As cryptocurrency exchanges struggle to maintain their performance, payment gateways like CoinGate have manage to continually expand consumer options with crypto-based purchases. CoinGate supports multiple coins on their platform, and they have just added XRP to their lineup, according to a report from The Block. With this new addition, merchants that employ the CoinGate payment gateway will be able to apply XRP in receiving their own payments. Considering that XRP is one of the biggest crypto markets by capitalization, this move could introduce more revenue into retail.
CoinGate announced the addition of XRP on their Twitter page, saying,
Big news for #XRPcommunity and our merchants alike! We launched native $XRP support to our customers, meaning #XRP is now accepted as payment at thousands of vendors across the Net. Proceed to our blog for more detailed information! https://t.co/MnY2n6onDH pic.twitter.com/BYTxROGrpx
— CoinGate (@CoinGatecom) February 1, 2019
Attached to the post is a blog that describes all that this new addition entails. CoinGate is enthusiastic about the development, saying that they hope to “significantly boost [Ripple’s] utility.”
Unlike the cryptocurrencies that have formerly been added to CoinGate’s listing, XRP is not logged on the blockchain, and independent validators confirm the changes to the ledger with a Ripple protocol consensus algorithm. As such, CoinGate launched an XRP ledger validator to their team, making it possible to “further accelerate the decentralization of the $XRP network,” according to a blog post.
Along with the use of XRP in retail payments, clients have the option of buying the crypto asset from the CoinGate platform. Read the full update on the CoinGate blog at: blog.coingate.com/2019/02/merchant-xrp-payment-option/