Tag: crypto payment

Worldline and Bitcoin Suisse to Revitalize Swiss Point of Sales with Crypto Usage

Worldline, a top European company in the payments and transactional services industry, has struck a deal with Bitcoin Suisse, a notable Swiss crypto financial services firm, to present crypto payment services to Swiss consumers and merchants both in-web shops and in-store. 

This partnership is daunted as the most ambitious project to happen in Switzerland as it seeks to integrate cryptocurrencies into the primary Swiss retail sector. Expressly, the cooperation is intended at leveraging Bitcoin Suisse’s crypto payment abilities and Worldline’s payment service system to propel cryptocurrency usage for transaction purposes in Switzerland. 

Through a letter of intent, Bitcoin Suisse will serve as a go-between, whereby it will convert bitcoin into Swiss francs needed in the payment of goods and services. The collaboration is still at infant stages because the pilot project is set for 2020. 

The CEO of Bitcoin Suisse, Dr. Arthur Vayloyan, noted: “Our partnership with Worldline is a major step forward on the journey to bring crypto payments into broader adoption. Bitcoin Suisse is proud to serve as the processor of cryptocurrencies in Worldline’s payment service system. We applaud them for their pioneering spirit in taking this monumental step and pointing the way forward for others.”

On the other hand, Worldline’s CEO, Marc Schluep, stipulated: “As a market leader we have a reputation for introducing latest payment functionalities that enhance the customer journey as well as boost efficiency and profitability for our merchants. Through the cooperation with Bitcoin Suisse, merchants can benefit from an entirely new offering without taking any conversion risk.”

It is fronted by encouraging crypto payments in Switzerland; adoption will be encouraged. 

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Blockchain-Powered Devices to be Worth More Than $23.5 Billion by 2030 According to Business Intelligence Firm

According to a market research report by P&S Intelligence, a business intelligence consulting services firm, the worldwide blockchain devices market was worth $300 million in 2019 but is expected to surpass $23.5 billion in worth by 2030.

This trend represents a Compound Annual Growth Rate (CAGR) of 48.7% based on the 2020-2030 forecast period. 

Crypto automated teller machines (ATMs) are expected to depict the fastest growth rate at 54.8%. This is founded on favorable governmental regulations pertaining to their installation. 

Blockchain devices propelled by wireless communication technology

The considerable growth witnessed in the blockchain devices market is boosted by the utilization of wireless communication technology. For instance, various cryptocurrency solution providers, such as FuzeW, SAS, and Ledger, have resulted in launching wireless hardware wallets to eradicate the hassle of wire usage. 

Furthermore, the provision of wireless crypto ATMs and ethernet ports is being made a reality by companies, such as GENERAL BYTES s.r.o. And Lamassu Industries AG.

The retail sector has also started boarding the bandwagon through the adoption of blockchain point of sales (POS) terminals. 

Increase of cryptocurrency demand

The growth of blockchain-powered devices is expected to rise because of the increasing demand for cryptocurrencies. The increase in popularity for cryptocurrencies is speculated to rise as one of the preferred payment modes in various retail applications. This will increase the demand for POS terminals and blockchain hardware wallets. 

According to CoinMap, a division of SatoshiLabs s.r.o, there are more than 13,000 active stores presently accepting cryptocurrency as a form of payment. 

The conducive government policies in North America and Europe are expected to make these regions account for more than 85.6% share in the worldwide blockchain devices market by 2030 based on a high penetration rate by new players.

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MicroStrategy Announces Plans to Pay Its Board of Directors in Bitcoin

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MicroStrategy business software intelligence company has announced its intentions to begin paying some of its Board directors with Bitcoin.

The Nasdaq-listed firm made its 8-K filing with the US Securities and Exchange Commission (SEC) yesterday and stated that starting from April 11 onwards, its non-employee directors on its board will get all payments for their service in Bitcoin cryptocurrency instead of cash.

