Coinify is a Denmark-based payment processor that enables merchants to accept Bitcoin with the option of fiat-denominated bank deposits. Coinify’s latest announcement is that their merchants are now able to accept 15 additional currencies:
Ether TetherUSD Startcoin Dogecoin
Reddcoin Quark Peercoin IXcoin
Hyper StorjX Nubits Litecoin
IOcoin Novacoin Digibyte Mintcoin
Also read: How Bitcoin is like a Psychedelic Drug
Bitcoin.com reached out to Coinify’s Chief Product Officer (CPO) Lasse Birk Olesen to learn more about the payment processor’s pioneering move.
Bitcoin.com (BC): When did you decide you wanted to accept more than just Bitcoin?
Lasse Birk Olesen (LBO): Already with the founding of Coinify two years ago we knew that we could not predict which digital currency would grow in usage in the future, so it was important for us to be currency-neutral.
BC: What factors did you take into account for each of the 15 additional coins when you decided to accept each one?
LBO: It’s important to us that the coins we accept have a high standard of transactional transparency so that we can maintain our compliance procedures for investigating source of funds, etc. And then of course they should have a decent userbase.
BC: How many merchants use Coinify?
LBO: We have +10,000 merchants in our own system. However with the reach of our PSP [payment service provider] partnerships, that is significantly more.
BC: What percentage of your merchants keep some of their payments in crypto rather than changing all of it to fiat?
LBO: About 15 percent of our merchants receive blockchain payouts.
BC: How have your merchants responded to the announcement that they can now accept 15 more currencies?
“They love that they can now reach more customers without doing any extra work!”
BC: What do you think of currency competition in general?
LBO: It’s generally good. Let the best one win.
BC: How do you foresee the dynamic playing out between Bitcoin and all other cryptocurrencies as private money adoption increases worldwide?
LBO: Bitcoin has a huge advantage in network effects, so I personally think Bitcoin will be around for a very long time, but it’s likely we will see other digital currencies complement it. For instance, I expect that sooner or later we will see a central bank issue government currency on a blockchain and that will likely get significant adoption. This is actually what Citibank already recommended to the British government.
BC: Coinify also buys and sells bitcoins as an exchange. Will you now buy and sell the other 15 coins, as well?
LBO: We can do this in the future, though it’s not in our 2015 release plan.
Coinify team members have called the company “the preferred Bitcoin payment processor for south-eastern Europe.” This is due to Coinify’s partnerships with payment service providers in regions like Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Moldova, Montenegro, Romania, and Serbia.
With the addition of new crtyptos, Coinify is likely seeking to be the “preferred payment processor” of at least 15 more coin communities.
Do you use Coinify? What do you think of their service? Let us know in the comments below!
Images courtesy of Coinify