Bitcoin has already gained the mainstream status in many countries. Bitcoin payments are on their way to become one of the standard options on payment gateways. But the digital currency sector hadn’t ended with bitcoin. There are now many alternative digital currencies out there that it is very hard to keep track of all of them.
There are many alternative digital currencies which are better known as altcoins constantly coming up. Most of the disappear with few months and few among them offer real value addition to the existing system. Following the same lines, the European bitcoin payments processor- Coinify has recently included support for 4 new cryptocurrencies/tokens.
Recently included cryptocurrencies on Coinify include Ether, Tether USD, Ripple and Counterparty. At present there are not many people who pay with these cryptocurrencies for goods or services. However, their inclusion into Coinify signifies the company’s long term plans. Ether is one of the leading currency for blockchain computing and applications. Looking at the current progress in the Ethereum project, an increase in the number of blockchain based smart contracts and licenses is not far off. Once it starts, the service providers (smart contract providers etc.) can readily make use of Coinify to meet their requirements of a payment processor and continue selling their services.
It is the same with Tether USD, another wannabe cryptocurrency that intends to be a ready replacement to USD. The value of Tether USD is equivalent to that of USD at any time and the currency is backed by gold to ensure liquidity and security. The number of Tether USD tokens in circulation is proportional to the actual dollar in circulation.
Coinify has been trying its hand on few new things for a while now. One among them is its latest partnership with Digix, a Singapore based digital assets company.