The current payment infrastructure surrounding retail stores prevents them from tapping into potentially substantial businesses from the cryptocurrency community. Eligma is an one of the growing exceptions, with the firm raising over €4 million ($4.4 million USD) in investments from Bitcoin.com and Pangea Blockchain Fund. Eligma plans to bridge this gap using Elipay – an infrastructure for accepting crypto-payments at brick-and-mortar and online shops.
The popular platform already has more than 450 locations accepting cryptocurrency in Slovenia, Croatia and Turkey, since its public crowd sale in 2018.
One of the biggest hurdles for cryptocurrency adoption is unfamiliarity with respect to the how payments are handled. According to Eligma, Elipay enables businesses to accept cryptocurrencies as payment, without being exposed to the volatility of markets and tax uncertainties.
As of press time, there are over 20,000 users of the Elipay app. Further, over 4 million users with a Bitcoin.com wallet are eligible to use the service in supported locations.
Eligma’s native token, ELI, can be received as cash-back for up to 2% of purchase value, which can be spent further to buy goods and services at applicable stores. The token will shift from the Ethereum to the Bitcoin Cash blockchain, and the Bitcoin.com wallet and exchange will soon add support for the ELI token as well.
Eligma CEO, Dejan Roljic, commented on Elipay and claimed,
“One of the main problems with cryptocurrencies is that the confirmation of transactions can take several minutes which is unacceptable in daily shopping. Elipay enables instant transactions while the merchant receives settlement in local fiat and is thus safe from crypto volatility.”
Pangea Blockchain Fund is an investment firm focusing on providing capital to blockchain startup companies. Bitcoin.com Executive Chairman, Roger Ver, was one of the investors who helped Pangea secure $22 million in February 2019. Ver will also be joining Eligma as a board member.