The cryptocurrency industry has made great strides in making digital assets easier to use. Businesses must promote and encourage the use of crypto in a way that is transparent and compliant with existing regulatory laws if they are to play their part in mainstream adoption. Here’s the latest on blockchain technology’s growing mainstream uptake, showing the potential for cryptocurrencies to become a new asset class and what blockchain-based companies are doing to promote mainstream adoption.
The cryptocurrency industry has made great strides in making digital assets easier to use. For example, providing easy-to-use wallets is a step towards mainstream cryptocurrency adoption.
Cryptocurrencies have become popular as more individuals and businesses are using blockchain technology to facilitate financial transactions. Additionally, companies must promote and encourage the use of crypto in a way that is transparent and compliant with existing regulatory laws if they are to play their part in driving mainstream adoption.
For example, Sam Bankman-Fried, CEO of FTX, believes that “we absolutely don’t have great user experiences yet” for cryptocurrency to be truly functional. He sees the development of user-friendly blockchain wallets and more seamless integration with fiat finance as essential for adopters to gain more financial freedom when spending their money and transacting.
Cryptocurrencies are here to stay, becoming increasingly mainstream with the recent Financial Conduct Authority (FCA) consultation and ongoing education efforts. The UK government is planning to introduce a central bank digital currency (CBDC).
Blockchain-based companies have recently announced several partnerships with mainstream institutions. Here is an overview of important recent developments:
MasterCardhas partnered with Mercado Libre to bolster the security and transparency of its recently launched crypto program in Brazil. Mastercard’s CipherTrace technology will enable Mercado Libre to monitor, identify and understand risk and help the retailer manage regulatory and compliance obligations.
Binance, a cryptocurrency exchange, partners with
Cristiano Ronaldo, a soccer player. The partnership will sell Ronaldo’s non-fungible tokens exclusively on the Binance platform in a series of collections. The company also noted Ronaldo’s many accomplishments including transcending sport to become an icon across multiple industries. Zhao said he was “proud to partner with CR7 and the Binance team.” The deal includes a series of collections of NFTs (non-fungible tokens) released later this year and feature designs created in collaboration with Ronaldo. Investors have started turning away from risky assets like bitcoin; as a result, NFTs rose to fame last year. This agreement includes these NFTs which will only be available on Binance. Binance, like many crypto enthusiasts, has been hit hard by the crypto winter. But that doesn’t bother CEO Zhao Changpeng.
The UFC, the world’s premier mixed martial arts organization, and
VeChainthe world’s leading sustainability-focused blockchain foundation, recently announced a first-of-its-kind long-term partnership that breaks new ground in marketing for both brands.
A new football deal has made it even easier for people to buy and trade cryptocurrencies. LaLiga has partnered with a cryptocurrency wallet
Divito become the league’s official crypto wallet in MENA, Southeast Asia and China. The deal will bring Divi’s wallet to an audience of over one billion people. LaLiga selected Divi because of its focus on accessibility and ease of use, social inclusion and education. This partnership would benefit the company, with 10% of fans in the Middle East-North Africa region already holding cryptocurrencies.
These findings suggest a vast future for cryptocurrencies, with potentially game-changing implications for social and economic structures, although there are still pressing concerns. Whether or not this will be a revolution in the traditional sense remains to be seen, but the future certainly looks bright.
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