Source: AdobeStock / ra2 studio

Andrei Dyakonov is Choice.comMetaFi (CeFi/DeFi) ecosystem based on Crypterium CeFi solution and Charism DeFi protocol.
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Earlier this year, all the digital asset news was about the ongoing crypto winter, bankruptcies of lenders and other projects, and major black swan events such as: Axie InfinityHacking of Ronin Bridge, or Collapse of Terra’s UST Algorithm Stablecoin.

Amazingly, we’ve seen a lot of change in the last few months. Despite the fact that cryptocurrency prices remain near the current market trough, there has been some pretty positive media coverage of the industry recently.

The reason for the latter is straightforward. Over the past few months, a surging number of high-profile businesses and government agencies have started adopting digital assets for payments.

Accelerating Business and State Crypto Adoption

Meanwhile, in August gucci Expanded list of supported digital assets ape coin and luxury resort chains Soneva Started accepting major coins at facilities in Maldives and Thailand, city โ€‹โ€‹of oxford has become the first non-league football club to integrate crypto into matchday payments.

Additionally, the company has expanded its crypto payment reach in Australia and Argentina. Citizens of the latter binance When master Card Settle transactions at merchants via cryptocurrencies.Meanwhile, Australians can now use digital assets to buy fuel and other commodities on the runof 175 sites.

At the same time, states are increasingly aware of the potential use cases and benefits of crypto payments. Of course, central bank digital currencies (CBDCs) continue to play a major role in government adoption of cryptocurrencies, especially given how close China is to launching its digital yuan (e-CNY). increase. Visitors and residents can use his e-CNY to purchase subway tickets in Ningbo and Beijing, while bus fares in Guangzhou can be funded with state-issued digital assets.

Clever marketing or a real sign of crypto adoption?

big brands such as gucci, balenciagaWhen Tag Heuer join the ranks of companies like microsoft, playstation, AT&TWhen subway Accepting crypto is definitely good news for the industry.

But before imagining that Bitcoin (BTC) and other major cryptocurrencies are “heading to the moon,” let’s see if this is a real-world sign, not cheating on adoption, or just a marketing ploy by the brands. We need to discuss.

Fortunately, the previous statement seems to hold the truth.

Like it or not, big businesses are adopting cryptocurrencies for payments to meet the surging consumer demand. In the case of Gucci, the luxury brand may have decided to integrate ApeCoin due to strong customer interest in the popular non-fungible token (NFT). Boad Ape Yacht Club (BAYC) project where top celebrities such as Eminem and Snoop Dogg are active.

Additionally, with an estimated 320 million cryptocurrency users worldwide, many consumers recognize the benefits of paying with cryptocurrencies. Compared to traditional payment methods, digital assets are cheaper and faster to transfer because there are no intermediaries in the transaction. At the same time, users own their funds directly (unless they mess with the private key) With a no-custody wallet, you don’t need to use a bank account, credit card, or other financial institution’s services to settle payments.

For businesses, the benefits of crypto payments are even more obvious. Compared to traditional providers who typically charge between 1.5% and 3.5% to process credit card transactions, a recent report found that it costs businesses to accept digital assets using capable processors. It turned out to be only about 1%.

The fee savings and speed of transactions provide a great opportunity for merchants to reduce their revenue. Additionally, you can target crypto-native prospects more efficiently, while facing significantly less risk of unfriendly behavior. Fraudulent chargebacks from transactions using digital assets.

Who Will Lead Crypto Adoption?

In the coming months, we expect more luxury brands, especially those actively involved in the NFT and Metaverse sectors, to follow in Gucci’s footsteps and adopt cryptocurrency payments. And as demand among merchants grows, it could give payment giants like MasterCard another reason. visaWhen PayPal Introduce new digital asset products or extend existing digital asset products to meet enterprise demand.

At the same time, as you like the upcoming metaverse of tech companies meta When microsoft One step closer to launch could accelerate the adoption of cryptocurrencies in this space as well, and their assets could be used as a means of payment in the virtual world. Well, how and whether โ€“ what if โ€“ It remains to be seen whether these new initiatives will be future-proofed and regulatory-resistant. Meta has yet to fully recover from the Libra headwinds. How decentralized and peer-to-peer (P2P) these infrastructures are is yet another point of uncertainty.

Next year we may see several new government initiatives aimed at leveraging the benefits of cryptocurrency payments in similar ways across continents, from Iran to African nations to Argentina’s Mendoza province. I can’t. But I believe all these efforts will slow down as they could be diverted to the development of CBDC.

So, in the coming months, or at least until China completes the nationwide launch of its digital yuan, paving the way for millions of new crypto users, we expect companies to lead the adoption of crypto payments. I have high hopes.

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learn more:
– Metros in major Chinese cities start accepting digital renminbi payments
– Chinese Parents Pay After-School Tuition Using Digital Yuan ‘Smart Contracts’

– El Salvadoran Leader Bukele Kham ‘Fails’ As Media Label ‘Bitcoin Experiment’
– Binance Partners With Nigerian Authority To Launch Digital Economies Like Dubai

– Digital assets could become a ‘permanent function’ of finance, claims Singapore central banker
– Recruitment picks up pace in LATM with Bank of Brazil’s DeFi project and development in Argentina

– US Crypto ATM Provider Bitcoin Depot To Go Public As Part Of Merger Deal
– Ripio Launches Visa Bitcoin Cashback Crypto Card in Brazil



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