Mar 29, 2022 (AB Digital via COMTEX) -- According to a recent Brandessence Market Research report, the Global Crypto Payment Gateway Market is expected to grow at a compound annual growth rate (CAGR) of 22.8% over the next six years. A big reason for this growth is the approximately 221 million cryptocurrency users worldwide holding over $2 Trillion worth of cryptocurrency to spend (Crypto.com Research Report July 2021).
Cryptocurrency Payment Gateway is a dynamic payment processing infrastructure that allows merchants and providers to accept payments across different cryptocurrencies while ensuring security. Using this service, users can transfer money directly from one wallet to another. In addition to their main functions, these payment gateways are responsible for securely distributing the payment's sensitive wallet-related data to the merchant's software.
This payment network is commonly used by businesses of all sizes as they search for the most profitable, secure, and fast payment methods. Furthermore, the blockchain ecosystem underscores the crypto payment gateway, which provides record-breaking and transaction transparency. And, the decentralized structure of blockchain eliminates intermediaries such as banks from the payment process, speeds up transactions, and slows down the payment processing process. Finally, the system encourages more people to use digital currencies and adds to the growing popularity of decentralized gateways.
With Bitcoin nearly erasing its 2022 losses it is a great time to start looking at these companies.
Sparta Commercial Services, Inc. (otcmkts:SRCO) is one company differentiating itself in this booming market. SRCO’s SpartaPayIQ is a crypto payment gateway developed for e-commerce and brick & mortar businesses. SpartaPayIQ will also serve as an integral component of another product ( www.SpartaCrypto.com ) being developed by SRCO to make the company a vertically integrated crypto commerce company.
Sparta Commercial’s (otcmkts:SRCO) crypto payment gateway includes several unique features that will make it desirable for merchants.
Zero Cost Merchant Platform- SpartaPayIQ does not charge the merchant any transaction fees for the conversion. Other cryptocurrency payment platforms charge 1% or higher.SpartaPayIQ earns its commission on the exchange rate paid by the buyer so it is able to offer a “zero-cost” platform to the merchants.
Eliminates Merchant Conversion Losses- SpartaPayIQ converts payment immediately so the merchant is never actually holding or receiving cryptocurrency. This eliminates the need to manually convert the crypto to fiat, which depending on how long the merchant takes to do the conversion can subject them to market volatility. (Merchants can, however, choose to receive cryptocurrency and convert at their own pace)
Eliminates Capital Gains Issues- In many cases, merchants accepting crypto payments and converting are subject to accounting issues such as capital gains tax. SpartaPayIQ’s removes these issues by converting the currency before it touches the merchant.
SRCO is following in the footsteps of companies like, Coinbase Global, Inc. /zigman2/quotes/225893452/composite COIN +7.73% who recently reported the company is in a talks to buy 2TM, the parent of the Brazilian cryptocurrency brokerage Mercado Bitcoin, and that the potential deal could be closed by the end of April. The move also coincides with a significant move higher in the bitcoin price over the weekend that erased its 2022 losses.
The OLB Group, Inc. /zigman2/quotes/203534753/composite OLB -0.60% , a diversified Fintech eCommerce merchant services provider and Bitcoin cryptocurrency mining enterprise, recently announced its year-end 2021 financial results.
A few highlights include:.
Annual revenue increased to $16.71 million in 2021 from $9.77 million in 2020 (71% increase)
$1.3B Million in transaction volume annualized run rate ending 2021
4.9 million transactions were processed in 2021
Merchant services business increased $16.4 million in 2021 compared with 2020 (67.8% increase)
Acquired exclusive natural gas purchasing rights for use in Crypto currency Business Segment’s Bicorn mining operations
Acquired 1000 ASCII Biotin mining computers