CoinGate has announced the inception of crypto payment solutions for e-commerce merchants building on Wix.
CoinGate makes moves in e-commerce
Crypto payment platform, CoinGate, has announced plans to introduce 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 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 Bitcoin Lightning Network (BLN), a layer on the bitcoin ledger that capitalizes on micropayment streams to scale bitcoin’s blockchain. BLN allows the blockchain to conduct transactions efficiently and effectively that would otherwise suffer from low transaction speeds and high gas fees.
CoinGate will also allow reverse transactions in the case of refund 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 Netherlands before extending the service to all other parts of the world.
As e-commerce grows, the demand for crypto payment gateways like CoinGate continues to increase. The use of fiat currencies in the industry 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 expansion to e-commerce reinforces data released by CoinGate on Jan.4, revealing a spike increase in crypto payments in 2022 despite the crypto winter reigning since the year began.
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 recorded the highest number of transactions settling at 927,294, a 63% increase from the previous year despite experiencing the worst crypto winter in history. This indicates that cryptocurrencies are gaining utility in finance, despite being considered highly speculative assets.