By Nathan Ferguson
Justas Paulius, the CEO of CoinGate (an entity providing services related to the processing of crypto payments), expressed his sentiments on the reaction of the world of digital asset payments to the spreading downfall of the industry. The CEO additionally pointed toward the recently mounted contribution from the stablecoins as Bitcoin (BTC) and other cryptocurrencies keep on correcting.
Crypto Payments Still Uninfluenced amid Crypto Winter, Says CoinGate CEO
Simultaneous to that, the executive specified a few prominent things which can assist in the mass adoption of the crypto space. As per Paulius, betting on the field of cryptocurrency is significant in comparison to concentrating on particular digital assets’ prices. As the crypto sector has been hit by several scams, the CEO described the measures taken by CoinGate to eliminate the hazards.
Eventually, he referred to the expansion strategy of CoinGate throughout the US along with the regulatory hindrances related to it. As per Paulius, up to twenty-one US states have offered a go-ahead signal along with granting licenses to the platform to provide its services. He disclosed that some regulatory agencies are even now in the process of granting approvals but the company is hopeful for this to conclude soon.
He then talked about the visible transformation in crypto adoption, citing the mounting enthusiasm in not only the tech merchants but also the other merchants for crypto adoption. He revealed that the crypto world is still the top famous sector among tech firms. He pointed toward a recent instance of Nord Security (a Lithuanian-based entity) which began accepting crypto via CoinGate.
After that, Paulius expressed his opinion on the number of crypto consumers during the current slump of the market. He negated the decrease in the number of crypto clients’ and justified his stance by asserting that the frequency of crypto payments is not showing any decline at all. In his words, while the stringent regulations are being implemented, the bond between the general public and the crypto market is getting better.
Then the CoinGate CEO highlighted that the number of monthly merchants rose by eighty percent year-to-date. He expects that this would grow above 100% by the year’s end. According to the executive, considerable escalation is taking place in the businesses entering the crypto industry, indicating that the sector is maturing. As Paulius puts it, the platform is utilizing several instruments to analyze blockchain and observe what takes place at the back.
He noted that there are two factors, including compliance and technical aspects, influencing the extent to which people adopt crypto. He emphasized that there is a need for some investment in both aspects for positive results. Subsequently, he drew attention to the escalation witnessed in the gift card business of the entity. Paulius was of the view that the respective business was increasing every month.
The Executive Still Bullish on Crypto Tech
While winding up his comments, the CoinGate CEO declined to remark on the situation of Bitcoin in the next year. In his opinion, he cannot make precise predictions about the status of the crypto assets, and it is not even possible to anticipate their price with certainty in any case.
He clarified his point and said that the bet should be made on the underlying technology instead of the price. The arrival of more ventures into the industry, he added, is assisting the ecosystem of cryptocurrency day by day.