Dominyka is a Copywriter at CoinGate. During her career as a copywriter, journalist, and communication specialist, she had the opportunity to handle a wide range of topics, from human rights to lifestyle articles, technology, and now crypto. She sees the importance of new technologies spread and a need for educational and usable content.

Vilius is a seasoned copywriter and bitcoin enthusiast specializing in blockchain and cryptocurrency topics. He's been with CoinGate since 2018, writing blogs, social media content, sales materials, newsletters, FAQs, and more. He's relentless in pursuing knowledge and a better understanding of the crypto industry, which helps him create meaningful and engaging content every day.

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We are thrilled to let you know that we are adding yet another payment option for our merchants, and this time it’s a big one! Due to very popular demand by the community, our next cryptocurrency on the list – XRP!



<div class="wp-block-image"><figure class="aligncenter"><a href="https://wp-blog-assets.coingate.com/2019/02/XRP-f.png"><img loading="lazy" width="1024" height="535" src="https://wp-blog-assets.coingate.com/2019/02/XRP-f-1024x535.png" alt="Accept XRP as a currency" class="wp-image-2610" srcset="https://wp-blog-assets.coingate.com/2019/02/XRP-f-1024x535.png 1024w, https://wp-blog-assets.coingate.com/2019/02/XRP-f-150x78.png 150w, https://wp-blog-assets.coingate.com/2019/02/XRP-f-300x157.png 300w, https://wp-blog-assets.coingate.com/2019/02/XRP-f-768x401.png 768w, https://wp-blog-assets.coingate.com/2019/02/XRP-f-860x449.png 860w, https://wp-blog-assets.coingate.com/2019/02/XRP-f-680x355.png 680w, https://wp-blog-assets.coingate.com/2019/02/XRP-f-500x261.png 500w, https://wp-blog-assets.coingate.com/2019/02/XRP-f-400x209.png 400w, https://wp-blog-assets.coingate.com/2019/02/XRP-f-200x105.png 200w, https://wp-blog-assets.coingate.com/2019/02/XRP-f-50x26.png 50w, https://wp-blog-assets.coingate.com/2019/02/XRP-f.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure></div>



As a result, XRP coin owners can now use it as a means of payment at more than 4,500 shops online! Whether you want to purchase a VPN, video game or <a href="https://coingate.com/blog/post/lightning-network-payments-launched-pilot" target="_blank" rel="noreferrer noopener">anything else</a>, you are more than welcome to do that!



We are happy to cater to the huge XRP community and vastly expand the use cases of this digital asset. By being one of the first payment gateways that process XRP natively, we hope to significantly boost its utility.



For our merchants, it is also quite a huge deal as currently, XRP falls into a category of the largest cryptocurrency markets according to capitalization. Hence, it makes us confident that this integration will definitely bring more customers to our merchants rather soon.



Once our vendors will start getting XRP payments, they will have an option to instantly settle the revenue in Euros, Bitcoin, Ether, or keep the funds in XRP – whichever they prefer!



<h2>Not like all cryptos: XRP briefly</h2>



<div class="wp-block-image"><figure class="aligncenter"><a href="https://wp-blog-assets.coingate.com/2019/02/xrp-validator.jpg"><img loading="lazy" width="588" height="615" src="https://wp-blog-assets.coingate.com/2019/02/xrp-validator.jpg" alt="CoinGate xrp validator" class="wp-image-2611" srcset="https://wp-blog-assets.coingate.com/2019/02/xrp-validator.jpg 588w, https://wp-blog-assets.coingate.com/2019/02/xrp-validator-143x150.jpg 143w, https://wp-blog-assets.coingate.com/2019/02/xrp-validator-287x300.jpg 287w, https://wp-blog-assets.coingate.com/2019/02/xrp-validator-500x523.jpg 500w, https://wp-blog-assets.coingate.com/2019/02/xrp-validator-400x418.jpg 400w, https://wp-blog-assets.coingate.com/2019/02/xrp-validator-200x209.jpg 200w, https://wp-blog-assets.coingate.com/2019/02/xrp-validator-50x52.jpg 50w" sizes="(max-width: 588px) 100vw, 588px" /></a></figure></div>



Worth noting that XRP is not your ordinary cryptocurrency. The XRP ledger, also known as “ledger history”, has multiple validators around the globe that maintain the network by confirming every change using the Ripple protocol consensus algorithm (RPCA). As long as all nodes agree on the same thing, transactions are good to go. Since all XRP tokens are pre-mined, such protocol structure results in quick verification times and, most importantly, secure and costless payments.



