The Shiba Inu token has forever secured a special place in the crypto space as the greatest meme token, yet it does not mean that the project is happily resting on its laurels. In fact, the good old SHIB is on the rise again and this time it is coming back stronger than ever. The release of the new products in the Shiba Inu ecosystem has significantly bolstered investors’ interest in the token and enabled SHIB to once again land on the list of the top-performing crypto assets. The increased market activity in early2023 makes SHIB a great option for trading platforms that want to attract more crypto users. NOWPayments assists trading companies in deploying SHIB payments through the use of its recurring payments tools.
- Shiba Inu is a massive ecosystem of Web3 products.
- SHIB payments let trading companies enjoy global high-speed transactions with no limits.
- Trading platforms can use NOWPayments to accept SHIB.
What is Shiba Inu Crypto?
About Shiba Inu
Shiba Inu is a crypto project that was launched in 2020 and quickly took over the world thanks to its charming mascot and the fascinating idea of building the strongest decentralized community in the crypto realm. SHIB serves as the driving force of the Shiba Inu ecosystem, delivering the benefits of a decentralized and community-driven currency to holders. Today, Shiba Inu is much more than its native token, as it now incorporates a swap, a set of additional tokens such as LEASH, a metaverse, and even its own Layer-2 solution. Basically, Shiba Inu now has the potential to become one of the biggest names not only in the crypto industry but in the entire Web3 world of the future.
Why Are Investors Bullish on SHIB?
As mentioned above, the SHIB token is once again topping the charts and the reason for this is the expansion of its ecosystem. Perhaps, the biggest news that came from Shiba Inu in the past month concerned the Beta testing phase of its Layer-2 solution called Shibarium. A Layer-2 solution is built on top of an existing blockchain in order to scale its operations and facilitate transactions.
Shibarium will be deployed on the Ethereum network to bring additional utility to the Shiba Inu ecosystem and make SHIB transactions faster and less expensive. The news about Shibarium entering the testing mode has launched SHIB’s price to the moon, yielding a 20% growth over the past 30 days. This means that investors are more bullish than ever on SHIB and we can only imagine how things will look once Shibarium hits its official launch date.
Yet, SHIB has plenty to offer even without Shibarium, especially for trading companies that want to benefit from featuring this token on their platforms. Here are the key strengths of SHIB.
Users can take advantage of SHIB anytime and any day without facing any kind of restrictions. The Ethereum blockchain is always available and so are SHIB transactions. This means that users are free to send and receive funds in SHIB at any moment of day or night and all year round.
There are no limits on how much you can send per day or any type of cool-down period. SHIB lets users send both small and large sums of money, which is always useful in trading. Thus, trading platforms will face no scalability problems when utilizing the Shiba Inu token.
Over the past two years, Shiba Inu has garnered an extensive fan base of over one million individuals who own the SHIB token, as well as other tokens of the project.
What’s more, SHIBArmy is among the most active communities in crypto, which translates into massive support for any SHIB-related project. Trading companies have the opportunity to tap into this large pool of users and transform them into prospective customers by simply accepting SHIB payments.
Despite not being the quickest cryptocurrency on the market, SHIB still offers impressive transaction speeds. In comparison to Bitcoin, whose transactions can take up to several hours, SHIB transactions can be completed in a matter of minutes. This makes SHIB especially beneficial for trading companies that need to ensure that their clients can move money in and out of the platform at a high speed.
How Can Trading Companies Benefit from Shib?
Low processing fee and 20-minute rate freeze
With NOWPayments, trading companies are not required to pay any setup fees or obligatory monthly fees. Instead, they only need to pay a mere 0.5% fee on all processed transactions. This makes it one of the most affordable payment gateways in the crypto space. Essentially, any user can deploy SHIB payments absolutely for free and pay only when they actually use the payment processing tool. This gives users more flexibility when it comes to accepting crypto payments. Additionally, NOWPayments stabilizes the exchange rate for a period of 20 minutes, providing users and their clients with extra convenience when making SHIB payments.
