The partnership not only expands GoCoin’s coin portfolio at checkout with Tether, but also enables GoCoin merchants transacting with Bitcoin, Dogecoin, and Litecoin to quickly settle those payments with Tether rather than with costly bank wires. Merchants will be able to transact entirely in digital currencies without needing to settle payments through banks, and without worrying about losing value due to market fluctuations or delays from tracing lost wires.
“By utilizing Tether’s unique business model of linking digital currency to in-hand reserves, we’re able to stabilize value fluctuations for our merchants, making digital currency even more appealing to them,” said GoCoin CEO Steve Beauregard in a press release sent to CoinReport.
Tether is a secure platform that allows deposited U.S. dollars (with euros, Japanese yen, and other fiat currencies to follow) to be converted into 1-to-1 backed tetherUSD and held in online and offline wallet.
Currently in private beta, each tether is backed 1-to-1 by its corresponding currency, which can be viewed and verified in real-time on Tether’s website and on the blockchain. Tether will be fully transparent and audited to show 100 percent reserves at all times. The near-zero fees for creating and redeeming tethers, and no-fee transfer ability, aim to encourage rapid adoption and widespread use.
“One of Tether’s main purposes is to enable all companies leveraging blockchain technology to transact with local currencies. This provides a familiar alternative to Bitcoin while maintaining the benefits of the blockchain,” said Reeve Collins, co-founder and CEO of Tether, to CoinReport. “GoCoin is helping merchants reap the benefits of lower fees and no chargebacks that the blockchain provides. However, Bitcoin’s volatility was slowing adoption, therefore a partnership between us and GoCoin made perfect sense.”
Images courtesies of Tether and GoCoin