A startup, Cyclebit is enabling the use of cryptocurrency across Europe and South Korea by aiding stores to serve as “cryptocurrency gateways” where enthusiasts can spend and buy cryptocurrencies.
The process has since attracted over 100 coffee shop owners throughout Spain as first adopters who now accept and sell bitcoin. So far it has recorded successes and expanding, and expected to be launched in Nostrum.
Cyclebit distinguished its approach from startups before it through its access to a working ecosystem provided by Ibox – an omnichannel payment platform that has an annual turnover of $1 billion.
In effect, Cyclebit hopes to make every point-of-sale device capable of accepting crypto payments, and its team has amassed experience in building large payment networks.
The company said it would provide a ready-to-install, free customizable app for iOS and Android which is able to accept payments from crypto wallets as well as old-fashioned banks.
With this, Cyclebit believes a new revenue stream will be unlocked for merchants and increase loyalty. The company said it will also release Integration protocols for online and mobile stores to provide an easy way for merchants to control and analyze the crypto transactions they have completed.
A Bigger Picture
Cyclebit hopes that if more merchants sign on to their project, the ripple effect could help to reduce the volatility seen in cryptocurrencies. This is because easy ways to pay using crypto would help it make the transition from an enthusiasts’ hobby to a massive financial asset – with mass ownership preventing massive fluctuations.
The company also believes that the crypto phenomenon, at least in its current form, is far too complicated for the mass majority of consumers.
“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.”
Cyclebit says most shoppers find the idea of crypto payments as “prohibitively complex as obtaining crypto in the first place” – and passionately argues that this must change. Cyclebit says:
“Work is continuing to develop Cyclebit’s core product: a complete ecosystem for crypto ownership and payments that supports an array of cryptocurrencies and popular altcoins.”