GoCoin has partnered with Tether to expand the payment options available to its supported merchants.
GoCoin supports merchants who want to accept digital currency for payments, and should they elect to do so, have it converted to their local currency. In addition to supporting bitcoin, litecoin and dogecoin options were added last year, making the processor a preferred choice among merchants who want altcoin support.
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Tether is a startup aiming to use the blockchain to represent fiat currency and carry out transfers. One unit of its “tether” currency is worth one dollar. It says that its units are redeemable at any time. It also says to have plans for a robust regimen of transparency, audits and compliance.
GoCoin merchants will now have the option of also accepting the Tether currency, which can obviate the need to have it converted immediately into fiat. Merchants will also be able to have bitcoin, litecoin or dogecoin payments settled as Tether instead of fiat.
Should the cooperation proceed, it would be GoCoin’s first coin addition in approximately one year. The company had previously expressed interest in expanding its coin portfolio, and late last year it entered into an agreement with GAW Miners that envisioned support for Paycoin. CEO Steve Beauregard commented to Finance Magnates that his company was still evaluating the suitability of Paycoin, as it did for any altcoin. In light of recent developments, however, it appears highly unlikely that Paycoin will be integrated.