Bitcoin mining company GoMining said it makes it easier for businesses to accept bitcoin payments, putting it in competition with companies including Block’s (XYZ) Square.
Where GoMining says it differs from established companies is that the entire transaction is completed in bitcoin. Many competitors, including Square, allow customers to pay in bitcoin while providing fiat currency to the merchant. GoMining traders who want fiat must handle the conversion themselves.
“Our idea is not to push bitcoin into the old fiat experience and lose what makes it bitcoin along the way,” CEO Mark Zalan said in an interview over Telegram. “It is to solve the real problems of BTC payments, the high and variable fees, the slow and unpredictable settlement, while maintaining the non-custodial and onchain finality.”
GoMining’s software development kit (SDK) and application programming interfaces (API) for its BTC payment protocol GoBTC Pay, unveiled on Friday, allow retailers to access its GoBTC Pay system. The company plans to recruit the first 10 merchants as part of the rollout, it said.
