Saturday, 19 September 2020

Cyclebit met Cream Team at the Delta Summit 2019

One of the most advanced crypto showcase of usability on Delta Summit 2019 were the products of Cyclebit. Cream team was at their stand  and we were quite  impressed from the payment demonstration on one of the POS terminals paired with their crypto card. 

About Cyclebit

Cyclebit, as a crypto payment solutions provider, aggregates more than 200,000 crypto-capable POS terminals in Europe, Asia, and Canada. They work in stores, services, cafes, etc.
Cyclebit’s unique feature is providing retailers with POS terminals supporting crypto and fiat payments as well as a solution for inventory management. It is made for retailers wishing to grow their opportunities and their customer community, by accepting crypto for real goods and services and selling digital assets in stores.
Cyclebit makes spendable crypto a new reality by bridging the gap between crypto users and small and medium businesses. It links customers, merchants, exchanges, and coin issuers creating a whole ecosystem. The network of retailers who use Cyclebit terminals is continuously growing: soon the project will be also launched in Germany, Italy, UAE, Korea, and Japan. Cyclebit team has managed to create a system that can support millions of transactions per month.
And now, FOIN and its community have become a part of this ecosystem.

How Does It Work?

Paying for goods through the Cyclebit POS terminal has the same advantages with common blockchain transaction: it’s fast, simple, secure, and private — including no intermediaries and data sent for the third parties. For the customer the process of paying with crypto is very much alike to the purchasing with traditional bank cards:

- the customer chooses the product;
- the price specified in fiat money is converted into the FOIN according to the exchange rate;
- the customer pays with his cryptocurrency wallet;
- the terminal prints the paper receipt;
- the customer gets his buyings and the merchant — his money.

At the end of the Delta Summit we stop by again at the Cyclebit, in order to purchase one of their POS terminals, but we were kindly told that they were all rented for the venue purposes and even after words  OKEX Exchange closing party. However Serg Ruben gave us the hint to make our Creamcoin crypto cards, and of course requirements about the Creamcoin integration on Cyclebit platform. 
As we said at the beginning of this article, Cyclebit was by far the best hardware product featured on Delta Summit, and example of crypto usabillity in general with relly bright future for expanding to merchants all around the world.

By Cream Team
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