It is Nimiq’s mission to deliver the world’s easiest-to-use, most accessible and censorship-resistant payment solution. To realize this grand vision, Nimiq has set its sights on widening the adoption of crypto amongst online merchants and to empower everyone to pay their favourite merchant using cryptocurrency.
So, how does Nimiq aim to achieve this seemingly impossible vision? With Nimiq Checkout, currently in development.
This payment solution will allow:
- Integrated merchants to get fast traditional currency settlement (like the Euro) directly to their SEPA bank account for sales in NIM, BTC, and ETH.
- The customer to pay for goods and services with crypto.
- No intermediary to ever control the crypto and fiat that is changing hands. This means Nimiq Checkout is completely trustless.
- Nimiq Checkout is laser-focused on actually solving merchant problems which are holding back wider crypto adoption. It combines the most valuable elements of Nimiq together to create a potentially game-changing merchant payment solution.
It leverages the Nimiq team’s expertise in ease-of-use and design to create the best checkout process in crypto. This strength is also compounded by NIM being native to the web.
Nimiq has embraced a multi-crypto approach by deciding to support BTC and ETH integration into Nimiq Checkout at launch. This both satisfies merchant demand to accept the most popular cryptocurrencies whilst expanding the footprint and exposure for Nimiq.
The solution is powered by Nimiq OASIS, which acts as a crypto-to-fiat bridge and settles merchants in fiat (like the Euro) directly to their bank account. Access to the SEPA instant network has already been secured via Nimiq’s partnership with WEG Bank. Nimiq is also in discussions with multiple liquidity providers.
Speed and scalability are key for any payment system to succeed. Nimiq is set to launch Nimiq 2.0 in 2020, powered by the Nimiq researched Albatross consensus algorithm which is expected to be the fastest single-chain blockchain in the world. Team Nimiq anticipate Nimiq 2.0 to be capable of processing five times more transactions per second than PayPal.
Team Nimiq is currently working with WEG bank to connect the first online merchant and non-custodial liquidity provider. The goal is to process the first Nimiq OASIS transaction by the end of the year and show the world how this vision has become a reality. Stay tuned for new updates on Nimiq Checkout.