A crypto payments processing platform has gained the attention, and investment, of Tim Draper. OpenNode hopes to increase adoption by making paying in crypto simple and easy.

In most cases, companies measure success by how many people are using their services or products. The same can be said for cryptocurrencies. Adoption is the end goal, which begs the question, what are platforms doing to increase it?

OpenNode to the Rescue

Observer reports that OpenNode has a plan to encourage more people to use crypto by making spending it so much easier. Their technology will allow vendors like Starbucks and Subway to accept payments in crypto.

It will work similarly to a traditional credit card processing facility albeit with lower costs. In fact, the platform’s 1% fee is actually half of what credit card companies charge merchants. This in itself could act as a drawcard for retailers who are fed up with paying high fees. In addition, the platform can execute microtransactions with instant settlements.

OpenNode’s co-founder, Brandon Lewis, explained what the platform hopes to achieve:

Our mission is to make Bitcoin a better alternative than any payment protocol that currently exists by building the best experience for a business’ needs. We see a lack of useable Bitcoin products in the space, so we’re making simplicity our top priority.

Draper Invests in Platform

Lewis and his team are not the only ones who believe in the vision of OpenNode. They’ve managed to get a well-known crypto name equally invested in the project. Tim Draper of Draper Associates has contributed a cool $1.25 million to the initiative.

Lewis shared the team’s excitement at having Draper on board:

We were very selective with who we chose to bring on as our investor because the space is filled with scammers or the misinformed. We are very excited to have Draper Associates on board because they share in our long-term vision of hyper-Bitcoinization and micro-transactions.

Draper definitely is all in when it comes to Bitcoin. He recently said:

I think a lot of [Bitcoin-related] technologies are coming to the fore. It will take a little while for people to start using them… It will be in that range [2022 to 2023] when people [will] start to be able to spend it and invest it as easily as they do dollars now. As soon as that happens, there’s going to be a huge shift, because who is going to want to hold onto political money when you can hold on to real crypto money?

This year has definitely seen many forms of disruptive technology being investigated and implemented. From blockchain being used to combat unemployment in South Africa to WhatsApp being potentially used for crypto transfers, virtual currencies, and blockchain look set to stay.

Do you think that the OpenNode project will be a success? Let us know in the comments below!

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