GemVault Fintech (PVT) Ltd. recently launched GemPay in Sri Lanka to facilitate merchants to accept Bitcoin and another cryptocurrency as a method of payment for their online stores and retail shops.
GemPay in a media release said that the Payment Gateway aims to facilitate the wider adoption of Bitcoin and cryptocurrency payments for the average consumer.
“It allows the merchants the ability to accept Bitcoin and cryptocurrency payments securely without having to learn the technical knowledge behind the blockchain network nor worry about the rapid price fluctuations in the market,” the company noted.
The Company is headed by Don Jayamaha Jr, a blockchain and crypto expert and a Harvard Alumni.
GemPay is a crypto payment gateway that grants accessibility, efficiency, fairness, and creates an overall transparent financial system for its customers while prioritising convenience and security.
GemPay handles the entire transaction and simply settles the merchant in the Sri Lankan Rupee (LKR) to their local bank account as it is currently being done with traditional credit/debit card payments.
GemPay’s launch as a merchant payment tool took place as Sri Lanka’s government took measures to set up a committee for cryptocurrency regulation and promotion giving a green light to develop this industry.
Minister Namal Rajapaksa recently said that the government plans to encourages the development of the cryptocurrency, digital banking, and blockchain industry in Sri Lanka,
“#LKA is taking a leap fwd today as cabinet approves to establish a committee to propose policy on BlockChain Technology, Digital Banking & Crypto Mining! Forward-thinking & proper regulatory framework will ensure that #LKA will lead the digital economy in the region.#futureready” he said in a Tweet.
GemPay believes that cryptocurrency-based transactions have the potential to attract a new type of tourist to the island.
“As the global tourism market becomes ever more common in its use of cryptocurrency to pay for vacation getaways, it will allow travel suppliers in Sri Lanka the ability to address this demand from their customers,” the company said.
GemPay will initially accept Bitcoin, Ethereum, and USDT (Erc-20) in its piloting phase with the addition of other cryptocurrencies in the near future.
GemVault initially commenced its opreations as a marketplace and platform on which gemstones around the world can be placed on the blockchain and are able to be traded digitally via its cryptocurrency, GemVault Coin.
Based in Colombo, the company last year announced plans to expand its operations to Dubai by setting up an office at Crypto Centre in the Almas Towers in Dubai.