Merchants on CoinGate can now accept more than 70 cryptocurrencies
Last updated: September 1, 2021 2 min read
The more the merrier: we are expanding our core services even further, and now every CoinGate merchant can accept more than 70 cryptocurrencies.
Until now, when merchants integrated CoinGate’s cryptocurrency solution they immediately started accepting over 50 cryptocurrencies by default. Now, this number is increased to 79, but merchants have to enable the acceptable currencies themselves. Keep in mind that currencies should be turned on for each merchant tool separately. Here’s a detailed step-by-step guide on how to customize your invoice and choose which cryptocurrency to accept.
Also, we would like to inform you that some of the newly-added currencies will only appear on the shopper’s invoice when the payment amount is around $350, and merchants that are using the checkout method via API won’t be able to use these currencies, since merchants cannot pre-select them.
How many cryptocurrencies a merchant can accept on CoinGate?
As of today 79 new digital assets are available to be accepted for merchants using CoinGate’s services. Here’s the full list:
This does not mean that these cryptocurrencies will compete with each other and make the payment process more difficult for users. The currency crypto landscape easily allows different digital assets to co-exist, and being too selective of what to accept for payments is not the wisest option.
More accepted cryptocurrencies = bigger shopper reach = more revenue
We recommend every single merchant enable as many, if not all, payment options as possible. There is no reason to exclude it from all the currently adopted means of payment, – It only gives shoppers more choice and freedom to use whatever they want, while merchants can expect the same result.
From what we have seen throughout the years, merchants usually accept major cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, or others, while they seem to ignore the power of altcoins. Even if altcoins perform better in terms of payments (due to their scalability, fast transactions, low-cost transfers, and high liquidity in the markets) merchants seldom integrate individual cryptocurrencies into their selection of payment methods
Every cryptocurrency is now a payment currency. Nobody can predict which coin will become dominant in the payments industry, that’s why it is better to accept as many currencies as possible, so you wouldn’t miss the gold rush when it’s happening.