Slovenia-based crypto payment infrastructure provider aims to boost cryptocurrency adoption through its global expansion.
GoCrypto, a merchant-oriented upgrade of Eligma’s crypto payments solution Elipay, is targeting expansion into more countries around the world. The plans follow recent contribution into the project, in which Eligma secured 4 million euros (roughly $4.4 million) from Bitcoin.com and Swiss-based Pangea Blockchain Fund.
With the objective to make GoCrypto a global payment scheme that connects cryptocurrency owners, wallets, merchants and cashier systems to enable instant crypto payments, the company’s point-of-sale solution is currently available in nine countries. Initially starting from Slovenia and Croatia, Eligma has broken into other European countries such as Bulgaria, the Czech Republic, Hungary, Portugal, Slovakia, Turkey and the United Kingdom.
Recently, Eligma’s GoCrypto merchant network has been joined by craft beer producer Brewdog in Hungary’s capital city, Budapest, and Burger King in Slovenia, with the latter being the first physical Burger King location in the world to accept crypto.
As such, GoCrypto now enables customers to use digital currency as a means of payment in more than 730 physical locations across the globe. The service claims a heightened interest from merchants, which are purportedly joining the network on a daily basis. Indeed, this marks a notable increase in the number of partnering stores, up from 240 locations reported in January 2019.
Eligma says that its near-term expansion plans include several countries in South America, whereas in the Columbian and Venezuelan markets, GoCrypto will be present through Xpay, a platform for accepting online payments from e-commerce websites.
Simple to use
Currently, GoCrypto supports custodial Elly wallets and noncustodial Bitcoin.com wallets, with the latter bringing more than 5 million users worldwide. Through the Elly wallet, consumers can conduct payments with major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) as well as the platform’s native token GoC.
According to Eligma, GoCrypto does not require that merchants and users have prior knowledge of the blockchain or cryptocurrency industry or undergo dedicated training. The app’s infrastructure enables both online and offline merchants to accept instant payments with different mobile crypto wallets and receive settlement in their local fiat currency. Moreover, the firm is working on a system that allows merchants to choose between receiving crypto and fiat.
The platform processes real-time, crypto-to-fiat conversion of each payment with no hidden costs or fees. Once a payment is made, GoCrypto enables merchants to produce fiat withdrawals to their wallets or bank accounts, view their payments, and receive reports for their accounting purposes.
The future is for crypto
The company emphasizes its goal to bring cryptocurrencies into the mainstream and make them part of daily life and commerce, including a payment alternative in countries with high inflation rates. To achieve this, Eligma developed GoCrypto as an easy-to-use solution that merchants can integrate into existing software with no need to change their hardware.
Dejan Roljic, the CEO of Eligma, previously said: “The development of finance is going towards cash becoming a thing of the past. Among other things, this is because doing business with it is quite time consuming and expensive. We must not forget that cryptocurrencies were envisioned as the electronic cash of the future.”
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