Despite the FTX scandal pushing crypto users to proceed with investing and circulating crypto cautiously, a lot of faith remains in the market. Consequently, FTX Pay users are stepping away from the exchanges payment platform and looking for reliable alternative options to process crypto payments. Let’s look into FTX, FTX Pay, and why other crypto payment processors are taking center stage as better and more reliable solutions.
The Biggest Scandal to Happen to Crypto
FTX was considered one of the strongest online crypto exchanges gaining access to the best spot trading practices and fund transfers. The platform proudly repeated its model: FTX does not shy away from being transparent in its operations, with users being able to settle trading funds in USD fiat currency. Trades made on FTX are underlined with crypto coins helping the platform stay operational and profitable as a crypto exchange.
With a strong model, incredible marketing, and secure backing FTX was looking good… but it all came crashing down quickly. In November 2022, FTX filed for bankruptcy after unveiling a giant scandal of liquidity concerns and misuse of customers’ funds. The company’s owner, Sam Bankman-Fried, was arrested on all accounts of fraud and misconduct. He is under serious fire despite making bail with victims of his tidal failure demanding payback. FTX is no longer operational, with withdrawals disabled.
FTX Pay vs. ForumPay
FTX Pay was a payment gateway widget used to accept crypto and fiat payments for online, app, or in-store payments. Now that the FTX exchange is non-operational, businesses and merchants with FTX Pay installed are looking for other trustworthy crypto payment processors.
Below is a comparison chart of what FTX Pay offers versus ForumPay. With so many merchants and businesses left behind by FTX Pay, ForumPay is growing in implementation and has always been a better option for merchants. ForumPay is an instant crypto-to-cash payment processor that allows merchants to accept any cryptocurrency payment and settle in the currency of their choice. Crypto-paying customers can pay seamlessly from any crypto wallet. Take a look at how FTX stacks up against ForumPay and why it’s the better choice.
Start Accepting Crypto With ForumPay
Most solutions on the market are limited. Some only allow merchants to receive payments in crypto susceptible to value fluctuations. Others only work with certain wallets, have slow transaction speeds, or aren’t available around the globe. ForumPay allows crypto consumers to pay with any wallet and with any crypto. Merchants receive the payment in the fiat currency of their choice.
ForumPay believes crypto and cash will coexist, which is why instant price determination is key. ForumPay is powered by its own exchange, Limitlex, which trades crypto for fiat every second to give the best rate for crypto-to-cash transactions.
With ForumPay, customers make a payment in the crypto of their choice from the digital wallet of their choice. ForumPay instantly converts the crypto amount into fiat when a purchase is made. Accumulated funds are settled into the merchant’s bank account at the end of each business day.
To learn more and start accepting crypto payments, visit www.forumpay.com today!