Some might say that the network is not completely decentralized because at first, the significant part of servers was controlled by a single company. However, this is not the really the case. In fact, there is an ongoing <a style="color: #000000;" href="https://ripple.com/insights/how-we-are-further-decentralizing-the-ripple-consensus-ledger-rcl-to-bolster-robustness-for-enterprise-use/" target="_blank" rel="noopener">decentralization strategy</a> in place for the further stages of XRP ledger development. Basically, XRP ledger will have even more 3rd party validators joining the club. For each two trusted and highly secure nodes, one node run by developers will be removed. It will further decentralize the network and scale it to better performance at the same time.



In fact, to further accelerate the decentralization of the XRP network, <a style="color: #ff6600;" href="https://ripplecoinnews.com/coingate-crypto-payment-finally-hit-xrp-ledger-validator-process" target="_blank" rel="noopener">we are now running our own XRP Ledger validator</a>!



<h2>What is XRP ledger for?</h2>



<div class="wp-block-image"><figure class="aligncenter"><a href="https://wp-blog-assets.coingate.com/2019/02/xrp-for-payments.jpg"><img loading="lazy" width="408" height="439" src="https://wp-blog-assets.coingate.com/2019/02/xrp-for-payments.jpg" alt="xrp ledger" class="wp-image-2612" srcset="https://wp-blog-assets.coingate.com/2019/02/xrp-for-payments.jpg 408w, https://wp-blog-assets.coingate.com/2019/02/xrp-for-payments-139x150.jpg 139w, https://wp-blog-assets.coingate.com/2019/02/xrp-for-payments-279x300.jpg 279w, https://wp-blog-assets.coingate.com/2019/02/xrp-for-payments-400x430.jpg 400w, https://wp-blog-assets.coingate.com/2019/02/xrp-for-payments-200x215.jpg 200w, https://wp-blog-assets.coingate.com/2019/02/xrp-for-payments-50x54.jpg 50w" sizes="(max-width: 408px) 100vw, 408px" /></a></figure></div>



XRP ledger is well optimized for casual everyday payments, however, it is also used for facilitating international money transfers, as well as sourcing liquidity for banks and money service businesses. It becomes especially useful service when making a cross-border payment that includes currency conversion. And sometimes, there is no direct way to convert one currency to another. Thus, big companies start to avail of such XRP-powered solutions like <a style="color: #000000;" href="https://cryptocurrencyfacts.com/xrapid-explained/" target="_blank" rel="noopener">xRapid</a>, minimizing commission costs significantly.



xRapid is a service that provides the solution for institutions to conveniently perform foreign fiat exchanges using XRP token. As a result, payments on XRP ledger go through with no delays at all. On top of that, it dramatically lowers the cost of conversion, making traditional cross-border payments via banks and money transfer services instant and inexpensive.



As of now, a number of big companies have already confirmed they are going to use xRapid to improve their services, <a style="color: #ff6600;" href="https://www.coindesk.com/euro-exim-bank-taps-ripples-xrapid-for-cross-border-settlements" target="_blank" rel="noopener">such as the Exim bank</a>. All in all, it seems like the ledger <a style="color: #000000;" href="https://oracletimes.com/ripple-over-swift-euro-exim-bank-starts-using-xrapid-for-cross-border-payments-after-a-transaction-gets-lost-on-swift/" target="_blank" rel="noopener">continues to challenge</a> the outdated SWIFT payment system, which is considered to be its biggest rival.



