Skip to content

Gilded automates crypto payments for CoinMarketCap

April 23, 2020

CoinMarketCap (CMC) has deployed a fully automated digital currency payment solution , from the Gilded financial network.

Gilded COO Neal Roche told Cointelegraph that the automated approach solved many of the issues cryptocurrency billing and payments currently face :

“Most companies, when they start accepting cryptocurrencies, basically have to go through this manual process: tell the customer what their wallet address is, keep rotating those addresses, and then if you have a bunch of bills and a bunch of customers, you have to reconcile if they have paid in full. ”

Using stablecoins to limit volatility

Roche said there was a five-step process. Every time a Coinmarket representative marks something as “ready to pay,” the system automatically generates and sends an invoice that offers the customer a variety of payment options , including cryptocurrencies and credit cards.

Gilded automates crypto payments for CoinMarketCapGilded automates crypto payments for CoinMarketCap

For example, if CMC were to sell one of its APIs for basic business use, the system would trigger an invoice and the company could send the payment in cryptocurrencies. Once received, the Gilded solution can automatically convert them to stablecoin to reduce volatility. Supported stablecoins include the USD Coin ( USDC ), Dai ( DAI ), Tether ( USDT ), and Binance Stablecoin ( BUSD ).

Payments can be exchanged for USD and transferred to a bank, and accounts are effectively settled . Roche said the system helps demystify crypto payments for traditional businesses:

“This is where traditional cryptocurrency businesses can now have the tools to manage digital payments and custody without their staff requiring expert knowledge of cryptocurrencies.”

Not all businesses are willing to accept cryptocurrencies

A survey conducted in October 2019 showed that only about a third of small and medium-sized businesses in the United States are willing to accept cryptocurrency as payment . The Gilded solution can be used by companies that are not prepared to manage wallets or be custodians of digital assets such as BTC:

“We are allowing CoinMarketCap to generate invoices, and customers can decide whether they want to pay in cryptocurrencies or pay through traditional payment channels like credit card or bank transfer. And when the customer pays, it doesn't go to a purse or a staff member. He goes to an exchange, to a custodian. ”

Cheaper and faster

Typical transactions such as credit card payments and bank transfers can take 1 to 2 days to process, and merchants are charged 2 to 5 percent for fees. Roche explained:

“There are e-commerce solutions like BitPay and CoinPayment, but this is more for larger payments, like business-to-business (B2B), where you're sending thousands of dollars and don't want to use credit cards for that when you make cross-border payments. . ”

Gilded said that in one case study, his system had effectively provided digital transactions 96% faster with a 75% reduction in commissions.

Do not stop reading:

Receive Breaking News !

Install
×
Enable Notifications    Ok No thanks