Website Builder Service ‘Wix’ Announces PumaPay Cryptocurrency Payment Option

PumaPay has announced its partnership with Wix, the website creation and hosting platform. Based on the partnership, the PumaPay cryptocurrency (PMA) becomes one of the payment options on the platform.


Wix Adds PumaPay Cryptocurrency

PumaPay which is fast becoming a cryptocurrency payment staple in the adult entertainment industry has added a new client, Wix. The announcement is yet another example of the ever-increasing utility of virtual currencies in several aspects of ecommerce.  According to Venture beat, Wix users now have the option to pay for their website creation and hosting using PumaPay. Online merchants can also take advantage of the cryptocurrency’s PullPayment Protocol as a billing method thus allowing them to accept PMA tokens on their Wix websites.

Commenting on the development, Yoav Dror, the CEO of PumaPay said:

All components of the PumaPay solution are being developed with our clients’ convenience in mind. We strive to make the integration process as smooth and easy as possible. PumaPay’s SDK and API are easy to integrate and very flexible, allowing the adopters to tailor the billing solution according to their unique needs.

There are still a few details that require hashing out before a full rollout of the Wix – PumaPay integration. One of the critical issues is the expected number of Wix users that will adopt the new cryptocurrency payment option. PumaPay for its part is developing a robust operating framework that can efficiently handle the anticipated transaction volume.

According to Dror:

We cannot provide any estimations with regards to the volume from Wix sites. We believe that such integration will create significant volume and are working hard to ensure the best possible efficiency of the PumaPay solution for all of our early adopters and their clients.

About PumaPay

PumaPay, a Cyprus-based blockchain startup completed its ICO earlier in the year, raising $117 million in the process. The company’s PullPayment protocol provides a framework for instant microtransactions at reasonably low fees.

Apart from one-time transactions, PumaPay has its sights on becoming the de facto cryptocurrency for recurring payments of variable or fixed amounts as well as split payments, and pay-per-use among others.

According to Dror, the company is working on the release of an updated version of the PullPayment solution. This new version is expected to facilitate recurring payments on the Ethereum network.

What do you think about Wix accepting PumaPay cryptocurrency payments? Let us know your views in the comment section below.


Image courtesy of LeapRate.com and ShutterStock

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Venezuela: Inflation Tops 100,000 Percent, Bitcoin Costs 60M Bolivars

Venezuela’s currency the Bolivar Fuerte jumped to 9.2 million per dollar and almost 60 million per bitcoin August 18, just two days before a major redenomination cuts five zeros off its value.


Redenomination Looms

As reported by cryptocurrency commentators including Purse.io support head Eduardo Gomez, the bolivar traded unofficially at around 6.7 million VEF per 1 USD August 17, before suddenly depreciating rapidly to 9.2 million.

“Yesterday 1 bitcoin was worth 44 billion bolivars, now it’s at 59 billion,” he noted.

Venezuela: Record Bitcoin Buying Spree Continues Amid Hyperinflation

As Bitcoinist recently reported, August saw the bolivar, which is the world’s least-valued currency, extend its increasingly troubled history. Combined with current behavior on Bitcoin markets, the price 00 of the largest cryptocurrency in VEF terms is now doubling every 18 days.

According to Bloomberg’s Cafe Con Leche Index, which tracks the rate of inflation in Venezuela in lieu of official government statistics, a hypothetical coffee now costs 2.5 million VEF – the highest price ever recorded.

This, Bloomberg suggests, puts the annual rate of inflation above 100,000 percent.

Calls To Educate Citizens In Bitcoin Use

Corresponding to the devaluation of the bolivar, Bitcoin trading activity in Venezuela is meanwhile setting new records on a weekly basis.

Data from Coin Dance shows that for the seven days ending August 11, P2P trading platform Localbitcoins handled over 20 trillion VEF in volume.

Despite the growth, however, difficulties in educating and allowing Venezuelan nationals access to free trading of cryptocurrency remains a problem. Responding to Gomez, Locha.io developer Randy Brito urged support for his project, which aims to spark “hyperbitcoinization” in Venezuela through a bounty scheme.

In addition, Brito advocated his nonprofit operation Bitcoin Venezuela, which provides remote education and support to Venezuelans wanting to leverage the cryptocurrency’s benefits.

As of press time Saturday, Bitcoin Venezuela gave the price of 1 BTC as around 54 billion VEF.

What do you think about Venezuela’s inflation? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter

Interview: Michael Dunworth, CEO of Money Transfer Service Wyre, on MakerDAO Partnership

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On Tuesday, U.S. international wire transfer startup Wyre announced a strategic partnership with MakerDAO. We’ve written about Wyre several times in the past: first when they raised a $5.8 million Series A led by Chinese firm Amphora Capital. The firm went on to acquire Bejing-based Remsity as they took on China. At the time — April 2017 — we reported that they were processing $50 million a month, but Mr. Dunworth had predicted transactions would scale up to $70-75 million per month in the aftermath of the acquisition.

The agreement with MakerDAO will allow instantaneous movement of “fiat currency directly into and out of Dai”. Dai is a stablecoin governed by Maker (of the MakerDAO project). So the implication here is users will be able to transfer international currencies directly into Dai. This was actually something that was discussed in an abstract in a recent interview we did with MakerDAO CEO Rune Christensen.

In the interview, we briefly discussed what Wyre was and how it came about. It turns out Michael and his co-founder were originally working on a company called snapCard that allowed users to buy items on multiple sites with a unified checkout process. The site went on to accept bitcoin and experienced rapid growth, but recognized the opportunity to build a product around international wire transfers since it was something they were doing for international customers anyway.

We went on to discuss the implications of the partnership and Wyre’s relationship with MakerDAO, which appears to have been going on for a long time with Wyre as an investor in the project. The use case for Dai in Wyre was laid out as such: normally wire transfers Wyre gets from clients (who are using Wyre to maintain liquidity through over the counter transactions) take 48 hours. With Dai, they can be instant. This benefits Wyre because it dramatically reduces their capital outlay; it benefits the client since they get quicker access to the liquidity that Wyre requires. It also dramatically reduces the potential for phishing created by traditional wire transfers, something which costs Americans an estimated $500 million per year.

Overall, this partnership is a huge step forward for stablecoins as a whole, and MakerDAO especially. Wyre has become a major player in the international wire transfer business and if they are able to grow alongside the cryptocurrency market they will gain a huge advantage over the competition.

The timing couldn’t be better for MakerDAO as speculation around controversial stablecoin Tether continues to heat up, with the company’s latest issuance of another $50 million worth of USDT. As we discussed in our interview with MakerDAO, Tether’s opponents have some very real points that a recent audit hasn’t entirely alleviated. Either way, analysts will be watching MakerDAO’s price closely in the coming weeks and months.

Note: This interview is part of the CCN Podcast. The podcast and this interview are also available on iTunesTuneInStitcherGoogle Play MusicSpotify, Soundcloud, Youtube or wherever you get your podcasts.

Featured Image from Shutterstock

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