Business payment and accounting solutions firm Gilded says companies are now turning to stablecoins as a crypto payment alternative to Bitcoin (BTC) and Ethereum (ETH).
Digital currencies offer a cheaper and faster option to traditional cross-border payment methods but the advantages do not generally apply to businesses that transact large amounts of money. Many companies find the technology too complicated, and the volatility of the crypto market also discourages the use of BTC and ETH.
In an interview with Pyments.com, Gilded chief operating officer Neal Roche says the use of digital currency in B2B payments is changing as stablecoins are easing the transition to the new technology for cross-border transactions. Stablecoins are designed to hold their value against fiat or other stable assets so that they do not fluctuate as erratically as other cryptocurrencies.
“Stablecoins have seen a huge influx in the last few months. This is lowering the barrier for traditional businesses to take advantage of digital currency, versus the wild west of cryptocurrency that companies don’t want to touch.”
Gilded’s digital currency payment solution also addresses other concerns that prevent companies from using cryptocurrency for international transactions.
Last month, Gilded announced that crypto data provider CoinMarketCap has deployed its solution for automating invoicing and instant global payments using digital currency.
Gilded’s solution eliminates cumbersome setups and expert training. It also integrates credit card and bank wire transfers, so customers who are not yet ready to use digital currencies can opt for their preferred payment method.
Gilded CEO Gil Hildebrand says,
“Digital currency empowers businesses to transact globally, while accelerating cash flow and minimizing fees. Our solution puts digital currency payments and accounting on autopilot, so businesses can focus on innovation and growth.”
Roche is optimistic that the use of digital currency could become a norm as more businesses explore the benefits of cryptocurrency for cross-border transactions.
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