Virtual currency is getting more and more popular but it is yet common in routines that crypto holders cannot easily purchase with funds because many merchants still prefer old versions: card or cash.
Cyclebit, a startup for a technology enabler, puts efforts to simplify procedures to bring cryptocurrency to stores, inducing crypto users to come and spend their coins and devote themselves into new funds into the economy. Cyclebit is already partnering with European and South Korean businesses. In fact, according to a Spanish business newspaper, the payment with crypto technology has dragged out in Nostrum, a network of 130 coffee shops all over Spain, which has just begun to accept and sell Bitcoin.
Cyclebit has an access to a working ecosystem offered by Ibox, an omnichannel payment platform that involves turnover of $1 billion on a yearly base. Eventually, it aims to make every point-of-sale device capable of receiving crypto payments and its team has collected experience in building large payment networks.
A free customizable app for iOS and Android to receive payment from crypto wallets. Cyclebit firmly believes that it will bring unclose new revenue streams and boost loyalty. Integration protocols for online and mobile stores will soon follow with simplified tool to manage and analyze the crypto transactions for merchants.
Cyclebit’s infrastructure could eventually play an important role to diminish the volatility seen in cryptocurrencies. This is because easy payments with crypto would assist it to make the change from an enthusiasts’ hobby to a huge financial asset with ownership to prevent massive fluctuations. The company also agrees on the crypto phenomenon is still complex for the majority of customers. Cyclebit acknowledges that most shoppers have a prejudice toward crypto payments as “greatly complicated to get crypto to begin” but it should be changed. It commented that increase in simplicity and usability, crypto usage can be spread out to wider range of both merchants and customers.
An endeavour to develop Cyclebit’s core product, a complete ecosystem for crypto ownership and payments which support cryptocurrencies and popular altcoins, continues.
A lot of companies are trying to offer much easier method to have transactions with cryptocurrencies with simplification and removal of unnecessary procedure. This aims to make users be familiar to crypto payment as they do with credit cards or cash. Cyclebit wishes that purchasing a cup of cappuccino is an interesting start. It will eventually lead the technology to bring Litecoin for lattes and Bitcoin for cookies.
Author: Jieun Lee