130 coffee shops in Europe has been enabled to sell and buy in cryptocurrency through Cyclebit’s innovation. Cyclebit aims at simplifying things by making stores serve as cryptocurrency gateways to entice crypto enthusiasts to spend their assets and inject new funds into the economy.
Cryptocurrency Use For Purchase Of Goods and Services
Shopping with cryptocurrency is still a challenge despite the awareness and innovation that has trailed the use of cryptocurrency for conducting transactions. This is caused by the problem of the volatility in the cryptocurrency market, the complexity of usage to conduct transactions at times.
In addition to other innovations offering simplicity to the cryptocurrency space, Cyclebit is stepping into space and has already started working with businesses in Europe and South Korea. The Spanish business newspaper expansion noted on the 16th of October that the Cyclebit crypto payment technology is already rolled out in Nostrum, consisting a network of 130 coffee shops throughout Spain, which are now enabled to accept and sell bitcoin.
Cyclebit is utilizing an already provided ecosystem of Ibox, an omnichannel payment platform that has an annual turnover of $1 billion unlike most startups in the space. Also, Cyclebit plans to make every point of sale device capable of accepting crypto payment, and its team is imbued with the necessary experience in building the vast payment network.
Further, merchants would be given a ready to install, free, a customizable app for iOS and Android which can accept payments from crypto wallets as well as old-fashioned banks. This will be followed by integration protocol for online and mobile stores, with each tools giving an easy way for merchants to control and analyze crypto transactions they have completed. This is believed to unlock new revenue streams for Cyclebit, and increase loyalty.
Reasons For The Cyclebit’s Solution
As noted in the white paper, this concept will help to reduce the volatility of cryptocurrencies. This is backed with the notion that using crypto for payment will enable its transition from an enthusiasts hobby to amass financial asset with mass ownership that would prevent fluctuations.
Also, the firm aims at offering simplicity to the complexity view and notion of crypto use for a transaction as noted by most shoppers. Cyclebit stated that “Our experience says, that at the heart of any successful solution is always simplicity and usability. This is how our approach is meant to change cryptocurrency – make it simple, convenient and accessible for both merchants and mass customers.”