Crypto CurrenciesChimpion Chairman: Stablecoins Like Gemini Dollar Strengthen the Case for Crypto E-Commerce

FTB News Desk FTB News DeskFebruary 15, 201911 min

Alex Arnaut praises popular stablecoin as crypto e-commerce platform introduces automatic stablecoin conversion

Following Chimpion‘s January announcement that it would offer automatic stablecoin conversion for merchants, chairman Alex Arnaut spoke about the important role that stablecoins will play in the widespread adoption of crypto e-commerce. Arnaut showed particular enthusiasm for the new e-commerce project’s adoption of Gemini dollar (GUSD), the world’s first regulated stablecoin.

“Our team was very excited to add Gemini dollar to our starting lineup of stablecoins and to receive their support for the Chimpion project,” said Arnaut, who made a name for himself in the e-commerce industry as COO of Shopping Cart Elite before launching Chimpion. “As the first regulated stablecoin, Gemini plays a critical role in the crypto e-commerce space. It makes it so merchants can instantly convert crypto payments into a USD equivalent. Gemini dollar is a regulated, U.S. dollar-backed stablecoin, so holders don’t need to be concerned about the whereabouts of their funds.”

With the rapid rise of cryptocurrency in recent years, speculative behavior has caused considerable volatility in the overall market. This created a lot of buzz around cryptocurrency, but made it difficult for merchants to adopt it, as $1,000 worth of Bitcoin one day might be worth $600 the next. The need for a readily-convertible coin with relative stability sparked the emergence of stablecoins, cryptocurrencies backed with stable assets (typically the US dollar).

As a steady store of value, early stablecoins attracted significant popularity. However, the crypto community began to realize that the existence of the US dollars supposedly backing these stablecoins could not be verified, even if the issuer seemed trustworthy.

In 2018, GUSD was launched with regulation from the New York Department of Financial Services (NYDFS). As its website states, “Gemini dollar combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators.”

With automatic stablecoin conversion, Chimpion merchants can set their wallet to instantly convert payments they receive in cryptocurrency into GUSD or other chosen stablecoin. From there, they can easily convert the stablecoin into their own fiat currency and invest it back into their business. This allows merchants around the world to take advantage of the speed, cost savings, and accessibility of crypto e-commerce without the uncertainty of the crypto market.

About Chimpion

Chimpion is a cryptocurrency e-commerce platform that enables any merchant to begin accepting cryptocurrency payments online. By holding Chimpion’s Banana Token (BNANA), merchants can gain access to Chimpion’s robust crypto e-commerce platform for free, without needing to pay a monthly subscription fee. Chimpion was developed using technology from Shopping Cart Elite, Paytomat, and Bitcoin Diamond (BCD) and combines comprehensive e-commerce features with convenient payment processing.

Chimpion’s primary goal is to drive the adoption of cryptocurrency as a payment solution by operating a rich e-commerce platform centered around digital assets. New startups and established merchants alike can become part of Chimpion’s vast network to take advantage of its fast and affordable transactions and user-friendly infrastructure.

Media Contact:
Alex Arnaut

Related Images

Chimpion and Gemini Logos 
Arnaut, Chairman of Chimpion, expresses particular enthusiasm for the new e-commerce project’s adoption of Gemini dollar (GUSD), the world’s first regulated stablecoin.

Chimpion Logo and Gemini Dollar 
Chimpion’s crypto e-commerce platform will support automatic stablecoin settlement to Gemini dollar (GUSD), which holds the distinction of being the world’s first regulated stablecoin.

Gemini Integration onto Chimpion Platform 
Arnaut, Chairman of Chimpion, expresses particular enthusiasm for the new e-commerce project’s adoption of Gemini dollar (GUSD), the world’s first regulated stablecoin.

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SOURCE Chimpion



FTB News Desk

FTB News Desk

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