<h2>Benefits of using XRP coin</h2>



Even though XRP products tend to be more focused on companies, nothing stops regular users from making use of it by conveniently transferring value anywhere in the world. It is not surprising as payments made in XRP settle in just 4 seconds, while the whole network is capable of sustaining +1,500 transactions per second.



<div class="wp-block-image"><figure class="aligncenter"><a href="https://wp-blog-assets.coingate.com/2019/02/xrp-banner.png"><img loading="lazy" width="1024" height="182" src="https://wp-blog-assets.coingate.com/2019/02/xrp-banner-1024x182.png" alt="xrp ledger benefits" class="wp-image-2613" srcset="https://wp-blog-assets.coingate.com/2019/02/xrp-banner-1024x182.png 1024w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner-150x27.png 150w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner-300x53.png 300w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner-768x137.png 768w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner-1680x299.png 1680w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner-1240x221.png 1240w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner-860x153.png 860w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner-680x121.png 680w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner-500x89.png 500w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner-400x71.png 400w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner-200x36.png 200w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner-50x9.png 50w, https://wp-blog-assets.coingate.com/2019/02/xrp-banner.png 1697w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure></div>







But what is more important is that the payments with XRP cost less than a fraction of penny – $0.00001, to be exact. The excellent performance and undeniable convenience make the ledger a sound tool for executing casual payments globally. That is the main reason why we chose XRP for our next big step in development.



With us launching the XRP support, we open up opportunities for XRP to reach far outside its own ecosystem into bigger markets. At the same time, it allows the community to utilize the token in more ways than ever before.



<h3>In need of XRP?</h3>



As an addition to all of it, we started to offer some more XRP-related services.



Now, you can also buy XRP via CoinGate using one of our supported methods. For example, you are able to purchase it using SEPA bank transfer or QQPay via CoinGate dashboard. However, if you do not wish to bother with registration, there are alternative methods to achieve the same.



One way is to <a style="color: #000000;" href="https://buy.coingate.com/" target="_blank" rel="noopener">buy XRP with a credit/debit card</a>. It is a very simple procedure that only requires a quick KYC check-up. Just provide your receiving XRP address, enter your credentials and proceed to checkout!



With that said, we believe XRP can become a huge player in the payments industry, and not only for businesses. We are here to facilitate and accelerate the adoption of all cryptocurrencies out there that offer valid solutions, allowing us to contribute to the advancement their technology in the process.



Keep an eye out for more articles about XRP, because there is always going to be more! Soon, we will review best XRP wallets, as well as ways how to pay using them. Don’t miss anything! Subscribe to our blog by entering your email address at the bottom of a page!

We are thrilled to let you know that we are adding yet another payment option for our merchants, and this time it’s a big one! Due to very popular demand by the community, our next cryptocurrency on the list – XRP!

CoinGate enables native XRP payment option for merchants

CoinGate provides a list stores that accept Bitcoin, Ether, Litecoin, Nano, TRON and numerous other Altcoins as a payment for PC, PS4 and Xbox video games.

