The fortunes of cryptocurrency as and online payment method have ebbed and flowed. The payment method holds promise for merchants because it virtually eliminates chargebacks and is less expensive to accept than credit cards. Volatility in the value and a lack of adoption among a critical mass of consumers continue to hold it back.
A new company that launched yesterday aims to enable merchants to accept crypto, educate the market on the benefits and says it has the patience to wait as consumers twig to the benefits of digital currency.
Las Vegas-based RocketFuel Blockchain’s platform enables consumers to pay online using 43 different cryptocurrencies or by direct bank transfer. The company’s CEO, Peter Jensen, told Card Not Present that once consumers have an easy way to spend crypto, it will gain traction as a payment method.
“If you make a payment solution with crypto as easy as buying something on Amazon with one touch, it will start fostering adoption,” Jensen said. “Merchants agree on the benefits of crypto. They want to get there.”
The company will start by focusing on verticals that already have a relatively large share of crypto users including gambling, gaming, crypto tax accounting, etc.