On Sept. 9, 2021, cryptocurrency payments network GoCrypto officially announced a new partnership with Binance Pay. The alliance between the two now enables GoCrypto to fully integrate the Binance Pay crypto payment technology into its fast-growing network.
“This is no small potato,” GoCrypto emphatically stated in the announcement citing that the move will allow tens of millions of Binance users to spend 40+ Pay-supported cryptocurrencies at thousands of GoCrypto locations around the world.
Judging by the numbers highlighted above, this partnership indeed has enough meat to potentially enhance crypto’s role as a medium for day-to-day transactions. But before we delve into the partnership and its possible impact on the broader crypto ecosystem, let’s first have a quick overview of GoCrypto, the payment platform.
GoCrypto: An overview
GoCrypto is a global crypto payments network available in 64 countries (as of Sept. 2021). It was developed by Elly, a fully regulated crypto-focused fintech company based out of Slovenia.
Launched in 2019, GoCrypto quickly made inroads into the Slovenian market. From there, the platform steadily expanded its presence and is now available in Europe, Latin America, Africa, the Indo-Pacific region, and Asia.
GoCrypto prides itself as a global facilitator of secure and convenient crypto payments at both online and offline merchants. It serves two distinct but mutually connected user groups:
- Businesses: Merchants can use the GoCrypto network to accept payments in Bitcoin and other popular cryptocurrencies, and can receive settlements in crypto or in their local currency. The transaction fees are highly convenient, which adds more to the practicality of the platform.
- Retail users: Anyone with an Elly Wallet (or any other compatible wallet) can use their crypto stash to make everyday purchases at thousands of GoCrypto-supported merchants across the world.
All-in-one package for merchants
The platform offers two plans for merchants looking to join its crypto payment network.
- GoCrypto In-store
- GoCrypto Online
As you can guess from the monikers, the In-store plan is for brick-and-mortar stores and GoCrypto can be directly integrated into an existing setup. It doesn’t require any additional hardware or software.
For brick-and-mortar stores, GoCrypto is available as a WebPOS, which turns any smartphone, tablet, or computer into a POS crypto payment processor. GoCrypto is also already integrated into a number of major cashier providers. The installation and maintenance are free for the merchant and there are no transaction fees for the first 3 months. After that, the fees start at as low as 1.25%. The platform promises that the In-store plan is tuned to serve businesses of all sizes.
Similarly, the GoCrypto Online plan can be a pretty handy choice for online stores of all sizes. It supports custom API integration and free plugins for all major online store platforms. Much like the In-store plan, there are no hidden fees and after the first three months with zero transaction fees, you will be charged from 1.45% per transaction.
Apart from these, merchants can also opt for the Elly POS terminal or the GoCrypto Hardware POS terminal for added functionalities (and income streams).
- Elly POS: The Elly POS terminal enables merchants to accept all payment methods including debit and credit cards, digital payments, and crypto payments using an all-in-one device.
- GoCrypto Hardware POS: With the Hardware POS, not only can you receive payments in both fiat and crypto, but you can also double up as a crypto exchange that allows instant buy and sell of different cryptocurrencies. Essentially, it is a low-cost way for you to start earning revenues via crypto exchange fees.
More convenient to spend your crypto stash on everyday purchases
As for retail users, all payments, including payments made at GoCrypto-supported brick-and-mortar stores, are contactless. For offline payments, you simply scan the payment QR code at the cash register with your mobile crypto wallet. Then, you will need to confirm the transaction amount, and that’s all — your payment will be processed instantly.
Here’s a live location map showing the merchants that currently accept crypto payments via GoCrypto.
Before we move on to the part about the newly forged GoCrypto-Binance partnership, it is worth mentioning that GoCrypto has already shown enough merit to build a good reputation in the global investors’ community. This is evident from Elly’s funding round from earlier this year that saw investors chipping in a sizable €4 million to help the company further expand its payment network.
What to expect from the GoCrypto – Binance Pay alliance?
As we have already mentioned earlier in this review, the partnership with Binance Pay will enable GoCrypto to integrate the Binance Pay crypto payment technology into its network.
This brings new opportunities for the tens of millions of Binance app users who can now spend more than 40 cryptocurrencies at thousands of GoCrypto locations across the world.
For perspective, the GoCrypto ecosystem has merchants representing practically all sectors and niches you could think of — ranging from Swiss boat transport, English restaurants, and Croatian real estate agents to Slovenian grocery giants.
Not only can this be a big plus for that platform’s existing users, but the move might also end up having a positive impact on the usability, and by extension, the mass appeal of crypto. After all, the inability to use crypto for everyday transactions has been historically one massive stumbling block slowing down the mass adoption of the asset class.
The evolution of the GoC token
This is indeed an exciting period for the GoCrypto community considering that it marks the first big step towards the evolution of GoCrypto (GoC) token into a multi-chain utility token. Originally issued on the Bitcoin Cash (SLP) blockchain, GoC is now also issued on the Binance Smart Chain (BSC), with Solana (SOL) expected to follow soon.
For those out of the loop, GoC is GoCrypto’s homegrown utility token. It is the native token used for financial settlements and loyalty programs across all GoCrypto and Elly services. For example, if you are an Elly Wallet user, you can use your GoC stash to shop at thousands of local and online stores.
On that count, GoC can be seen as a textbook example of a true utility token with meaningful real-life usage, especially given that the GoCrypto ecosystem continues to grow at a rapid pace. And now, with GoC coming to the Binance Smart Chain, it could further boost GoC’s usability and value as a utility token, which in turn, could also make it a tempting investment option.
In other words, the alliance with Binance gives GoCrypto just the right tools to expand its footprint in the broader crypto ecosystem. And in the process, it also lends just the right ingredients to the asset class to add to its charm among the masses.
Of course, BeInCrypto will make sure to keep a close eye on GoCrypto as it expands and matures with time. In the meantime, keep checking their official website and official Telegram group for regular updates.