Buy video games with Bitcoin (and altcoins) for PC and consoles

CoinGate kicked off the year with a bang, launching both TRON payment support and the Litening Network. With the intention to keep up the good pace, we present yet another native crypto integration to our payment gateway this year! This time, our very first stablecoin – Dai!
<a class="keychainify-checked" href="https://wp-blog-assets.coingate.com/2019/01/dai-fix.png"><img loading="lazy" class="aligncenter size-large wp-image-2586" src="https://wp-blog-assets.coingate.com/2019/01/dai-fix-1024x535.png" alt="Dai stablecoin coingate" width="1024" height="535" srcset="https://wp-blog-assets.coingate.com/2019/01/dai-fix-1024x535.png 1024w, https://wp-blog-assets.coingate.com/2019/01/dai-fix-150x78.png 150w, https://wp-blog-assets.coingate.com/2019/01/dai-fix-300x157.png 300w, https://wp-blog-assets.coingate.com/2019/01/dai-fix-768x401.png 768w, https://wp-blog-assets.coingate.com/2019/01/dai-fix-860x449.png 860w, https://wp-blog-assets.coingate.com/2019/01/dai-fix-680x355.png 680w, https://wp-blog-assets.coingate.com/2019/01/dai-fix-500x261.png 500w, https://wp-blog-assets.coingate.com/2019/01/dai-fix-400x209.png 400w, https://wp-blog-assets.coingate.com/2019/01/dai-fix-200x105.png 200w, https://wp-blog-assets.coingate.com/2019/01/dai-fix-50x26.png 50w, https://wp-blog-assets.coingate.com/2019/01/dai-fix.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></a>From this day forward, all merchants that use CoinGate services can expect some new customers as they now accept stablecoin Dai as a payment option, among others. It goes vice versa – Dai owners are now able to spend it at more than 4,500 of our online vendors! Whether you wish to buy something like a video game, or <a class="keychainify-checked" style="color: #ff9900;" href="https://coingate.com/blog/post/web-hosting-accept-bitcoin-crypto">web hosting</a>, or wristwatch, or <a class="keychainify-checked" style="color: #000000;" href="https://coingate.com/blog/post/lightning-network-payments-launched-pilot">anything else</a>, now you definitely can.
As an addition, our merchants can now make a choice. They can instantly settle all the collected revenue from cryptocurrencies to Euros, or they can choose to keep some or all native coins, which also includes stablecoin Dai. Who knows, you might just find it extremely useful.
But first, what is “stablecoin” exactly?
<h2 style="text-align: justify;">The purpose of Dai</h2>
Stablecoins are cryptocurrencies designed to significantly reduce price volatility. Dai, the very first stablecoin on our payment gateway, stands out because it is asset-backed and fully decentralized. The value of Dai is supported by the value of the collateral that supports the currency. It successfully managed to maintain it’s peg even during the most volatile times in 2018. 

