London, UK, 6th Dec 2021, According to a study from data platform Pymnts, many international firms are utilizing cryptocurrencies for cross-border transactions, suggesting increased institutional adoption of digital assets. Still, fewer businesses are offering crypto services to consumers.
Victoria-Coins analyst Jack Roberts says that Pymnts, a study conducted with Circle, the peer-to-peer payments technology company behind the USDC stablecoin, 57.6 percent of multinational firms employ at least one type of cryptocurrency, with bitcoin being most widely utilized. Stablecoins are cryptocurrencies that are linked to government-issued fiat money, such as the US dollar.
The survey of 250 cross-border businesses that generate at least $10 million in annual revenue, 31% used bitcoin, 29% utilized stablecoins, and 24% used ether.
The results suggest that a growing number of international businesses are utilizing cryptocurrency for cross-border transactions, but many firms have ceased offering crypto services to consumers.
Banco Santander, the world’s 16th largest bank in market capitalization and among the most significant financial institutions supporting Circle’s USDC stablecoin project, has been an active proponent for cryptocurrencies.
The bank’s former head of blockchain has called for regulators to pursue a “no harm” approach when designing cryptocurrency regulations, expecting “appropriate” but not burdensome rules that do not stifle innovation in the sector.
Many financial incumbents have embraced crypto recently, with Citigroup and Barclays unveiling cryptocurrency trading platforms in Japan but bans on related services remain.
The study results suggest that many multinational businesses are actively exploring blockchain technology, yet not all firms provide cryptocurrency services.
Banco Santander is among the most significant financial institutions supporting Circle’s USDC stablecoin project, while Citigroup and Barclays have launched crypto trading platforms in Japan.
Brave New Coin, a fintech research firm that has conducted in-depth analyses on the stablecoin sector, currently tracks more than 50 stablecoins across global exchanges.
The study results suggest growing institutional adoption of cryptocurrencies and blockchain technology, but fewer businesses are offering crypto services to consumers.
Many multinational businesses are actively exploring blockchain technology, but not all firms provide crypto services to consumers.
Why is this change occurring?
The abrupt interest comes from the announcements of both Microsoft and IBM.
They announced that they would start accepting cryptocurrency as a payment option. This is big news because businesses worldwide trust these brands more than any other company! So, why are they doing this?
Studies have shown that decentralization is our only chance to defeat the ongoing corporate monopoly over public opinion.
And these are not just any businesses – they represent three of the top five brands:
1st place: Microsoft (almost worldwide) 2nd place: IBM (90%) 3rd place: SpaceX (70%) 4th place: Google (50%) 5th place: Tesla (45%)
By accepting crypto, big brands in the information industry allow an alternative voice to be heard in the mainstream. This means that every business worldwide is now open for digital currency payments!
This movement towards decentralization has also caused an increase in small businesses accepting cryptocurrency payments to pay off their debt faster. We all know how hard it is to get a loan, and cryptocurrency prices are going up every day.
And who can blame them? Cryptocurrency payments do not have fees! This means shared profits across the economy by eliminating middlemen from their cut. And this is not just any group of people – they’re the ones who are making this change happen!
The recent price surge of Bitcoin led to an increase in cryptocurrency payments, which led many mid-size corporations to start accepting crypto. This is happening faster than you can say “buy low, sell high”!
But what we do know is that Bitcoin’s price has gone up by over 200% since the start of 2018! So, it could be a coincidence. Or, perhaps crypto being so valuable makes it easier to use as payment. Don’t forget that the transaction fees for bitcoin have gone down.
More people have started doing business with crypto after it went mainstream!
What does this mean for crypto?
The change in attitude towards crypto is good for all cryptos, and more importantly: businesses.
It means more mainstream companies will accept crypto as payment. More people will be knowledgeable about how to use it, and the investors of these businesses will see a profit!
However, the real winner to come out of this is Bitcoin. Its price has gone up dramatically since 2017, and now it’s at an all-time high. But why would businesses care about their investors?
Because companies are meant to run for their customers’ benefit! With that being said, can you put a price on trust?
So, what this means for cryptocurrencies is a positive outlook for the future. They will only become more and more widely used.
What does this mean for you?
All the things that a normal payment processor would do. Accepting payments in cryptocurrency will make your business more popular and even allow you to be paid faster! You can accept any of the big currencies like Bitcoins, Monero, Litecoin and more!
The future of crypto is bright. If you want a piece of it, start accepting cryptocurrency today!
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.