Global Cryptocurrency Payments Solution to Support 156 Crypto-to-Fiat Options

  • Atomicpay, a Thailand-based payments solution provider, has introduced a non-custodial digital currency payment terminal.
  • Bitcoin, litecoin, bitcoin cash payments (among others) are supported with 0.9% transaction fees.

Atomicpay, a Thailand-based payments solutions provider, has reportedly introduced a non-custodial digital currency payment terminal.

Accessible to merchants globally, the new crypto payment terminal’s development was led by its founder Benz Rif. According to Rif, the platform will initially support payments in bitcoin (BTC), bitcoin cash (BCH), litecoin (LTC), and a few other major cryptocurrencies. Similar to how other crypto payment processing solutions are designed, Atomicpay’s platform aims to eliminate the need for third-parties to settle transactions.

Crypto Services Should Be Decentralized

During an interview with Bitcoin.com, Rif stated:

Cryptocurrency itself is decentralized, but blockchain payment processors continue to be centralized. This resulted in the same old problems with high processing fees, hidden charges, slow settlements, hacks, foul play, privacy and censorship issues.

In order to improve the process of transferring digital currency payments, Atomicpay allows merchants to obtain immediate custody of their funds. Unlike Bitpay or Paypal, Atomicpay’s crypto payments network never holds funds on behalf of their clients. As explained by Rif, the Atomicpay platform is “entirely” a peer-to-peer (P2P) payments solution.

Not A Comprehensive Solution

Those looking for a comprehensive cryptocurrency payments solution might have to explore other options as Atomicpay does not provide a wallet service. Atomicpay’s digital currency payment processor only focuses on making it easier to make payments, as it does not offer an exchange service like many other platforms such as Waves.

Notably, Atomicpay’s crypto platform allows users to convert their cryptocurrencyes into 156 different fiat currencies. Users have to scan a QR code, or provide their crypto wallet address, in order to make payments to merchants.

Rif revealed that over 1,700 merchants from countries such as Venezuela, Turkey, Thailand, and Colombia were planning to use Atomicpay’s crypto payment processing services. The Thailand-registered payment processor charges 0.9% per transaction from customers that haven’t completed know-your-customer (KYC) checks and 0.8% from those that have submitted identity verification documents.

As explained by Riff, Atomicpay uses a “post-paid charging model” in which its users have to pay usage fees at the end of each month. Clarifying how payments are handled, Riff noted that Atomicpay does not have access to users’ private keys at any point while processing transactions.

As CryptoGlobe reported in late November 2018, Bitpay, the leading fiat-to-cryptocurrency gateways, has alerted its customers that the code used by its Android wallet app might have been vulnerable to an exploit, allowing hackers to steal users’ private keys. However, Bitpay’s developers had also released patch after learning about the security issue.

Token Listing Guidelines for Binance DEX

On Thursday (April 25), Binance unveiled guidelines for listing tokens on Binance DEX, its new decentralized exchange, and said that these guidelines would enable Binance DEX "to facilitate a larger number of crowd-vetted projects, hopefully listing 10x more tokens than currently listed on Binance.com."

Despite what some people think, issuing a token on Binance Chain does not mean that the new token will automatically get listed on Binance DEX. Binance, which has been criticized like most other centralized exchanges for having an opaque listing process, is hoping that the new "transparent and community-driven" listing process for Binance DEX will finally satisfy most if not all of its detractors.

The Binance DEX listing process consists of the following steps:

  • 1. Proposal
    • "It is recommended that Token Issuers first create a thread under the “Token Issuance & Listings” category in the Binance Chain Community Forum."
    • "It is recommended that this public thread contain full answers to the Binance DEX Token Listing Submission Criteria..."
    • "Token Issuers must initiate an on-chain Proposal Request (fee of 10 BNB) to list a trading pair for a token."
    • "Token Issuers must request BNB as the quote asset for their first trading pair. For example, ABC/BNB."
    • "Once the proposal request is submitted, Token Issuers must post the Proposal ID to their proposal thread in the forum as a ‘reply’."
  • 2. Deposit
    • "Once the proposal request is sent, Token Issuers will need to deposit at least 1,000 BNB within 2 days."
    • "Proposals that do not receive sufficient deposits within this timeframe will not be able to move on to the voting stage and their deposit will not be refunded."
    • "If the Vote passes in Step 3 (majority 'Yes'), the 1,000 BNB deposit will be refunded."
  • 3. Vote
    • "At least half of the voting power is required to vote 'Yes' for the proposal to be accepted."
    • "Binance Chain Validators can vote for either 'Yes', 'No', 'NoWithVeto', or 'Abstain' within the time period specified in the proposal request."
    • "The 1,000 BNB deposit will be refunded if the majority of Validators vote for 'Abstain'."
    • "Proposals are denied if one third of the Validators vote 'NoWithVeto' or if half of the Validators vote 'No'."
    • "Denied proposals will lose all the funds deposited, however this result will only occur in rare circumstances when there is relatively clear fraud, scam or spam."
  • 4. List
    • "If the vote is passed, the Token Issuer will need to initiate a 'List' transaction on-chain (2,000 BNB fee) within the timeframe specified in the proposal, while the previous 1,000 BNB deposit will be refunded back to the proposing user."
    • "The trading pairs will be live immediately after this request is completed."

Binance DEX Listing Process Workflow Screenshot.png

Binance says that the "listing application, project information, vote results and all community interaction will be public on the Binance Chain Community Forum," that the decisions of the Binance Chain Validators (who are the only ones with the power to vote) are "purely based on public information in the forum," and that there is no other way "for projects to contact Binance Chain Validators."

One interesting thing to point out is that although the Binance DEX listing fee has been set to 2,000 BNB (currently, according to CryptoCompare, worth around $45,580), originally Binance CEO Changpeng Zhao (aka "CZ") was thinking of making the listing fee on Binance DEX be around $100,000, as he mentioned in his first Ask Me Anything (AMA) session on February 7:

"There will be a listing fee on the DEX. I actually deliberately want to set that a little bit high, just so we reduce the number of spam or scam projects. And there’s also a voting process by the validators to be listed on the DEX. So there’s a fee, I think the fee will be probably close to $100K US, so we’ll see. But the fee is adjustable over time, it’s quite easy to change."

Earlier today, Mithril, the first crypto project to migrate its token (MITH) to Binance Chain, got listed on Binance DEX:

 

All Images Courtesy of Binance