Just like you store physical paper money in physical wallets, cryptocurrencies are kept in crypto wallets. A crypto wallet is very similar to an electronic bank account. The cryptocurrency is locked in there and can only be accessed with the right password key. After opening a wallet, the user can send the funds from it to other wallets or users (e.g. friends) or use them as payment. A crypto wallet can also receive transfers; you just need to give the sender its “number” (address).
GoCrypto enables merchants to accept different crypto wallets from buyers. This is very similar to a POS that accepts different credit/debit cards. With GoCrypto as the only payment gateway needed, we simplify business for merchants as they can serve millions of different wallet users.
Today, merchants can accept crypto without having to know anything about crypto wallets. The GoCrypto system is the custodian (‘keeper’) of the merchant’s crypto wallet but delivers the purchase amounts to the merchant’s business account in the local currency (e.g. euros).
However, you can also receive your settlements in crypto to your GoCrypto wallet and withdraw it to an external crypto wallet whenever you wish.