Instant and non-custodial transactions
The transaction processing speed is of massive importance to trading companies when using cryptocurrencies. NOWPayments guarantees instant transaction processing to all users. This is due to the fact that NOWPayments does not store the funds of its clients in its own wallets by default. Instead, NOWPayments makes payouts to the users’ wallets as soon as the transaction takes place. Trading platforms will particularly benefit from this feature, ensuring a better user experience for clients. At the same time, NOWPayments offers the custody feature, letting trading companies keep their funds in their NOWPayments account and withdraw them at any moment if they desire to do so.
Over 150 cryptocurrencies available
SHIB is not the only cryptocurrency NOWPayments lets users accept. In fact, the service has more than 150 different cryptocurrencies and tokens that trading platforms can utilize as payment methods. For instance, in addition to SHIB, NOWPayments also enables users to accept LEASH and BONE, the other two tokens in the Shiba Inu ecosystem. NOWPayments does not impose any restrictions on the users in terms of the maximum number of cryptocurrencies they are allowed to accept. Thus, trading companies are free to deploy as many cryptocurrencies as payment as they wish. Increasing the number of cryptocurrencies accepted as payment will not affect processing time or cause delays.
At NOWPayments, we know quite well that managing cryptocurrencies may not be everyone’s cup of tea. This is why we make it possible for our users to take full advantage of the crypto economy without actually interacting with cryptocurrencies whatsoever. Any user can utilize the auto-conversion feature, which instantly converts cryptocurrency payments to fiat. As a result, the user becomes able to charge clients in crypto but receive the sum in fiat. Trading platforms that do not wish to keep crypto on their balance sheet can easily enable the auto-conversion feature and enjoy the benefits offered by crypto without coming into contact with it.
How Can Trading Companies Use NOWPayments?
NOWPayments provides optimal payment processing efficiency for trading businesses by offering two primary options for accepting SHIB crypto payments. Select the one that best suits your needs.
Basic custody flow and Mass Payouts
The basic flow setup process for SHIB payments can be easily completed within minutes and does not require any special knowledge or skills. By utilizing the basic custody API, trading platforms can receive clients’ funds using either their own crypto address or their NOWPayments account. When selecting the latter, services can benefit from the convenience and security it provides. Here is how you can use the basic custody flow:
- Create a NOWPayments account.
- Provide your SHIB payout address.
- Choose your preferred way of accepting payments.
In order to enable Mass Payments and the Custodial API in your account:
- Go to the “Custody” section.
- Read the Custody Solution user agreement, agree to the terms, and press “Continue.”
- Provide your IP address, which you plan to use to send salaries, check the box to agree to the Custody Solution terms, and press “Continue.”
- You may be shown a page saying that the Balances feature is temporarily unavailable for you, but it will be removed in a couple of minutes.
- Once the system is ready to process your transactions, it will show you the following page:
- Now, you will be able to make payouts in SHIB by uploading a .csv file to Mass Payouts section.
The extended custody solution allows trading businesses to set up multiple billing accounts for each customer or user. Through this feature, customers and users are able to add funds to their accounts. Here is how you can implement the Recurring Custodial Payments feature:
- Register an account on NOWPayments.
- Add your SHIB wallet address and generate an API key.
- Integrate the Recurring Custodial Payment API by following this guide.
- Create deposit accounts for your users via the Billing API.
- Set up a recurring payments plan.
- Allow your customers to top up their deposit accounts.
- Charge your users automatically based on their activity on your platform.
Shiba Inu is an extremely popular cryptocurrency held by over one million people worldwide. NOWPayments provides an opportunity for trading companies to benefit from the Shiba Inu ecosystem by accepting SHIB payments.
Continue Reading about SHIB Payments
- How to Accept Recurring Crypto Invoices in SHIB?
- How to accept SHIB payments if I am a subscription service?
- Is Shiba Inu the future of the gaming industry?
- How to accept Shiba Inu in your eCommerce store
- Why everyone in Shiba Inu community matters
- How to accept Shiba Inu payments via Point-of-sale
- Shiba Inu Community Member Spotlight
- Salaries in Shiba Inu
- How to accept Shiba Inu payments and get fiat?
- Burn SHIB & LEASH with NOWPayments’ feature for merchants
- Shibburning philosophy: Why burning SHIB tokens is a new trend
- Why accept SHIB & LEASH for business?
- How to Accept Shiba Inu coin?
- Which brick-and-mortar places accept SHIB?