AUSTRALIA / ACCESSWIRE / July 26, 2018 / Cryptocurrencies found a huge favor for being the store of value and innovation but its landscape is still thrown challenges from the usability perspective. AGATE comes with a superior ecosystem that supports multiple cryptocurrencies and makes them extremely usable across 30,000,000 stores across the globe.
AGATE offers merchants a separate app that overcomes the challenges of a slow economy that cryptocurrency is facing. Since long, merchants have been reluctant to accept cryptocurrencies instead of fiat money making people question the workable existence of cryptocurrencies. Merchants face problems like fluctuating prices of cryptocurrencies and higher crypto-to-fiat conversion fees discouraging full-scale acceptance of cryptocurrencies as a payment method.
A sustainable approach to make crypto usable for merchants has been missing, and this is where the AGATE Merchant App bridges the gap. Let us understand how the app works in merchants' favor:
- AGATE iFiat ecosystem is where the Merchant App works. The ecosystem runs on the fastest and cheapest AGATE blockchain ensuring zero fees on merchants account for accepting cryptocurrencies.
- iFiat ecosystem uses iUS and iEUR, and the AGATE exchange allows users to convert their multi-currency holding to iFiat currencies that can be instantly transferred to the Merchant App.
- Unlike existing cryptocurrency POS solutions, where it takes around 2-3 days for a merchant to receive cryptocurrency payments, AGATE allows merchant to receive iFiat payments in less than three seconds.
- The iFiat payments are received by the merchant in their iBucket. They can choose to liquidate the iFiat at a bank, load it onto their crypto card or use it with another merchant within the AGATE economy.
Transactions being instantaneous, merchants will not have to expose themselves to the risk and volatility of the crypto market. What they receive from the user is pure fiat without any fees and almost instantly, as AGATE blockchain can handle 6000 transactions per minute using the Proof of Stake protocol. The crypto-to-dollar values need not be calculated by merchants who can now simple liquidate their fiat at a local bank. This indirectly saves merchants the trouble of using multiple labeling and pricing systems for their products and services because while the user is making payment in crypto, they are still receiving it as fiat eliminating the need to re-labeling and re-pricing due to fluctuations of the crypto market.
Merchants have a multitude of running expenses that are withdrawn from their business earnings. While the current crypto setup exposes merchants to a potential risk of crypto price fluctuation, they are not very eager to accept crypto payments. AGATE opens up the crypto platform for merchants who can utilize the combined power of their Merchant App and Agate POS terminals at a very nominal fee and thus are no longer exposed to any market fluctuations, hefty fees or payment delays. In fact, using the AGATE Merchant App only brings more customers to merchants at no extra cost while providing fiat-like liquidity making trade simpler, secure and more profitable.
To find out more, visit https://www.agatechain.org/
Read the white paper here.