Based on the new arrangement, the firm said that compensation fees for its four independent directors will be converted from US dollars into the cryptocurrency at the time of payment via a payment processor and then deposited into the digital wallets of the directors. The move is part of the company’s commitment to Bitcoin given the ability of the crypto asset to serve as a store of value.

MicroStrategy stated:

“In approving Bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.”

Bitcoin as A Better Safe-Haven Investment

MicroStrategy started buying Bitcoin in August last year. During that time, MicroStrategy’s CEO Michael Saylor stated that the aim of the company investing in Bitcoin is to maximize long-term value for shareholders. Saylor describes Bitcoin as the best money ever created. Compared to the US dollar and gold, Saylor sees the cryptocurrency as a superior asset for a treasury given that it is not deflationary by design.

In August last year, MicroStrategy became the first publicly traded firm in the US to invest in Bitcoin as part of its capital allocation strategy. So far, the company has bought 90,531 Bitcoins currently worth about $5.5 billion. Such investments reflect the company’s belief that the cryptocurrency is a reliable store of value and an attractive investment asset with long-term appreciation potential rather than holding cash.  

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Crypto Payments Ranks as Top Suggestion to Airbnb, Customers Request Better Service

Just at the beginning of this new year, Airbnb’s Co-Founder and Chief Executive Officer, Brain Chesky, asked his Twitter followers what they would like the company to improve on, or better put, what they would like the company to launch in 2022.

According to a later post by Brian, the tweet, which comes as a request for comment, received approximately 4,000 suggestions with a highlight of the top six recommendations. Surprisingly, the request to integrate digital currency payments ranks as the top suggestion shared by the CEO. This indication showcases how well holders of digital currencies are exploring avenues to spend their coin holdings.

While Bitcoin, Dogecoin, or any of the popular altcoins out there is not new to crypto Twitter, the poll-like conversation Brian had with his followers is very unique publicity that may eventually see the American company that operates an online marketplace for lodging, primarily homestays for vacation rentals, and tourism activities integrate Bitcoin or crypto payments.

While Brian made no promises, he said the company is already working on most of the recommendations shared, with a promise that others are being worked on.

Crypto For Retail Payments is on the Rise

As digital currencies grow into maturity, so also are the retail investors holding them. For many of these retail holders, finding an avenue to spend the coins they hold is a great way to relate with digital currencies as a unique form of money.

Digital currency trading platforms recognize this need. Many, including Binance, Nasdaq-listed Coinbase, Binance, and Crypto.com, have started launching crypto cards in partnership with payment firms like Visa Inc and Mastercard. These crypto cards can be used to make purchases in various retail outlets in designated locations.

The integration of Bitcoin and other cryptocurrencies by Paypal, and CashApp amongst others, have also increased the number of users who can use crypto as a mode of payment in various retail outlets around the world.

Rio de Janeiro to Accept Crypto Property Tax Payment from 2023

Rio de Janeiro is gearing up to be the first city on Brazilian soil to accept tax payment in cryptocurrencies from 2023, according to Bloomberg Linea. 

As a result, plans are underway for the municipality to hire companies that will aid in the conversion of crypto assets to the Brazilian Real, the nation’s currency.

As the second-largest city in Brazil, Rio de Janeiro intends to enter the non-fungible token (NFT) market, which continues to take the world by storm. Per the announcement:

“Among the suggestions already mentioned in the report is the creation of NFTs by the City Hall with images of tourist spots and spaces for artists to make interventions that would later become NFT.”

Therefore, the arts to be developed will be held in a blockchain wallet authorized by the municipality so that it gets a percentage of the sale.

Pedro Paulo, Rio de Janeiro’s Secretary of Finance and Planning, welcomed the intention of accepting crypto tax payment for properties and noted:

“In the future, this could be extended to services like taxi rides. Going further, we will utilize these crypto assets to stimulate arts, culture, and tourism through NFTs.”

