nate to allow shoppers to pay online with cryptocurrencies
By Edlyn Cardoza
nate, the universal shopping app, is expanding its payment options. Shoppers can now safely add both cards and banks to their nate accounts for one-click purchasing. Slated for this year, shoppers will also have the option of paying with any crypto wallet of their choice.
“nate’s mission is simple: allow you to buy anything in the world, using any payment method in the world, consolidating all your shopping into one seamless, universal, and private interface,” says Albert Saniger, Chief Executive Officer. “Cryptocurrencies and stablecoins are the next logical step for nate – giving buyers even more freedom for their online purchases and affording retailers a larger customer base without needing to integrate with the app. This move will fast-track the widespread application of crypto as a medium of exchange, a payment option for consumers that would have otherwise taken years and buy-in from individual retailers.”
In true nate fashion, cryptocurrency will become a versatile payment option. It will not matter if a store accepts crypto or not. nate will collect the payment from users’ wallets and automatically convert it into the local fiat currency accepted by the merchant. Once again, nate is demonstrating its commitment to expanding online payment solutions – from universal online checkout to no-strings-attached buy now, pay later to streamlined social shopping.
“We listen to customers every day. With nate, you can already buy from over 2 million stores in the US. Why not extend the same universality to payment methods, and enable both fiat and digital currencies,” says Drew Applebaum, Director of Payments Products. “Cryptocurrency has been gaining ground and legitimacy in recent years – with market growth, network upgrades, and attempts at regulation. Last week, the Biden Administration issued an executive order calling on the government to examine the use of cryptocurrencies, while consumers have shown they are eager for merchants to begin accepting cryptocurrency more widely.”
The startup is backed by investors including Coatue, Canaan, Renegade, and Forerunner and has raised $60 million in cumulative funding.
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