CurrencyWorks To Accept Bitcoin And Ethereum As Payment On NFT Platform

Currencyworks Inc CWRK will allow customers to pay for non-fungible tokens (NFTs) on its platform using Bitcoin BTC/USD and Ethereum ETH/USD.

What Happened: On March 12, CurrencyWorks announced it had updated its NFT platform and NFT payment platform to address security, transaction speed and settlement features and to allow customers to use bitcoin and ethereum as payment for the NFTs it offers.

Why It Matters: Most NFTs are traded on the Ethereum network and since ethereum and bitcoin are considered digital assets like NFTs are, it makes sense that they can be paid for or traded with each other.

As companies continue to demonstrate their digital operations are secure, customers will feel more confident using cryptocurrencies to pay for items, something CurrencyWorks said is in the works.

See also: What is a Non-Fungible Token (NFT)?

CurrencyWorks most notably provided the blockchain integration and payment services that enabled the Topps company to offer its Garbage Pail Kids NFTs, which sold out in 27 hours and brought in $100,000 in sales. CurrencyWorks is looking to expand its business to provide services for NFTs in other sectors as well.

“These updates can support partners ranging from sports teams and leagues through to the music and entertainment industry to established household brands and even to the art world,” the company said in the press release.

What’s More: The move comes as digital currencies are being heavily adopted by banks and big corporations. On March 17, Morgan Stanley MS became the first big U.S. bank to offer bitcoin funds to its wealthiest customers. In February, Tesla wrote in a securities filing that it intends to offer customers the option to pay for its electric vehicles using bitcoin. Companies such as Home Depot Inc HD and Amazon.com, Inc AMZN subsidiary Whole Foods already offer bitcoin payment as an option.

(Photo by Thought Catalog on Unsplash)