This revelation comes months after Mayor Eduardo Paes revealed that the city was planning to become “Crypto Rio” by storing part of its treasury in cryptocurrencies, Blockchain.News reported. 

This objective was prompted by Rio de Janeiro’s goal of borrowing a leaf from Miami in its Bitcoin adoption journey so that it would become the tech capital of South America. 

The payment of taxes through cryptocurrencies has become a hot topic in different parts of the globe. 

For instance, Florida Governor Ron DeSantis recently disclosed plans to roll out a cryptocurrency payment option for businesses remitting taxes.

His sentiments were a response to the call that the state was one of the emerging hubs for cryptocurrency investment, given that leading crypto companies like Blockchain.com have set foot in Miami.

Leading Kitchen Equipment Provider CKitchen Embraces Cryptocurrencies

CKitchen, a leading US-based kitchen and restaurant equipment provider, has rolled out a crypto payment option to keep track of evolving market trends. 

Through a strategic partnership with the crypto exchange Coinbase, the firm will permit payments in various cryptocurrencies, such as Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Dai (DAI), USD Coin (USDC), and Ethereum (ETH).

Having been in existence for 38 years, CKitchen believes the pandemic has accelerated the transition to digital payments. Per the announcement:

“By accepting cryptocurrency payments, the company will also hold the offered options on its balance sheets, signaling a major shift in the commercial kitchen equipment industry. The restaurant industry is likely to switch to decentralized payment methods now more than ever.”

The company also sees crypto payment as a stepping stone towards enhancing customer comfort and satisfaction based on the flexibility rendered. The report noted:

“Since the rise of alternative currencies and blockchain technology, adaptability has regained the center stage for businesses that intend to remain flexible. Taking into account the restaurants and the food entrepreneurs of the future, cryptocurrencies are an unmissable component of a rising tech-influenced economy.”

By laying primary emphasis on customer satisfaction and requirements, CKitchen believes this has been monumental in its existence for nearly four decades. Therefore, the crypto payment option enhances this objective.  

According to a recent report by global payments solution provider Checkout.com, the appetite for cryptocurrencies in e-commerce was gaining steam as firms offered more convenient and safer payment methods. 

As a result, nearly 70% of merchants acknowledged that the speed with which crypto payments were made and settled had the potential to revolutionize their business models. 

87% of Merchants Believe Crypto Payments Enhancing Competitive Advantage: Deloitte Survey

87% of merchants believe crypto payments will enable them to stay at the top of their game based on the competitive advantage rendered, according to a survey by big four audit firm Deloitte.

Per the report:

“Overall, merchants understand that their adoption of digital currency payments puts them at a competitive advantage, broadly agreeing (87% of respondents) with the statement that organizations currently accepting digital currencies have a competitive advantage in the market.”

The study dubbed “Merchants Getting Ready for Crypto: Merchant Adoption of Digital Current Payments Survey” was done in collaboration with payments giant PayPal and interviewed 2,000 senior executives at U.S. retail organizations spread across electronics to transportation. 

The research aimed to gauge the root cause of a trend shift in crypto adoption among merchants. It is also intended to pinpoint obstacles to heightened growth and understand the drift in consumer behaviour. 

The study noted:

“85% of respondents anticipate that digital currency payments will be ubiquitous in their respective industries within five years. Industries surveyed were primarily consumer goods and services and included digital goods, electronics, fashion, food and beverages, home/garden, hospitality and transportation.”

Retailers have pumped in significant investments to enable crypto payments. Per the survey:

“54% of responding retailers have invested more than $1 million towards enabling digital currency payments.”

Therefore, it reflects that merchants are taking up the mantle of providing alternative payment methods based on surging demand.

Zachary Aron, a principal at Deloitte Consulting LLP, commented:

“This survey shows that merchants view acceptance of digital currencies – driven by consumer acceptance and demand – as key to driving business, and those that are slow to adopt run the risk of falling significantly behind.”

