Bitcoin and other cryptocurrency adoption in Canada have been on a massive rise recently. In fact, as early as 2013, the first bitcoin atm in the world became operational at a Coffee shop in Vancouver. Although it took a lot of time for the majority of Canadians to catch up with the crypto rave, since 2020, studies have shown that there has been a sharp rise in crypto assets ownership, especially with banks and institutional investors embracing the asset class.
While the use of credit cards, POS, and some other specialized payment systems like Interac Online and e-Transfer are still the norm for a lot of vendors, many other Canadian businesses have begun to accept payment in cryptocurrencies. Crypto payments are fast, secure, and —depending on the payment gateway —cheap. Here is a list of some of the best cryptocurrency payment gateways driving crypto adoption in Canada.
Cryptocurrency Payment Gateways in Canada
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Blockonomics
Blockonomics is a decentralized cryptocurrency payment gateway that allows online stores to use their bitcoin wallet in accepting payments for their products. This completely centralized crypto payment platform doesn’t require KYC and there’s no limit to the amount you can pay or receive. Built with a highly responsive checkout screen that integrates the vendor website with the Blockonomics website, this payment gateway doesn’t redirect users to any external site, and it also supports Plugins and payment buttons that can be incorporated directly into your website. Blockonomics charges a service fee of 1% per transaction after the initial 20 free transactions.
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Prodoge
Prodoge is an American cryptocurrency payment platform founded in 2019. With the Prodoge mobile app, it takes less than a minute to make crypto transactions with people all over the world. With zero charges to merchants and payers, this peer-to-peer platform is revolutionizing crypto payments in Canada. Supported crypto assets include Bitcoin, Dogecoin, DogeCash, Digibyte, and Verge.
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CoinsPaid
CoinsPaid provides an opportunity for businesses in Canada and other countries to accept payments in cryptocurrencies and receive the cash equivalent of it in their local bank accounts. By creating a custom crypto wallet for every user, CoinPaid also allows businesses to hold the crypto payments and use them to make necessary purchases or pay their affiliates. CoinsPaid supports over 30 cryptocurrencies and charges only a 1% transaction fee.
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BitPay
BitPay is reputed to be the most secure and reputable cryptocurrency payment platform for online and retail businesses. With secure payment buttons integrated into merchant websites that automatically generate the vendor’s wallet address, BitPay offers a quick and easy way to receive payments in cryptocurrencies. BitPay also features plugins that support eCommerce websites like Wix, Shopify, Magneto, Opencart, WooCommerce, and Prestashop. BitPay transaction fee is capped at 1%, but the downside is that you must have a minimum of $2500 before you can withdraw your funds.
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CoinGate
The last on our list is CoinGate. With over 289,000 registered users, CoinGate has built trust as one of the most reliable cryptocurrency payment gateways for online businesses. CoinGate holds customer funds in secure cloud storage. This payment gateway provides users with a list of cryptocurrencies to pay with, and then it generates a payment invoice with the amount approved by the merchant. CoinGate supports over 50 cryptocurrencies and charges only a 1% transaction fee. However, withdrawal in CAD is not available.
In conclusion, crypto payments are fast becoming a norm in Canada. The crypto payment gateways listed in this article are some of the pacesetters driving seamless crypto payments in Canada.