Wyre, a blockchain technology powered money transfer company has announced that is will be partnering with CoinPayments, a cryptocurrency payment gateway in order to offer merchants bitcoin to fiat settlements. CoinPayments offers a full suite of payment tools to enable merchants to accept altcoins as a payment method.
As an integrated payments platform, CoinPayments enables merchants to accept over 600 altcoins, which usually gets converted to bitcoin or ether for merchant settlements. Yet, there has not been an easy way for CoinPayments merchants to receive settlements in fiat currencies.
“A pain point for merchants looking to start accepting cryptocurrency as payment has always been the volatility in crypto prices. Our partnership with Wyre will provide our merchants a convenient and low-cost way to settle into fiat, avoiding volatility and ultimately furthering the adoption of cryptocurrencies.”
Partnering with Wyre enables CoinPayments to offer fiat settlements facilitated by one of the few U.S. licensed money transmitters in the cryptocurrency space. Wyre also operates on a global regulated payment infrastructure. The end result will mean that CoinPayment merchants can now receive settlements in 8 national currencies, including USD, BRL, MXN, GBP, EUR, and AUD.
“It’s awesome that we can let businesses get comfortable at their own pace, instead of forcing unwanted volatility onto their balance sheet. It’s a great approach for the business, and furthering education of cryptocurrencies!”
To commence the new partnership CoinPayment merchants will receive a reduced fee rate of 0.5%, rather than the normal 0.75% on the Wyre platform.