On Feb 10, blockchain company CoinGate introduced an update to support Dogecoin for its merchant payment network amid DOGE reaching an all-time high past $0.08 on Monday. The company also enabled a DOGE payment option for its inventory of 600+ gift cards and added the ability to buy or sell DOGE for fiat currencies.
DOGE owners have a new use case to their holdings as CoinGate implements the option for merchants to collect Dogecoin payments for their goods and services, together with 50+ other cryptocurrency selections on the company’s payment rail.
Due to a new update, CoinGate-powered merchants have options to receive and keep DOGE coins in kind or exchange them for fiat currencies and other cryptocurrencies before receiving the final settlement.
CoinGate also enabled DOGE support for the company’s secondary services. As a result, DOGE can now be used to purchase hundreds of gift cards at the CoinGate website, sold for Euros, or bought using a bank transfer (Europe only), SOFORT, and mobile credit. The company also anticipates adding a credit card option in the near future.
According to the company’s CEO, Dmitrijus Borisenka, a decision to add support for Dogecoin correlates with the crypto community’s interest in it, adding that “it never went away and is not going to anytime soon, so we might as well have it set up for our users”.
More explicit details about CoinGate’s Dogecoin announcement are shared on the site’s official blog.
CoinGate is a Lithuanian fintech company founded in 2014, primarily developing payment solutions for companies that want to integrate Bitcoin & other cryptocurrencies as payment methods at the checkout.
Over seven years, already more than 1 million orders were executed in the settlement system using various tools: e-commerce plugins, flexible API, email billing, and more, all of which provide the same opportunity to get paid in crypto and, if you choose so, get fiat payouts to a bank account.
Besides payment processing, CoinGate provides additional services such as brokerage-type trading, a vast inventory of gift cards sold for crypto, and a referral program.
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