While many of the crypto traders and HOLDers are more interested in becoming rich real quick, The main goal behind bitcoin, as well as all major cryptocurrencies is to provide a decentralized option to the current form of money which are highly centralized as well as controlled by a handful of entities. This can goal can be only achieved by mainstream adoption.
A bunch of projects like Aelf, Ripple, Tezos, SOMA, BNB etc. has been created for this purpose. All these projects are pushing towards the widespread use of cryptocurrencies as a medium of exchange for day to day services.
All these started with Overstock.com in 2014, which opened their doors for customers to buy goods via bitcoin. On day 1, they have received orders worth $124,000. This was just the beginning.
Fast forward to 2019; we have seen investor optimism returning back, increased interest from institutional investors as well as some important news in mainstream adaption.
Let take a look at some of those major mainstream adaption that has taken place in the past four months.
Rakuten is Japan’s “Amazon” with over 90 million registered users and yearly global revenue of over 1 trillion yen. Rakuten is currently ranked as the world’s third largest e-commerce marketplace company, with a business network spanning e-commerce, travel, banking, securities, online marketing, and professional sports.
Rakuten also made news when it began the account registration process for its cryptocurrency trading service, Rakuten Wallet. It is expected that Rakuten will allow users to trade cryptocurrencies by mid-June, and in future Rakuten accepting crypto payments on its platform which operates in 29 countries. Link
As per the official Press release, Swiss online retailer giant Digitec Galaxus started to accept Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Litecoin (LTC), Tron (TRX), NEO (NEO) and OmiseGO (OMG) for purchases worth over $200.
Avnet has announced accepting cryptocurrency payments through a partnership with blockchain payments processor BitPay. Avnet is a Fortune 500 firm and they have given the option to customers to pay in bitcoin (BTC) or bitcoin cash (BCHABC)
East Japan Railway Company
As per the Japanese news program ANN News, the cloud and internet service provider IIJ is collaborating with JR East to let travellers pay for their train tickets with crypto. JR East will be allowing customers to pay in crypto ( Bitcoin, Litecoin, Bitcoin Cash, and Ripple).with their Sucia smartcard which will be made possible through a DeCurrent Virtual currency exchange
Corporate Traveller is one of the UK’s leading specialist provider of business travel management services to SME companies. Recently it has announced SME customers can pay using bitcoin and bitcoin cash. They have tied up with BitPay to process all the crypto transactions.
VeChain was in the news for providing NFC chips to be used in limited edition Game of Thrones Adidas shoes which are designed by Singaporean shoe designer SBTG (short for Sabotage). Any user with VeChain mobile application can scan these NFC-chips which contain exclusive videos about the sneakers, which can be played and viewed
On April 1st VeChain, DNV GL, and Haier IoC entered into Tripartite Strategic Partnership to improve transparency in the supply chain. VeChain’s traceability application “My Story” will be used to verify products, prevent fraud, track carbon footprints and more of each Haier Products.
Money transfer giant Western Union has teamed up with blockchain startup Coins.ph to enable residents of the Philippines to receive cash remittances in Coins.ph digital wallet. This is one of the best news for crypto adoption as an estimated 10 million Filipinos are working or residing overseas.
Apart from receiving WU remittance, Coins.ph users can also buy sell and store several leading cryptocurrencies including Bitcoin, Ethereum, XRP and Bitcoin Cash same wallet as well.
Ripple and Banks
One of the most adapted cryptocurrencies on the market is Ripple’s XRP. Designed to challenge SWIFT, the primary purpose of Ripple is to facilitate secure, cheaper and fast transactions between financial institutions.
In 2019 as well Ripple kept on adding more financial institutions to their portfolio. These included Euro Exim Bank, PNC Bank, Transpaygo, Federal Bank, SendFriend, Cuallix and Mercury FX etc.
Apart from that 2019 can be so far said an excellent year for ripple as they got listed in Coinbase and as well institutions such as the World Bank, IMF and EU Commission have all created partnerships with the project. These partnerships show a reliable sign of growth as well as the fact that crypto can no longer be avoided
Starbucks is all set to accept Bitcoins. Starbucks has already invested in blockchain platform Bakkt and currently, they are in the process of blockchain integration. It is expected once Bakkt goes online, Starbucks is all set to become “Bakkt’s first merchant-on-platform”. will start to accepting crypto payments via Bakkt.
In mid-March2019, IBM has announced the launching of World Wire, a real-time global payments network on the Stellar network.
According to IBM
“this is the first blockchain-based network that integrates payment messaging, clearing, and settlement on a single network”.
The World Wire network will be supporting instant foreign exchange payment and settlement in locations in more than 70 countries, supporting close to 50 currencies and 45 banking endpoints.
It came as a surprise to many when JPMorgan announced plans to launch JPM Coin.
In the past, JPMorgan CEO Jamie Dimon remarked
“I never changed what I said, I just regret having said it. I didn’t want to be the spokesman against Bitcoin. I don’t really give a sh*t, that’s the point. Blockchain is real, it’s technology, but Bitcoin is not the same as a fiat currency.”
Now even JP Morgan realises the potential of Blockchain by launching JPM Coin, which will be the first cryptocurrency created by a major U.S. bank. The primary purpose behind JPM Coin is to settle payments between clients and the lender as well as to transfer cross-border payments or corporate debt issuance services on to the blockchain — which could make a significant impact on the financial technology, or fintech, industry.
So far 2019 turned out to be a great year of opportunity. All the above given are confirmed partnerships. There are wild and full rumours about more players entering the market like Facebook, Telegram, Visa, Amazon and even SWIFT.
As the quote goes
“ First they ignore you, then they laugh at you, then they fight you, then you win”
Will 2019 be the year of crypto mass adoption?