Web3 and fintech company Moon Blocks has joined hands with payment processor Bit Pay to allow for cryptocurrency-based payments on its platform.
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Moon Blocks and Bit Pay Are Partners
The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.
It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.
Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store loses money in the end. Is this a fair situation? Not everyone thinks so.
That’s what makes enterprises like Moon Blocks so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from.
Giuseppe – CEO at Moon Blocks – said in a statement:
We decided to accept crypto because of [many] reasons. Firstly, we want to show that we understand and cater to a crypto-savvy audience to build trust with potential clients. Secondly, by accepting cryptocurrency payments, we can avoid high transaction fees associated with traditional payment methods and potentially offer lower prices to our clients. Additionally, embracing decentralization is at the heart of our philosophy, and accepting cryptocurrency payments can help us to position ourselves as a leader in the [industry]. To that end, by offering more payment options and flexibility, we can attract and retain clients who prefer to pay in cryptocurrency for various reasons, such as privacy concerns or a belief in the long-term value of certain cryptocurrencies. Bit Pay manages the entire process and makes it easy to receive crypto from the customer and deposits cash into our account.
Keeping Things Modern
Merrick Theobald – vice president of marketing at Bit Pay – said:
Moon Blocks realizes the potential for crypto to transform the Web3, fintech, SAAS, and gaming marketing industries, making payments faster, more secure, and less expensive on a global scale.