North America has rapidly undergone a change in the crypto space, with the specter of increased regulations having a noted effect. Payments regarding cryptos, namely across debit and credit cards, have consequently been under greater scrutiny in the region over the past month.
Consequently, a number of venues have turned to alternative means or third-parties to improve or in some cases facilitate their payment capabilities. Canadian crypto exchange Coinsquare has unveiled a new partnership with Processing.com to help foster its own payment processing by debit and credit cards. This includes major cryptos such as Bitcoin, Ethereum, Dash, Litecoin, Dogecoin, and Bitcoin Cash.
The new partnership will leverage the group’s technology solutions and convergent acquiring platform. More specifically, Processing.com will help enable online payments functionality for Coinsquare users to buy cryptos with their credit or debit cards instantaneously.
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The deal is noteworthy as it comes during a notable shift in the North American payment processing space. Earlier this week, one of the largest crypto exchanges, Coinbase, faced a fresh set of challenges as banks and card issuers changed their crypto policies.
On Coinsquare’s part, the group currently oversees approximately $5 billion per annum of crypto trades with further growth upcoming in 2018. James Bergman, Chief Revenue Officer of Processing.com, commented: “We are very excited to partner with such a respected and fast-growing trading platform as Coinsquare.”
“As digital currencies increasingly make their way into the mainstream conscious, service providers have a responsibility to ensure the broader public can access the rapidly growing Blockchain ecosystem. Processing.com is proud to facilitate fiat currency payments of digital currencies for the general public through Visa and MasterCard transactions,” he added.
The deal is also important for Coinsquare as Processing.com will facilitate larger numbers of participants to buy and sell altcoins without the need for digital wallets and digital coin conversions. This has been a lingering issue for other venues as of late.
“It was important for us to partner with a market leading innovative payments partner. Processing.com has exceeded our expectations, and it is refreshing to collaborate with such a partner to provide this much needed solution to our customer base. We believe that this partnership will be a further catalyst to our already exceptional growth,” explained Cole Diamond, Chief Executive Officer, Coinsquare.