Bitcoin mining company GoMining said it makes it easier for businesses to accept bitcoin payments, putting it in competition with companies such as Block’s (XYZ) Square.
Where GoMining says it differs from incumbents is that the entire transaction is done in Bitcoin. Many competitors, including Square, allow customers to pay in bitcoin while delivering fiat currency to the retailer. GoMining retailers who want fiat will have to manage the conversion themselves.
“Our idea is not to insert bitcoin into the old fiat experience and lose what makes it bitcoin along the way,” CEO Mark Zalan said in an interview on Telegram. “This is about solving the real problems with BTC payments, high and variable fees, slow and unpredictable settlement, while preserving non-custodial and on-chain 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 an initial 10 merchants as part of the rollout, it said.
