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Coinify Enables Merchants to Accept Payments in 16 Different Cryptocurrencies

Reading Time: 2 minutes by on November 10, 2015 Business, Finance, News
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Coinify, a Danish startup that provides bitcoin payment solutions to merchants and exchange services, has added 15 additional cryptocurrencies, enabling its 10,000 merchant user base to accept payments now in 16 cryptocurrencies including bitcoin, tether, tetherUSD, litecoin, dogecoin, peercoin, namecoin, counterparty and getgems.

“While Bitcoin is by far the largest blockchain currency, we see exciting potential in other blockchain networks and our merchants deserve nothing less than being able to serve customers with an array of blockchain currencies,” Lasse Birk Olesen, CPO of Coinify, said in a statement.

Among the company’s latest additions: ether, the cryptocurrency native to the Ethereum distributed computing network; tetherUSD, a token backed by fiat currency that always maintains a 1:1 exchange rate parity with the US dollar; but also litecoin, startcoin, dogecoin, peercoin, IXCoin, IOCoin, mintcoin, storjcoinX, nubits, hypercoin, novacoin, digibyte, quarkcoin and reddcoin.

The company said it is planning to add ripple soon.

Birk Olesen told the IBTimes UK that, at the moment, the use of ether outside of Ethereum smart contracts might likely be restricted to tech-savvy people who would typically purchase IT-related goods using the token.

He further said that his company has seen an increase in payments made for online takeaway food made in bitcoin, but also for clothing, shoes and cosmetics.

On the Coinify payment window, consumers will now be given a full list of currencies. “Other than the ability to choose the currency, the payment process remains unchanged,” the company said.

“For Coinify merchants and partners, it is business as usual as they are still paid in euros, dollars, pounds, kroner or other local currency to their bank account within a few days,” Birk Olesen said.

Copenhagen-based Coinify is said to be the largest European digital currency payments company. The startup, which relies on a strong partnership strategy, is partnered with 12 payments service providers, mostly from Europe, and provides cryptocurrency payment solutions to 10,000 merchants.

In mid-2014, the startup teamed up with Hungry, a leading food delivery portal in Denmark that connects over 800 restaurants. Six months following the integration, Hungry CEO Rune Risom said he had seen a 3% increase in margins in addition to an increase of his company’s consumer base.  

Most recently, Coinify has partnered with Digix, a Singapore-based startup that creates crypto-assets on Ethereum, a deal which would allow the “bitcoin community to purchase Ethereum digital assets using bitcoins,” explained Morten Bebe, Coinify’s Sales Manager.

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