- CoinGate lists support for XRP along with existing Bitcoin and Litecoin including Lightning Network, Ethereum and so on.
- CoinGate vendors can start accepting XRP payments, it can be instantly exchanged for Euros, Bitcoin, Ether, or even stored in XRP
- XRP’s decentralization being efforts being recognized globally. Is XRP the next big thing?
Big news for #XRPcommunity and our merchants alike! We launched native $XRP support to our customers, meaning #XRP is now accepted as payment at thousands of vendors across the Net. Proceed to our blog for more detailed information! https://t.co/MnY2n6onDH pic.twitter.com/BYTxROGrpx
— CoinGate (@CoinGatecom) February 1, 2019
The second largest cryptocurrency by volume, XRP, gets listed on CoinGate payment system. CoinGate provides an App-based mobile payment system with cryptocurrency payment option included. Registered merchants can accept Bitcoin or any of the 50+ cryptocurrencies supported on the system which is instantly converted to Euros or USD for 1% charge. Currently, there are more than 4,500 merchants have implemented CoinGate payment system.
What does it Mean For the #XPRcommunity?
The use and recognition of XRP as a cryptocurrency ‘for the people’ was unclear due to centralization and securitization doubts. RippleNet’s xCurrent protocol which is already used by major financial institutions to settle cross-border payments had limited use of XRP. However, xRapid introduction signified a volume-based growth in the future and instilled investor confidence.
Ripple has announced a $300 million Accelerator Program, to promote the adoption of XRP payments and also offered marketing incentives for new partners. The CoinGate addition of XRP payments signifies that the proposed program is yielding results. More payment systems which avoided XRP due to centralization doubts can be expected to follow suit.
XRP Acceptance to Grow in the Crypto-Community?
The CoinGate addition of XRP payments opens floodgates for the support of XRP on even more payment solutions that had stayed away from XRP. The primary reason for keeping XRP at bay despite its popularity and transaction capability was decentralization. All the XRP tokens are pre-mined and with selected ‘validators’ pre-appointed by Ripple raised doubts of decentralized control like the existing banking system.
Stefan Thoman, a spokesperson for XRP noted that “we need to diversify the validator ecosystem to further increase resiliency and robustness. We believe these efforts will lead to XRP becoming globally adopted as the digital asset for payments.”