<figure id="attachment_2579" aria-describedby="caption-attachment-2579" style="width: 1024px" class="wp-caption aligncenter"><a class="keychainify-checked" style="color: #000000;" href="https://wp-blog-assets.coingate.com/2019/01/image.png"><img loading="lazy" class="size-large wp-image-2579" src="https://wp-blog-assets.coingate.com/2019/01/image-1024x439.png" alt="Dai price coingate" width="1024" height="439" srcset="https://wp-blog-assets.coingate.com/2019/01/image-1024x439.png 1024w, https://wp-blog-assets.coingate.com/2019/01/image-150x64.png 150w, https://wp-blog-assets.coingate.com/2019/01/image-300x129.png 300w, https://wp-blog-assets.coingate.com/2019/01/image-768x329.png 768w, https://wp-blog-assets.coingate.com/2019/01/image-1240x531.png 1240w, https://wp-blog-assets.coingate.com/2019/01/image-860x369.png 860w, https://wp-blog-assets.coingate.com/2019/01/image-680x291.png 680w, https://wp-blog-assets.coingate.com/2019/01/image-500x214.png 500w, https://wp-blog-assets.coingate.com/2019/01/image-400x171.png 400w, https://wp-blog-assets.coingate.com/2019/01/image-200x86.png 200w, https://wp-blog-assets.coingate.com/2019/01/image-50x21.png 50w, https://wp-blog-assets.coingate.com/2019/01/image.png 1288w" sizes="(max-width: 1024px) 100vw, 1024px" /></a><figcaption id="caption-attachment-2579" class="wp-caption-text">Dai price in USD. Price spikes are corrected by liquidating a portion of smart contracts</figcaption></figure>
However, volatile cryptocurrency markets remain an issue for many. The impact of occasional price swings widened the gap between crypto users and merchants. As a result, people are more likely to spend their cryptocurrency when prices are high. On the other hand, merchants hesitate if they should accept cryptocurrency in the first place when it can easily drop 20% and more in a day.
Even though there are payment processing services like ours that can instantly settle merchants’ revenue in Euros, the stereotypes about high crypto volatility persist. And that is exactly what stablecoins like Dai aim to change.
<h2 style="text-align: justify;">How does Dai work?</h2>
Created by the <a class="keychainify-checked" style="color: #000000;" href="https://makerdao.com/en/">Maker project</a>, Dai is essentially an ERC20 token on the Ethereum blockchain. The asset itself acts as a collateral-backed loan against Ether. You can create the stablecoin on the Maker platform using unique smart contracts that issue or burn Dai, depending whether you want to create (in other words, borrow) it, or repay the loan and redeem you collateral, removing Dai from a total supply in the process.
Anyone can create Dai if they want to. However, there are plenty of Dai available for purchase on exchanges that you can use without the need to put up your own crypto for collateral.
It is one of the rare stablecoins that is not backed by any centralized authority. Instead, it depends on the assets backing the currency and the community to maintain its value, providing various incentives for the participants of the network.
<figure id="attachment_2585" aria-describedby="caption-attachment-2585" style="width: 1024px" class="wp-caption aligncenter"><a class="keychainify-checked" href="https://wp-blog-assets.coingate.com/2019/01/why-dai-fix.png"><img loading="lazy" class="size-large wp-image-2585" src="https://wp-blog-assets.coingate.com/2019/01/why-dai-fix-1024x535.png" alt="Dai stablecoin" width="1024" height="535" srcset="https://wp-blog-assets.coingate.com/2019/01/why-dai-fix-1024x535.png 1024w, https://wp-blog-assets.coingate.com/2019/01/why-dai-fix-150x78.png 150w, https://wp-blog-assets.coingate.com/2019/01/why-dai-fix-300x157.png 300w, https://wp-blog-assets.coingate.com/2019/01/why-dai-fix-768x401.png 768w, https://wp-blog-assets.coingate.com/2019/01/why-dai-fix-860x449.png 860w, https://wp-blog-assets.coingate.com/2019/01/why-dai-fix-680x355.png 680w, https://wp-blog-assets.coingate.com/2019/01/why-dai-fix-500x261.png 500w, https://wp-blog-assets.coingate.com/2019/01/why-dai-fix-400x209.png 400w, https://wp-blog-assets.coingate.com/2019/01/why-dai-fix-200x105.png 200w, https://wp-blog-assets.coingate.com/2019/01/why-dai-fix-50x26.png 50w, https://wp-blog-assets.coingate.com/2019/01/why-dai-fix.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></a><figcaption id="caption-attachment-2585" class="wp-caption-text">Benefits of using Dai</figcaption></figure>
The value of Dai always remains stable as it is controlled by modifying incentives for holding or borrowing it. For example, if Dai price goes below $1 USD mark, it becomes more expensive to create it. On the other hand, if the price goes above the mark, the cost of creating new Dai reduces.
We could go really in-depth here, but from this point on, the underlying technology gets super complicated. However, if you are curious enough, we suggest peaking at the <a class="keychainify-checked" style="color: #000000;" href="https://makerdao.com/en/whitepaper/">Dai whitepaper</a>. WARNING: it is really geeky.
<h2 style="text-align: justify;">Conclusion</h2>
The whole movement of cryptocurrencies mainly revolves around the idea of decentralization. For a long time now, the blockchain technology has provided ways to make instant cross-border payments with close to no cost. However, volatility discouraged a lot of people. And then, we implemented Dai.
It is exciting to see the developments of projects like Dai that offer solutions for those who seek stability. By using Dai, merchants and their customers alike can benefit from every single advantage that the blockchain brings to the table without experiencing the nasty part of it.
As we mentioned previously, merchants who use our services can choose to keep Dai if they wish so. As long as your customer makes payment in Dai, it is for them to decide whether they want to settle all crypto revenue in Euros or keep some coins instead.
With that said, we wish Dai success as it continues its development and growth to become widely used as a common, convenient payment method of choice.
Or maybe it is already becoming one!

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