For a long time, the world looked at cryptocurrencies as some sort of joke. Some nerd-cash undercurrent. For many, the whole industry was just kids making Monopoly money with their computers.
But now, as the value of some of these coins continues to rise, and with more and more online merchants dipping their toes into the market, it appears as though Bitcoin and others might soon be more relevant than cold hard cash.
That’s the goal of a new partnership between crypto payment processor BitPay Inc. and Verifone Inc., one of the world’s largest providers of those little machines you use to pay via a credit card or Venmo at a checkout line. Later this year, the newest Verifone terminals will start accepting payments for U.S. merchants from a range of cryptocurrency wallets and tokens, the companies said in a statement Tuesday. Terms of the agreement weren’t disclosed.
Widespread use of tokens for purchases has been a goal that has long eluded the crypto industry, with most users focusing on speculation and merchants scared off by the price volatility of the digital assets. BitPay said it will provide greater protection from price swings since the funds will be settled promptly into the merchant’s bank account in traditional currency once a transaction is completed.
The news didn’t immediately jolt the somewhat stagnant crypto staples on Tuesday, however, with Bitcoin and Ethereal down over 4% on the day at the noon hour.
