Amplify Whitepaper Video Series - CryptoPay Integration
Welcome back guys to the Amplify Whitepaper Series. Today we are going to get into the overall integration of all the products within the Substratum Ecosystem. This is where things get very exciting because we are using the strength of each product to make ALL the products within the ecosystem stronger, more useful, and more impactful as a whole.
Today we will be talking about how CryptoPay and Amplify integrate together to make an all in one solution for complete management and USE of your digital assets.
CryptoPay is an online payment gateway for cryptocurrency use when paying for goods and services. Substratum set out to deliver CryptoPay to allow consumers to pay in the cryptocurrency of their choosing and allow the vendor to get paid with cryptocurrency of their choosing. Quickly amongst our focus groups though we concluded that vendors cannot speculate on the value of cryptocurrency when selling goods and services. For instance a vendor selling a printer online for $400 doesn’t want to run the risk of that cryptocurrency they just received being worth $375 an hour later.
Quickly we realized that we needed to offer IMMEDIATE fiat resolution to make CryptoPay something that can TRULY be MASS ADOPTED and used every day by millions of people around the world. The problem is there are no third party programmatic services that offer crypto to fiat resolution available on the market today.
Enter Amplify Exchange
One of Amplify's strengths is that it allows the consumer’s profile to be served up where needed. CryptoPay takes advantage of this as one of the first Amplify clients for the portfolio API and set of services.
A CryptoPay user will establish a new Amplify portfolio during CryptoPay registration that will enable them to not only buy goods and services using any of their cryptocurrencies but also buy cryptocurrency directly to add to their CryptoPay account.
Once setup, this is a completely seamless process. Tokens and Coins that are available on Amplify are automatically available for goods and services purchase through CryptoPay. There is no additional setup ever and users will always have immediate access to their funds through this direct integration.
This tight integration enables Amplify users to not only trade their digital assets speculatively on the exchange but with NO FURTHER SETUP use them to purchase goods and services. This is the type of integration that we need to take cryptocurrency from being merely a speculative investment to a TRUE CURRENCY. Then we will see the mass adoption that we all know needs to happen to bring cryptocurrency to the forefront of finance and Amplify and CryptoPay are the vehicle that will propel it there.
That’s it for today. If you want more information about Amplify Exchange and our upcoming ICO you can learn more at amplifyexchange.com and make sure you check out our next video which will be on the integration between Amplify Exchange and SubstratumNode.