a 63% increase over the previous year despite suffering the worst crypto winter in history. This indicates that cryptocurrencies are gaining interest in financing, despite being considered highly speculative assets.