European and Asian Companies Take Steps to Boost Mass Adoption of Cryptocurrencies

Lithuania-based blockchain payment gateway CoinGate, which enables various businesses to accept Bitcoin and altcoin payments, recently signed an agreement with Prestashop, one of the world’s most popular e-commerce platforms. Prestashop is currently utilized in 270,000 stores worldwide and available in 60 different languages, Coingate has 1,500 accounts around the globe, with 50,000 users. The integration of CoinGate services into the back-end of PrestaShop platform will reach at least 80,000 EU-based merchants.     

According to CoinGate’s CEO Dmitrijus Borisenka, the gap between customers and merchants in the cryptocurrency area is still huge, while paying with cryptocurrencies is much cheaper than traditional card payments. The indisputable advantage of the project is that CoinGate protects merchants from exchange rate volatility by locking the price of Bitcoin at the moment of the purchase. Merchants who opt to receive Euro payouts from CoinGate, do not have to touch cryptocurrencies at all – CoinGate handles every stage of the process.

A similar partnership has emerged in South Korea. Crypto exchange Bithumb entered into an agreement with payment service Pay's Service, a national provider of mobile gift certificates and solutions through more than 400 domestic channels. This newly struck partnership will allow users to pay for purchases in almost 6,000 stores using cryptocurrencies. The exchange said that barcodes will be created in mobile applications, which will allow customers to make payments using their cryptocurrencies held at the exchange.   

This is a positive trend for cryptocurrencies, which may boost their reputation, as cryptocurrency critics will no longer be able to say that cryptocurrencies do not have any practical usage.