Cryptocurrencies are becoming an increasingly popular means of payment and many companies allow their users to pay thanks to virtual money. To facilitate the task of online stores, more cryptocurrency payment gateways are being created. Let’s take a look at Cryptify today.
What is Cryptify?
Cryptify is building a payment gateway for accepting cryptocurrencies on any site. The current crypto payment gateways are all centralized and require creating a separate wallet in order to accept payments. With cryptify, merchants can connect and receive funds in any wallet of their choosing. Also, the transfer of funds happens through smart contracts ensuring 0 margins of error.
Company is based in Dubai right now and so far there are 2 people in the team. For now, they will be targeting markets in the EU & United States. If all goes as planned, they’ll be rolling this out as a product for a global scale.
Why was Cryptify created?
Applications of blockchain technology in finance are pretty interesting and popular, but most people still use crypto as an investment rather than a payment (the way it is supposed to be). So, the Cryptify team decided to create a platform where merchants can easily accept cryptocurrencies and where users can then buy stuff with crypto.
Cryptify aims to be one of the leaders in user adoption of crypto for daily use. Hence, they’re working on a Payment Gateway and another set of high-growth payment apps targeted towards everyday users to increase crypto adoption and ease of use.
Originally, the project started out as a hackathon idea. Moreover, the first version was completed within 36 hours. Since then, it’s been a month since the project is in development.
The uniqueness of the project
Cryptify’s main competitors are Coinbase Commerce, Bitpay and Coinsgate. Although the end goal is the same, the method and process is very different. They want users to buy things with any wallet and any token of their holding portfolio and want merchants to accept payments in their wallet of choice. They don’t hold any funds, and since the payments are done through smart contracts, they’re faster and more secure than the traditional methods.
And the biggest challenge is…
Since most eCommerce companies are built with store-building plugins, it’s been quite a development challenge to build out plugins and libraries and make them compatible with all eCommerce stores.
And last but not least question to Cryptify:
Do you think people will quickly want to use cryptocurrencies in online stores? What could have an impact on it?
As Sam Altman says, we have to build for a market that’ll be large in the coming decade, which may or may not be necessarily large now. With the technological advancements being done in blockchain i.e Ethereum shifting to PoS, L2 Chains, Distributed storage with Filecoin & Sia, Distributed compute with Dfinity; this is definitely going to explode way sooner than most people think. Furthermore, Cryptify team guess, crypto goes mainstream by 2024.
The material was created in cooperation with Shlok Mange, Chief Executive Officer of Cryptify