• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

$500M Crypto Project to Bring Digital Asset Payments to 100,000+ Location in 2019

Rick Delafont by Rick Delafont
2 years ago
in Cryptocurrency news
Reading Time: 3min read
Bitcoin Crypto Markets
Advertisement
Listen to Article

Digital asset payment platform Crypto.com has just demonstrated a crypto payments processing system that it intends to launch in more than 100,000 locations this year. The system, known as Crypto.com Pay, will allow users to pay in more than 25 different digital assets including Bitcoin and Ether.

Since neither the merchant or customer pay any fees, there is hope that the increased acceptance will allow more people to use digital assets as bone fide currencies. Currently, the lion’s share of crypto usage is as a vehicle for speculation.

Crypto.com to Bring Digital Currency Payments to 100,000 More Locations

Already, 2019 is shaping up to be a great year for crypto acceptance stories. Earlier this year, the space was amazed by the announcement that Whole Foods, a firm owned by online retail giants Amazon, would be accepting digital currency payments through a third-party application. Other recent examples of large retailers opening up to Bitcoin include Digitec Galaxus and Avnet.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Helping to further advance the cause of crypto acceptance around the world is a startup valued at over $500 million, Crypto.com. The firm has recently been building out an instant crypto payments platform that takes advantage of existing payment rails and just showcased its successful demonstration.

One of the exciting things about the announcement that Crypto.com made earlier to via its blog is the scale of the firm’s plans. It will reportedly be launching in more than 100,000 locations and supporting more than 25 digital assets. These include Bitcoin, Ether, Binance Coin, the firm’s own token (MCO), and others.

In the blog post, the firm included the following video of a demonstration of a Starbucks customer using the Crypto.com Pay service to buy goods from the retail giant.

As you can see, the Crypto.com Pay application sends payment to the retailer in just seconds using the merchant’s existing hardware. By piggybacking on existing payment rails, the firm is much better positioned to advance the cause of crypto adoption than if it were to require specialist hardware be installed by the retailer.

There is hope from some that such stories of increased crypto asset acceptance will result in greater numbers using it as a currency proper. Earlier this month, many big news publications used research conducted by blockchain forensics firm Chainalysis to ridicule Bitcoin, the largest crypto asset by market capitalisation, on the grounds that hardly anyone is using it for payments. The study concluded that just 1.3 percent of all Bitcoin transactions are used to pay for products or services and that the primary use case of the cryptocurrency remains speculation.

However, for other commentators, there is nothing wrong with more people people hoarding crypto assets than spending them. Price is still too volatile to use the asset as a medium of exchange for most people. The only way this can change is for the market capitalisation to grow significantly (in the hundred of billions of dollars). Eventually, the market would be so large than even billions of dollars entering or exiting would make little difference to the price and thus more people will want to use Bitcoin to buy things since there is little chance that the item bought would have cost 10 or 20 percent more or less just hours or days later.

 

Related Reading: Global Bitcoin Acceptance Up More than 702% Since 2013

Featured Image from Shutterstock.
TweetShare116
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

btcu

The Brilliant Minds Behind the BTC Ultimatum Project, and Their New CEO, Eric Ma

3 hours ago
Can Blockchain Help Enterprises Navigate GDPR Headaches?

Can Blockchain Help Enterprises Navigate GDPR Headaches?

5 hours ago
altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin

Centralized Wealth: The Downside To Institutional Bitcoin Buying

19 hours ago
Ethereum

Ethereum Rallies Towards All-Time Highs as BTC Stalls; What Analysts are Saying

1 day ago
etoro

eToro Nudges Investors Towards Crypto Trading as They Consider Portfolio Diversification

1 day ago
5 Projects Bringing Institutional-Grade Products to Crypto

5 Projects Bringing Institutional-Grade Products to Crypto

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bit.com To Launch Industry’s First BCH Options

January 20, 2021

NOWPayments Presents: Fiat Conversion

January 20, 2021

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.