Crypto Going Mainstream & Offering New, Easier Ways To Use It
Cryptocurrencies have been around for a while. There might not be a perfect definition for it, but a cryptocurrency is a digital asset or that exists on a distributed and decentralized ledger. Bitcoin is probably the most popular name. It was launched over a decade ago, and those who jumped on it early, are now probably millionaires (it is trading at $58,863 at the time of writing). Since then, the field of cryptocurrencies has expanded dramatically.
While there is still doubt that cryptocurrencies are here to stay, and whether their volatility will allow them to become relevant, they are surely going mainstream in recent months.
There are many apps out there that already allow you to trade crypto, including PayPal, Coinbase, and Cash App. The latter also lets you send crypto instantly. You can soon earn Bitcoin for BlockFi credit card purchases as well. Gemini is a similar product that will let you earn cryptocurrencies for everyday purchases.
Then there’s Tesla. The company announced in February it has bought $1.5 billion worth of bitcoin. Tesla has also said it will start accepting payments in bitcoin for its cars. Mastercard also said back in February that it was planning to offer support for some cryptocurrencies on its network this year, joining a string of big-ticket firms that have pledged similar support.
Visa Accepting Crypto
More financial institutions are now jumping onboard. Visa has announced that it will allow the use of USD Coin (USDC), a stablecoin backed by the US dollar, to settle a transaction with Visa over Ethereum. Visa is piloting the capability with Crypto.com, a Visa partner and one of the world’s largest crypto platforms, and plans to offer the USDC settlement capability to additional partners later this year. Visa’s announcement comes as financial institutions are taking steps to make more use of cryptocurrencies for investment and payment purposes.
The ability to settle in USDC can ultimately help Crypto.com and other crypto native companies evaluate fundamentally new business models without the need for traditional fiat in their treasury and settlement workflows.
PayPal Checkout with Cryptocurrency
PayPal opened cryptocurrency trading to all users in the US back in November. It allows users to buy, sell and hold Bitcoin, Litecoin, Ethereum and Bitcoin Cash.
Now, the digital payment platform is letting customers pay for purchases directly with cryptocurrency. Customers who hold Bitcoin, Litecoin, Ethereum and Bitcoin Cash in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said. The service, which PayPal revealed it was working on late last year, will be available at all of its 29 million merchants in the coming months.
Conclusion
The recent support from many financial firms and other companies, has helped cryptocurrencies reach all time highs. Bitcoin has rallied more than 466% over the last six months and over 860% in the last year. Other cryptocurrencies are also at all time highs and new ones are popping up everyday, each one with unique offerings. And let’s not forget about the recent Dogecoin craze.
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