A company that describes itself as a “pioneer in the digital payments space” has unveiled plans to become the first company to offer payment processing capabilities for transactions involving ERC20-compliant tokens.

CoinPayments, which was established back in 2013, says its payment gateway has the potential to help fledgling crypto start-ups increase adoption for their custom-made tokens (ERC20), without the need for each company to code their own payment processing solutions.

The feature also means customers who have invested in new tokens could be able to use them on relevant platforms far faster than before – and spend their crypto with physical merchants and e-commerce stores which accept CoinPayments as a payment method.

Alex Alexandrov, the CEO of CoinPayments, told Cointelegraph: “Scalability and utility issues around Ethereum tokens have taken the spotlight in the cryptocurrency industry today. Once again, CoinPayments leads the way innovating the first and only ERC20 token payment processing solution in the world.

“My vision is a world built around thousands of micro economies focused on building niche industry specific communities. CoinPayments provides a solution for every new token to have a chance to participate in this new world of banking.”

The official CoinPayments blog details the full breakdown of how their ERC20 token payment processing solution works.

Several new projects in the works

As reported by Cointelegraph earlier in May, the company has been preparing to launch two major projects in 2018.

CoinPayments recently performed an airdrop of the platform’s utility token, which is known as the CPS Coin. All current users of the platform have received 100 CPS Coins each, worth about €10, as will new customers who sign up for the first time before August 1, 2018. The company plans for this token to provide discounts and rebates on the merchant transaction fees, conversion fees and coin hosting fees, while also providing staking rewards and exclusive access to allocations of initial coin offerings (ICOs) hosted by CoinPayments.

The platform is also preparing to launch what it describes as a revamped edition of its current user interface, which has been dubbed CoinPayments 3.0. It is hoped that wallet holders and online merchants alike will enjoy an “even more user-friendly experience” as a result of this upgrade.

According to the team’s official website, CoinPayments currently has an expansive reach of more than one mln vendors in 182 countries. Through its cloud payment technology – including point of sale interfaces, plugins and APIs – merchants of all sizes are able to accept Bitcoin along with hundreds of other cryptocurrencies.

The CoinPayments website has an expansive list of stores which use its payment processing solutions – spanning an array of sectors including clothing, gaming, health and beauty, music, travel, tobacco, gaming, art and collectibles, marketing and charities. This software allows consumers to effortlessly access their account – sending and receiving coins – while on the go. Users can also exchange crypto coins wherever they please, as long as they have an internet connection.