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CoinGate

CoinGate

CoinGate is a payment processing company that was the first to enable merchants to accept cryptocurrency payments via the Lightning Network.

OverviewStructured DataIssuesContributors

Contents

coingate.com
Is a
Organization
Organization
Company
Company

Company attributes

Industry
Technology
Technology
Financial technology
Financial technology
Finance
Finance
Blockchain and cryptocurrency
Blockchain and cryptocurrency
Blockchain
Blockchain
Location
Vilnius District Municipality
Vilnius District Municipality
Vilnius
Vilnius
Lithuania
Lithuania
B2X
B2B
B2B
0
B2C
B2C
0
Number of Employees (Ranges)
51 – 2000
Email Address
support@coingate.com
Full Address
A. Goštauto gatvė, Vilnius, Vilnius municipality 01108, LT
Founded Date
2014
Competitors
Alfred Pay
Alfred Pay

Other attributes

Company Operating Status
Active
Strategic Partnerships
AxAi
AxAi
0
Mysterium
Mysterium
KryptAI
KryptAI
Tokenplace
Tokenplace
Public/Private
Private

The Lightning Network is a "second layer" payment protocol operating on top of a blockchain to try to resolve a number of issues such as bitcoin scalability in order to make payments faster and cheaper. Lightning implementations are still largely in the beta phase. In July 2018, CoinGate opened up a pilot program for payment processing based on Lightning. As the Lightning Network was still being tested, the pilot covered the costs of losses caused by the software. The reimbursement had no limit on the number of Lightning invoices, which are typically limited by the protocol itself to 0.042 bitcoin each.

The participants in the pilot were 100 merchants such as Internet hosting services, online stores, and eSports betting websites. There were also mainstream merchants which had issues with cryptocurrency payments: LiveJasmin was trying to solve the issue of bitcoin's latency, which was an obstacle to instant payments.

In March 2018, CoinGate started a partnership with e-commerce platform PrestaShop to enable its merchant clients to accept cryptocurrencies as a payment method.

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Patents

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