Unicorns love cryptocurrency payments
Although there are still skeptics who speculate that cryptocurrency is a passing fad, blockchain technology is still on the rise. A series of prominent unicorn companies, including Overstock, PayPal, and Wix, have all begun adopting cryptocurrency payment technology. This means that users of these services will be able to spend and send cryptocurrencies, which is a huge step towards the digital tokens becoming mainstream. Wix, for example, will allow users to build websites using their platform and pay with their cryptocurrency tokens. They have teamed up with PumaPay, which is a blockchain payment company. Although 2018 has largely been a tough year for cryptocurrencies, with traders losing money and exchanges being hacked, the trend is clear. Cryptocurrencies are only going to become more and more mainstream, and this process is sped up significantly with the support of big tech companies.
Custody solutions go crypto
Another sign of the rising trend of cryptocurrencies is the number of innovations coming out of the community. With the recent introduction of custody solutions, digital assets are taking another step towards integration with the traditional financial system. Custody solutions are storage and security services offered by third-party companies, and their absence has up until now kept a lot of major investors from entering the cryptocurrency market. There is still a bit to go before the kinks of custody solutions are worked out, and until then Coinbase estimates that tokens worth $20bn are put aside. They are, however, working on a Coinbase Custody project, which aims to facilitate the custody solutions. This will, according to Coinbase, ultimate lead to all investors and financial institutions worldwide having access to cryptocurrency investment opportunities.
More women should invest in cryptocurrency
Circle is a cryptocurrency finance company that has recently suggested that accessibility and education should be improved in order to invite new demographics into the cryptocurrency community. Men have made up the vast majority of cryptocurrency investors, researchers, and developers since the beginning, and still, makeup 95% of crypto-enthusiasts today. Circle suggests that improving the app interfaces to be more users friendly and use less jargon is one way to change the situation. The main issue is that all applications related to cryptocurrency feel like it’s designed for insiders by insiders. It makes transferring money and trading on the exchanges less accessible to demographics other than the Millenial men who started the community.
Will Circle be the PayPal of cryptocurrencies?
There is also another reason Circle is interested in tapping into these demographics. The company has ambitions to become the PayPal of cryptocurrency, and are, as such, also eyeing an opportunity to gain new clients. In addition to their already functioning payment app Circle Pay, the company is also working with an exchange platform called Poloniex. Circle furthermore runs a trading desk called Circle Trade, which indicates that their model could do more for cryptocurrency than PayPal is doing for fiat money right now. Except, as we saw earlier, PayPal is already integrating cryptocurrency into their system.