Global payment network, WinstantPay recently integrated Dash. The network will tap Dash’s InstantSend feature to carry out transactions in just 2 seconds. Further, the amount will then be exchanged and deposited into merchants linked bank acount, at a nominal fee for 1% transaction and conversion fee. This integration will help several merchants ovecome crypto investment barrier, due to high exchange rate risk.
said Rob Grantham, Chief Executive Officer of WinstantPay.
Felix Mago, Co-Founder of Dash Thailand, further added,
Dash and WinstantPay together believe that while crypto payments might be faster than card payments, it still lacks the trust of merchants and will require a few confirmations. However, InstantSend deploying Dash’s masternode network is an added advantage. The reason being it provides lock-in confirmatins and prevents the possibility of a double spend attack. Moreover, this is of added value to merchants as it goes beyond traditional payment methods and cryptocurrencies.
While more and more people are opting for cryptocurrencies, it does not become an exchange medium till merchants accept cryptocurrency for payments. Per the present case, merchants are still wary of accepting crypto due to associated exchange rate risks. Furthermore, while intra-day volatility has been decreasing, cryptocurrencies are more volatile when compared to fiat currencies. Merchants can also face losses when converting crypto to fiat. However, with the new integration, this uncertainty can be curbed by instant conversion.
The long term goal is to instill confidence in merchants, so that they have accept cryptocurrency and pay their bills and overhead in cryptocurrency. This in turn will circulate cryptos in the ecosystem and giving velocity to cryptocurrency adoption.
On 19th March, CoinMarketFeed reported, One of the world’s largest distributors of electronic components, Avnet will now accept crypto payments. The firm has partnered with blockchain payments processor Bitpay for the same. The customers can now pay via Bitcoin(BTC) and Bitcoin Cash (BCH) for services and products. Avnet now stands tall as the third largest company ion US to accept Bitcoin payments.