iCoinSoft, one of the first U.S.-based blockchain software developers, is launching a new state-of-the-art solution for e-commerce and fintech. The cutting-edge service will allow businesses to accept and manage transactions in cryptocurrencies at the lowest possible cost.
In recent years, many online retailers, fintech startups, and big businesses, including AT&T, Burger King, and Microsoft, began accepting payments in cryptocurrencies. The multiple payment options offered by cryptocurrency are an attractive prospect for new clients.
However, in order to develop a new blockchain solution, a company should invest at least $150 thousand a year, which is equivalent to a software professional’s annual salary. Also, they must create their own network of communication points, called computer nodes, to transmit information about transactions using peer-to-peer protocol.
Software-as-a-service products allow companies to send and receive cryptocurrencies without spending resources on developing their own solutions. One example is Multis, a French startup that raised a $2.2 million seed round in October. These services act as a bridge between fiat currencies and cryptocurrencies, but they charge a percentage on every transaction. Depending on its size, a company can end up paying thousands of dollars to an intermediary.
This year, one of the first blockchain software providers in the U.S., iCoinSoft, is launching a new solution that will allow businesses to manage crypto at a fraction of the cost.
“Unlike most existing solutions, we’ll be charging a flat fee of just a few dollars, not a percentage of a transaction,” said Alexandr Iurev, a cryptocurrency expert and iCoinSoft founder. For online retailers and businesses processing high transaction volumes, the new service would be extremely cost efficient. For example, for a transaction of $1 million, a company would only pay a two-dollar fee.
As an expert in blockchain technology implementation, Iurev has been working on democratizing access to cryptocurrency exchanges around the world. He said he got an idea of a simple service that would make it easier for businesses to accept crypto a few years ago, while competing at a hackathon in Europe.
“We did research and found out that, although many blockchain software developers provide similar services, costs are too high for most businesses,” Iurev said. “I realized we could develop a new solution and also help other companies.”
This new service is based on existing iCoinSoft technology for crypto exchanges. The solution will allow businesses to accept and send payments in crypto, keep their accounting records, manage taxes and deductions, just like a regular bank account.
“Depending on the turnover, thanks to our new product, businesses could cut the costs of managing crypto transactions by tens or hundreds of times,” Iurev said. “If a company has just a few large transactions a year, then it can be thousands of times less than what they are paying intermediaries now.”
According to Iurev, iCoinSoft’s new solution is now being tested and will be launched in the U.S. by the end of 2020.
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