A lot is going on for Paycent as the platform works towards diversifying the cryptocurrencies it supports. According to a recent announcement, it is now official that Paycent supports Ripple, taking total supported coins to 8. Initially, Paycent only supported Bitcoin (BTC), Ethereum (ETH), Dash (DASH), Binance Coin (BNB), Litecoin (LTC), Cryptoharbor and Paycent (PYN).
Fiat-crypto hybrid wallet
Based in Singapore, Paycent provides mobile wallet services to both individual and institutional cryptocurrency users. However, the service is most popular with individual, retail investors. Interestingly, the crypto wallet provider also has its own cryptocurrency. Dubbed Paycent (PYN), the digital asset is one of the select tokens available on the wallet.
Basically, the mobile-based application facilitates exchange of digital assets to fiat currency. In addition, like any other cryptocurrency wallet, Paycent lets users withdraw their cryptocurrency via ATMs. Interestingly, it is possible to withdraw in any currency of their choice. This makes the wallet very convenient.
Writing on Twitter, Paycent says:
Further, Koinalert explains that Paycent is running a number of programs that will endear more users to their platform. Particularly, the platform promises cash backs in the event of transactions gone awry plus handsome bonuses. In addition, the company has a loyalty program in operation that will reward users the more they utilise the platform.
PYN sees higher market cap as Paycent supports Ripple
According to Baseball Daily Digest, as Paycent supports Ripple, PYN is responding positively to the latest developments. The publication cites data that indicates PYN now boasts a market capitalisation of $3.66 Million. However, the token posted disappointing numbers in the past week, trading 2.1% against USD on October 5th. Overall, the token traded 18% lower during the week.
However, data on CoinMarketCap indicates that the overall trajectory of the token is encouraging. In addition, the data shows that overall cryptocurrencies are performing well, with Bitcoin showing signs of climbing past $7,000. At the time of writing, Bitcoin is back to the sub-$7,000 level where it is trading at $6,590.