Some of the barriers to entry pinpointed included the complexity of integration between crypto and existing financial infrastructure. 

When it comes to the future, the respondents acknowledged the urge for regulatory priorities needed to minimize risks for enhanced adoption.

Meanwhile, e-commerce giant Shopify recently enabled merchants to accept payments in more than 1,000 cryptocurrencies, Blockchain.News reported. 

Bahrain-Based Crypto Platform to Enable Real Estate Acquisition Using Crypto

CoinMena, a Bahrain-based crypto asset service provider, has teamed up with Carlton Real Estate to facilitate real estate purchases using cryptocurrencies. 

Ali Adnan Mahmood, Carlton Real Estate’s deputy managing director, pointed out:

“We are proud to be the first real estate brokerage company in the kingdom to accept crypto asset transactions for property purchases and other real estate services through our partnership with CoinMena – the crypto asset service provider licensed by the Central Bank of Bahrain.” 

By incorporating crypto into its payment options, Carlton Real Estate believes this will propel its management, financing, and brokerage objectives. CoinMena enables institutional and retail investors to easily access digital asset investments directly from their bank accounts for frictionless and quick money transfers.

In a joint statement, CoinMena founders Dina Sam’an and Talal Tabbaa stated:

“As adoption continues to grow in the region, we see significant opportunities to use cryptocurrencies to purchase real-world assets. Crucially, this Carlton partnership also signals to the market that cryptocurrencies are maturing and gaining mainstream acceptance as a viable medium of exchange, they said in a joint statement.”

They added that Bahrain has been scrutinizing the crypto/blockchain space based on the adoption of various regulations.

For instance, the Central Bank of Bahrain (CBB) undertook a crypto payment trial with Onyx, JPMorgan’s cryptocurrency and blockchain unit. 

Furthermore, Binance received a Category 4 license as a crypto asset service provider (CASP) from the CBB. This license was to permit Binance Bahrain to offer a full range of crypto trading services to consumers under the supervision of the Bahrain regulators, Blockchain.News reported. 

SpankChain Shuts Down SpankPay Crypto Payment Processor

SpankChain, an Ethereum-based blockchain platform designed to help adult content creators cut out traditional banks and intermediaries, has closed its crypto payment processor, SpankPay. The closure comes after the company lost its payment service provider, Wyre, in February due to “violations of any third-party payment processor or network rules.” SpankPay attempted to find another service provider, but all attempts were rejected due to the adult industry nature of their business.

In a Twitter thread, SpankPay announced that the decision to close the payment processor was due to the escalating hostility of the banking environment towards adult industry payment processors, which had made it untenable for the small team and niche market it served. Despite the shutdown, the company reassured users that their money was safe and would be returned as soon as possible.

SpankPay was launched in July 2019 as an adult-industry-friendly payment solution that enabled adult entertainers and merchants to accept cryptocurrency for their services. The closure of SpankPay is a significant blow to SpankChain, as the platform was a key part of its blockchain ecosystem.

The adult entertainment industry has always faced challenges with traditional banking systems, as banks have been reluctant to work with the industry due to its controversial nature. SpankChain sought to change this by providing a blockchain-based platform that allowed adult content creators to transact directly with their customers, cutting out traditional intermediaries.

The closure of SpankPay highlights the ongoing challenges faced by the adult entertainment industry in accessing traditional banking services. The industry has been forced to rely on alternative payment methods, such as cryptocurrencies, to transact with customers. The use of cryptocurrencies has enabled adult content creators to access a global market and avoid the restrictions imposed by traditional banks.

Despite the challenges, SpankChain remains committed to advancing the adult industry and has promised to continue developing and investing in products that serve the niche market it serves. The closure of SpankPay is a significant setback for the company, but it is determined to continue to innovate and find new ways to help adult content creators succeed in the digital age.

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