Crypto adoption is on the rise with an increasing number of startups looking to make the use of digital currencies in everyday life much more comfortable than it has been so far.
Despite being more volatile than fiat, Bitcoin has seen a whole gamut of merchants begin to accept it as a payment method.
merchants warm up to the idea of Bitcoin and cryptocurrencies, a new project has launched in Europe that aims to make paying for coffee as easy as scanning a QR-code at the point-of-sale terminal.
Cyclebit to make crypto readily spendable
Tech startup Cyclebit has launched a simple project that could see cryptocurrencies become readily spendable in several locations around the world.
The objective is to make it easier for convenience stores and online shops to accept payments made in digital currencies by becoming “cryptocurrency gateways.” The firm hopes this will attract crypto users, enticing them into either buying or spending their cryptocurrencies.
Cyclebit’s idea has quickly gained traction, with over 200k point-of-sales earmarked for imminent roll-out. The crypto startup has also integrated with several businesses in the SEA region as well as South Korea and Europe.
News published in Spanish outlets say that the Cyclebit system is all ready for launch in Nostrum, with a chain of about 130 coffee shops across Spain expected to begin accepting and selling Bitcoin.
Most startups struggle when it comes to launching their products due to lack of access to a working ecosystem.
Cyclebit has surmounted this challenge by accessing the services of Ibox- an established omnichannel payment platform with over $1 billion in annual turnover.
The ambitious startup has set its sights on making it possible for every point-of-sale device to accept crypto payments. The firm’s team has had comprehensive experience in the payments market, having been part of units that have built large payment networks.
The Cyclebit platform will provide merchants with a free “ready-to-install” and customizable app designed for both iOS and Android systems. The app makes it possible for the merchant to accept payments made from a crypto wallet or traditional bank account.
The startup has said that the mobile app will help it access new revenue, and that that it expects to release integration protocols to be used at online and mobile stores.
Why is Cyclebit important?
Every startup boasts of having a solution that will transform this or that sector of the crypto industry or global economy.
That is not any different with Cyclebit, whose white paper, states that the platform’s infrastructure has the potential to, finally, reduce cryptocurrency volatility as seen in today’s market.
The whole argument rests on the fact that having easy ways of using crypto to make payments can help the digital asset class switch from being used by enthusiasts to becoming a global financial asset. With mass ownership in place, there would be no massive price fluctuations.
According to Cyclebit, the majority of shoppers find making payments using crypto quite “prohibitively complex” and thus end up stuck with legacy payment methods.
However, the firm believes that they have the experience to make crypto payments accessible and user-friendly.
Cyclebit says that its approach will change cryptocurrency and make paying with crypto “convenient” and remove the “skill gap” for merchants as well as customers. The platform says:
“The idea is to make the purchasing and payment experience close to already existing well-known procedures for credit cards or contactless payments.”
Saying that crypto payments are gaining momentum, Cyclebit hopes to develop an ecosystem that would support several cryptocurrencies. At the moment, Cyclebit wants to see the use of bitcoin to pay for cappuccinos beginning what would be the eventual mainstream adoption of crypto assets.