A fast growing component of the digital currency space are providers of merchant payment processing solutions. These firms primarily provide integrated tools for online sites to receive bitcoin payments for their goods and services, which can either be held in digital form or instantly converted to fiat currency; thus limiting price volatility risk for merchants. In addition to online solutions, several firms have also been creating physical payment terminals to be used at offline locations. Among leading companies in the space are BitPay and Coinbase which have grabbed a dominating position in the US market with clients such as Overstock.com, TigerDirect, WordPress, Gyft, and the Sacramento Kings.
Another emerging firm in digital currency payment processing sector is GoCoin. Taking a different approach to other merchant facing firms, in addition to bitcoins, GoCoin also provides solutions for accepting litecoins and dogecoins. Speaking to DC Magnates last month when GoCoin announced the launch of dogecoin payments, CEO Steve Beauregard spoke about the multi-currency approach stating “GoCoin is currency agnostic and have designed our systems in such a manner. Our systems treat USD, Euro, Bitcoin, Yen, Litecoin, Pounds and Dogecoin each as a unique currency.” Prior to launching dogecoin solutions, GoCoin had been making inroads in litecoin payments as it adopted the digital currency in January.
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Following on that momentum, GoCoin has announced two new achievements for litecoins and dogecoins taking place last week. Occurring last week, GoCoin was used to process a the purchase of a Tesla S for 5447 litecoins (about $90,000). Taking place by an anonymous buyer at Tustin, California based Benz and Beamer, according to GoCoin, the believe the purchase to be the largest of its kind conducted in litecoins. Commenting on the purchase in a public statement of the news, Benz and Beamer Delaer, Naresh Shah said “GoCoin makes it extremely easy for us to accommodate new customers looking to pay with bitcoin and other emerging digital currencies like litecoin. Their platform secures the coin exchange for cash within minutes, creating a real win/win for my dealership and my customers.”
Also being announced was the launch of Bitcoin Shop beginning to accept payments in dogecoins. Previously Touchit Technologies, the firm pivoted its business in January and changed its name to Bitcoin Shops to become an operator of an online retailer of goods sold exclusively in digital currencies. Partnering with GoCoin to provide payment processing, publically traded Bitcoin Shop (BTCS:OTC), also was an investor in the firm’s $1.5 million Series A funding round announced last month. The current news, furthers the two firms relationship as Bitcoin Shop now provides sales in all of GoCoin’s accepted currencies; bitcoins, litecoins, and dogecoins. In Bitcoin Shop’s public release, Beuaregard commented about the potential of dogecoin as a transaction currency as he stated “It’s exciting to see one of the first publicly traded bitcoin companies embrace the dogecoin community. Until now, dogecoin has been used largely as a tipping coin, it will be exciting to see physical goods delivered to our user’s front doors.”