A progressive cryptocurrency exchange platform has enhanced cryptocurrency transaction once again through its partnership with payments provider CoinPayments.
Shapeshift has previously accomplished several integrations and partnerships to provide users with more accessibility options using cryptocurrencies, and this recent team up added more depth and success to the whole cryptocurrency landscape.
CoinPayments’ services allow merchants to integrate Bitcoin into the business’ accepted payment options. Since their launch, they have already become one of the most sought-out merchant processing software in the industry, with figures reaching up to more than 12,000 supported merchants in over 140 countries.
According to ShapeShift’s founder and CEO Erik Voorhees, his company’s collaboration with CoinPayments greatly strengthens the latter by allowing them to provide a more efficient way in handling cryptocurrencies. In addition, he mentioned that both companies complement their respective advantages:
“CoinPayments is the leading merchant processing software for altcoins and has built substantial customer loyalty into their platform. With ShapeShift now providing seamless conversion into Bitcoin, CoinPayments can scale faster and will automatically support the growing pool of ShapeShift’s digital coins.”
CoinPayments CEO Alex Alexandrov shows extreme delight toward the recent partnership. He mentioned that his company will now be able to function in a more versatile fashion, which is made possible by ShapeShift’s application program interface (API).
“We are excited to offer simple and frictionless conversions to our customers using the ShapeShift API. This partnership gets us one step closer to a system where customer can pay in any currency they choose and vendors settle in what they find most convenient for their business.”
ShapeShift’s API feature allows its platform to instantly transfer or convert Bitcoin and other altcoin and vice versa with ease. A ShapeShift spokesperson said CoinPayments, having the API integrated into their platform, tremendously boosts their customer service by providing a wider range of digital currency channels:
“The integration powers CoinPayment’s platform to allow merchants to receive various cryptocurrencies and automatically trade them for their digital asset of choice.”
This recent partnership is deemed to contribute to the stability of cryptocurrency’s value and will be regarded as significant feats especially by the altcoin community due to the fact users’ continuous estimations are the only grounds for determining altcoins’ value.
Moreover, the ShapeShift-CoinPayments partnership molds more grounds and opportunities for the altcoin ecosystem, moving them toward mainstream acceptance.
Partnership’s effect on the Bitcoin gambling industry
The Bitcoin gambling community today is one of the prominent sectors to house Bitcoin alternatives. However, despite being a key player on the Bitcoin market, the majority of Bitcoin gambling sites are still not that welcoming when it comes to altcoins.
Although CoinPayments’ focus is on the benefit of land-based businesses, there is a high possibility that they will widen their scope of services, covering even the Bitcoin casino market. In addition, the gambling sites that accept a minority of altcoins like BetChain Casino and Princess Star for the Bitcoin games they offer can utilize ShapeShift’s services to further broaden their roster of accepted altcoins, together with an effective port for currency conversions.
Overall, CoinPayments’s partnership with ShapeShift is a momentous event in the Bitcoin community. If such events continue, it is certain that Bitcoin and other cryptocurrencies will penetrate the mainstream’s core of interest.