How difficult is it for the typical retailer to accept cryptocurrency payments on their online store, and what level of expertise in cryptocurrency is required to do so?
“The difficulty depends on the tech-savviness of the clients and how motivated they are to start using the CoinGate solution.
This process can be split into two separate parts – technical and compliance. In my opinion, both are quite easy to do but require some time investment. Tech integration can be done via plugins on the most popular e-commerce platforms-it’s as simple as clicking a button.
For the second part, our clients have to fill in a know your business (KYB) questionnaire and submit some business documents. It’s usually more exhaustive for our clients-to-be, as they do not necessarily have the documents required immediately, and it takes some time to collect.”
Do you sense a trend among people purchasing more gift cards than ever before using digital assets now that cryptocurrency is quickly growing as a form of payment?
“Our gift card business is growing every month. Of course, there are many different factors in play when it comes to growth, and adoption is one of them.
Nonetheless, the daily work that we put into the UX improvements, increasing the stock of gift cards and focusing on client satisfaction are key points of our growth as well.”
Finally, what’s ahead for the crypto market, specifically Bitcoin, in 2023?
“I am not qualified to make those predictions and do not want to speculate on the price of any asset. And I don’t really think that it’s possible to predict the price with any degree of certainty.
With that being said, we bet on the technology itself rather than the price. More startups are coming into the market that helps support the crypto ecosystem every day, and as we can leverage their technology, we can offer better solutions and experiences to our clients as well.”
Thank you for the conversation!