Startup Atomicpay.io announced the beta launch of its cryptocurrency payment gateway on Dec. 3, with support for six different digital assets. The payment processor eliminates third parties and allows merchants to accept cryptocurrencies in a noncustodial fashion.
Support for 6 Cryptocurrencies and 156 Fiat Currencies
The private beta version of Atomicpay will be available to a limited group of testers, but anyone who is interested can register to try it, the developers said. The founders of Atomicpay claim that the new software is a “decentralized” cryptocurrency payment processor that allows merchants to accept cryptocurrencies directly from customers in a “trustless environment.”
“We process payments but we do not hold any funds and no more middlemen. Money goes directly to your wallet. You have immediate ownership and full control of your money,” the team explained during the beta launch announcement.
Atomicpay supports 156 fiat currencies and offers full support for BTC’s Segregated Witness (Segwit) protocol as well. The application can be used to create a payment URL and payment buttons, while providing traditional Point-of-Sale (PoS) services. The gateway also comes with an application program interface (API) and e-commerce plugins for website developers.
At the time of publication, the Atomicpay platform supported bitcoin cash (BCH), bitcoin core (BTC), bitcoin gold (BTG), litecoin (LTC), dash (DASH) and dogecoin (DOGE). In the first quarter of 2019, the developers plan to add ether (ETH) and various ERC20 tokens, alongside stellar (XLM).
Atomicpay to Compete Against Free Payment Processors
The payment gateway generates a new payment address for each invoice by using Hierarchical Deterministic (HD) wallet support. The service also offers a business plan for individuals and organizations that want to comply with know-your-customer requirements. In addition, the startup is offering an optional feature for cryptocurrency-to-fiat payments that automates transfers directly to local exchanges through the CCXT protocol.
“The API will allow merchants to set an interval where funds will be automatically sent to the exchange, create an order from crypto to fiat and lastly request a withdrawal back to their bank,” the Atomicpay developers explained.
Atomicpay does have a number of competitors, including the reigning leader of cryptocurrency payment gateways, Bitpay. However, unlike Atomicpay, the Atlanta-based company only accepts two digital currencies.
The Atomicpay service is actually more similar to open-source payment processor Btcpay, as well as the Coinbase Commerce platform and Anypay Global, which produces cryptocurrency invoices that can be paid for by text message (SMS) using the Cointext application. But the main thing distinguishing Atomicpay from Btcpay, Coinbase Commerce and Anypay is that the new startup charges a fee for its services. Normal users will pay a flat rate of 1 percent to use the Atomicpay platform, while business users will pay 0.9 percent. Monthly invoice fees will be billed to users, rather than being taken from each transaction. However, some payment gateways provide their services for free, which may deter some people from using the Atomicpay application. Although a number of these free cryptocurrency payment gateway services are not noncustodial and may not be as reliable as payment solutions that charge a small fee.
What do you think about the Atomicpay cryptocurrency payment gateway platform? Let us know in the comments section below.
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