Crypto exchange Bitstamp has formed a new partnership with Qi Digital to ensure that all companies, banks, and payment providers that work with it can accept crypto as a method of payment.
Bitstamp is Making It Easy to Pay with Crypto
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 Bitstamp 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.
Jean-Baptiste Graftieaux – the CEO of Bitstamp – explained in a recent interview:
As crypto continues to evolve and we get closer to our goal of mainstream adoption, this partnership with Qi Digital signals the next step in helping mainstream audiences confidently approach digital assets by providing seamless crypto transactions for businesses and their customers. As we work to grow the market for everyone, partnerships such as these ensure that we continue to provide a compliant and regulated service to our customers and make crypto accessible to all.
A Big Step Foward?
Mann Matharu – CEO at Qi Digital – also threw his two cents into the mix, saying:
This is an important milestone for the crypto industry. By partnering with Bitstamp, we’re able to respond positively to provide a secure, more robust crypto payment solution. We can help shape the crypto landscape by future-proofing businesses to meet the demands of a growing global consumer market. PSPs can now add a trusted, blockchain-connected payment proposition for their merchants and consumers worldwide. Our aim is to provide choice for the everyday consumer as crypto adoption rises.