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.

Chainalysis Launches Real-Time Suspicious Transaction Alerts for 15 Cryptocurrencies

Blockchain intelligence firm Chainalysis has introduced "suspicious cryptocurrency transaction alerts" in "Chainalysis Know Your Transaction (KYT)", its "real-time anti-money laundering (AML) compliance solution".

Chainalysis, which was founded in 2014 by Dr. Michael Gronager (the current Chief Executive Officer), Jan Moller (the current Chief Technology Officer), Jonathan Levin (the current Chief Operating Officer), is a company with two main products:

  • Chainalysis Reactor -- its investigation software suite
  • Chainalysis Kknow Your Transaction (KYT) -- its compliance software suite

Chainalysis KYT supports "real-time transaction screening"; "case management capabilities"; "enhanced due diligence"; and "KYT for token issuers".

In a press release published on its blog on Thursday (August 22), Chainalysis says that Chainalysis KYT's alerts are "designed to help cryptocurrency businesses and financial institutions mitigate exposure to regulatory and reputational risk by helping compliance teams focus on the most urgent activity and enforce compliance policies while better allocating resources."

John Dempsey, VP Product, Chainalysis, had this to say:

As lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses demonstrate compliance best practices.

According to Chainalysis, this new feature results in alerts being generated "whenever a transfer involves a risky counterparty and crosses a value threshold." Alert levels (Severe, High, Medium, and Low) are "based on factors such as category, service, direct versus indirect exposure, direction of funds, and amount," and are available for all 15 cryptocurrencies that Chainalysis supports (including BTC, ETH, BCH, LTC, USDT, and DAI).

Michael Breu, Gemini's Chief Compliance Officer, also chose to comment on this announcement:

As a New York Trust company we are required to monitor transactions on and off our platform. Tools like KYT alerts, which provide real time and ongoing blockchain analysis, coupled with Gemini's own compliance policies, help us meet our regulatory obligations.

 

Featured Image Credit: Photo via Pixabay.com