Saturday, July 2, 2022

Thousands of eateries will soon be able to accept Shiba Inu and Dogecoin as payments

The Takeaway:

Thousands of restaurants in 65 countries will be able to accept multiple cryptos as a payment method thanks to a new partnership involving major global restaurant software and payments service company Lavu and Fintech payments giant Verifone.

The meme-inspired cryptocurrencies Shiba Inu and Dogecoin, as well as other stablecoins and major assets like Bitcoin ($BTC) and Ethereum ($ETH), are among the cryptocurrencies which will be accepted.

According to a statement, Lavu and Verifone’s cross-distribution agreement would “seamlessly integrate” their technologies to enable enhanced payment options at thousands of eateries. These enhanced payment methods would be available at a single point of sale to improve customers’ payment experiences.

According to the release, restaurants will be able to “more readily match quickly developing customer behavior, most notably the rapid migration to digital and split payments.” Alipay, Affirm, and cryptocurrency (including Bitcoin, Ethereum, Litecoin, Dogecoin, Shiba Inu, and various USD stablecoins) using major Crypto wallets like PayPal, Venmo, WeChat Pay, Klarna, Swish, and Vipps will all be available to Lavu and Verifone users.

What did the firms say?

“Our relationship with Verifone advances our objective to assist even more restaurants reach new client groups while remaining profitable in an increasingly difficult time,” stated Lavu CEO Saleem S. Khatri. “Consumers have grown accustomed to contactless, cardless, and flexible payment options in recent years. We’re thrilled to have Verifone as an ally in ensuring that restaurant owners meet these customer expectations despite inflationary constraints and staffing shortages.”

“As consumer trust in such popular digital wallets grows, restaurants have a lot of enthusiasm to increase their payment acceptance alternatives,” said Tim O’Loughlin, President and EVP of Verifone. “By combining the most customizable restaurant POS system with our payment solutions and an array of Advanced Payments Methods, we’re pleased to create an exceptional end-to-end experience for restaurant merchants.”

 

Shiba Inu’s burn rate is increasing.

The new co-operation is happening when Shiba Inu’s burn rate is skyrocketing. A total of 12.8 billion SHIB burned in just 24 hours after the cryptocurrency’s burn portal awarded $RYOSHI prizes to individuals who burn tokens.

Since the cryptocurrency’s inception, 410.35 trillion SHIB has been burned. Shiba Inu has a combined supply of one quadrillion tokens. Half of them have been locked in a smart contract to provide liquidity on the Uniswap, and the other half was donated to Vitalik Buterin, the co-founder of Ethereum.

In a transaction that withdrew over 410 trillion SHIB from circulation, the Ethereum co-founder burned around 90% of the tokens provided to him.

Shiba Inu ($SHIB) could soon feature a token contribution site to supplement its token burn portal to help burn tokens & decrease the cryptocurrency’s circulating supply.

A donation gateway may soon connect to the burn portal. This has come as a recommendation by community members interested in expanding SHIB’s use as a charitable coin. 

Trophias, a Shiba Defence Breed member, argued for a donations gateway in an interview with Gfinity Esports.

Trophias said Ethereum developer Vitalik Buterin’s 410 trillion token burns and 50 trillion SHIB donation should be the benchmark and inspiration for SHIB token burns.

Over 26.9 billion SHIB have been burned thus far, with users earning an APR of around 13% for burning tokens. Burning tokens is a common practice among projects to limit circulating supply, which, if met with similar or increased demand, could result in a price increase for the token. The SHIB community has long favored token burns.

Trophias, on the other hand, finds it “amazing” that “we burned that much” without part of the funds “flowing into a good cause, or charity.” As a response, they recommended the construction of a SHIB donation gateway that would allow users to send tokens to a community-chosen charity via the Doggy DAO.

Trophias said, “It would be nice to have the community decide on a few charities they want to give it to. Whether it be for Alzheimer’s, Cancer Research, Mental Health or a Dog Charity”

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

David Hayes
David Hayes
David got to know about bitcoin back in 2012 and has never looked back since, writing and exploring about cryptocurrencies or blockchain technology. He used to write for his own blog before joining ChainTimes as a writer and market research executive in 2017.

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