The small Greek island country gets new access to trading Bitcoins for business payments. According to reports, Bitcoin is now accepted as a currency for payment in businesses in Cyprus, these businesses are accepting Bitcoin payments from their Eastern European, African, and Asian customer base.
LegionPay is a new cryptocurrency launched in 2020 and makes crypto trading easy for businesses in Cyprus. Merchants can integrate LegionPay’s crypto payment gateway in their mobile applications and allow their customers to pay in Bitcoins instead of fiat currencies for the purchasing goods and services.
Today, Bitcoins are primarily used for voluminous payments in retail businesses in the European market, this is why LegionPay co-founder and Cyprus-resident Andrew Anastasiou promotes the use of cryptocurrencies among the island merchants. Currently, LegionPay is providing access to only small Cyprus businesses with legal use of Bitcoins in payments. As long as the compliance requirements are met, LegionPay can create similar accessibility to large businesses in Cyprus.
In 2019, nearly $1 billion business transactions in the world were made with cryptocurrency. BitPay statistics reveal that Bitcoin was the primary currency used in most of these crypto payments. According to the research organization Chainalysis, around $10 million worth of Bitcoin-based transactions is carried out in the global retail sector every week.
Enabling merchants with access to a proper Bitcoin trading platform has been a challenge, particularly in the Eastern European region. LegionPay makes such challenges easy by generating invoices denominated in Bitcoins, which helps merchants receive real-time Bitcoin payments. Moreover, the entire LegionPay mechanism is entirely transparent, according to Anastasiou.
According to a Bitflyer market report, when 10,000 people from ten different European countries with access to digital money were asked, 66% believed that cryptocurrencies like Bitcoins would continue to be traded even in the next ten years. Such studies showcase confidence among people towards Bitcoins, which continues to soar even under the trembling economic ripples of global coronavirus pandemic.