Through this partnership, Wix merchants in Germany, Lithuania, Netherlands, and Spain will be able to link their online stores to the CoinGate payment solution. After they set up CoinGate as a payment provider, Wix merchants can offer their customers the option to pay for goods and services using Bitcoin (including payments via Lightning Network) and more than 70 other crypto options. Merchants can exchange and withdraw all collected cryptocurrencies in a single currency, such as EUR, USD, GBP, and BTC.
Apart from their payment collecting software, CoinGate also offers other tools for merchants such as a refund system, permission-based account management, an order tracking system, API access, various payout options, and invoice customisation. Regarding the partnership with Wix, CoinGate representatives emphasised in the company press release that cryptocurrencies are increasing their presence in the daily lives of people around the world.
They also revealed that CoinGate’s goal is to give people a way to participate in global economies, whether they own a bank account or use credit cards while enabling merchants to serve them in a convenient manner. CoinGate officials also expressed their hope that this partnership will encourage more merchants to take advantage of cryptocurrency markets.
In January 2023, CoinGate has issued a report detailing the behaviour of crypto-interested shoppers and merchants. The report examines how the number of merchants that accept cryptocurrency payments is on the rise even when markets are experiencing a significant downturn. It also mentions that the number of ecommerce crypto transactions has also been growing at a steady pace.
When it comes to the most popular cryptocurrencies, Bitcoin accounted for nearly half of all transactions in 2022, which is 7.6% less than in 2021. The report further details that the second most popular cryptocurrency used for shopping in 2022 was USDT, with 14.8% adoption, followed by Ethereum (10.9%), Litecoin (9.6%) and TRON (5.8%). As for CoinGate's Lightning Network, the node grew by 97% and accounted for 6.29% of all orders paid in Bitcoin. In 2021, it accounted for 4.53% of Bitcoin orders.
When it comes to CoinGate partnerships, in September 2022, UK-based fraud prevention company Ondato has partnered CoinGate and started accepting various types of cryptocurrencies as payment for their services. According to research by Allied Market Research, the global cryptocurrency market size was valued at around USD 1.5 billion in 2020 and is expected to reach close to USD 5 billion by 2030.
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