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Cryptocurrency payment gateway CoinGate announced that they have integrated cryptocurrency Nano payments for their merchants as their newest native cryptocurrency. Nano-owners can now pay the coin to more than 4,000 merchants that use the CoinGate service. However, the news did not stop the NANO price dropping by almost 5% in the past 24 hours (UTC 10:44 AM.)
NANO price chart:
The coin, which is currently ranked 38th by market capitalization, is still up by 27% in the last 7 days.
At the time of writing, 114 companies are listed on Usenano.org, a website that lists all merchants that accept Nano as payment.
Based on CoinGate, launched in 2015 by Colin LeMahieu as RaiBlocks, are the minuscule fees: the average power of transaction on Nano blockchain is 0.112Wh, which is equivalent to around USD 0.005. The cryptocurrency's architecture supposedly also makes it infinitely scalable, as it distributes the ledger across each node, so every account has its own blockchain. These individual block-accounts track their own transactions and account balances independently from the public ledger. This is said to theoretically solve the scalability issues many blockchains – Bitcoin included – often face.
"All these features add up to the incredible potential Nano has become a widely used solution for micro-payments. That is why we want to be more interested in this kind of cryptocurrencies. After all, we are all united by a widespread cryptocurrency use, "the official blog post by CoinGate states.
The company accepts more than 50 cryptocurrencies and is based on their website.
CoinGate has previously integrated the Lightning Network layer for Bitcoin payments for all merchants currently accepting Bitcoins. "We were pleasantly surprised when we came across the tweets of our Lightning Network at the Kasbah Bar in Oslo. You may have heard critics claiming, 'you can not buy coffee with Bitcoin'. Well, we're not sure about coffee, but Dmitrijus Borisenka, co-founder and CEO of CoinGate, said at the time.
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