After the IMF released a video explaining cryptocurrencies – speculating they could be the future of money – there is a growing consensus that these assets will change how finances work.
Google Pay even began an onboarding process featuring several established crypto-based solutions and that has been going on for a while now. Yet, some companies have still been smarting, particularly in Australia where a class-action lawsuit has been filed.
One of the first to be onboarded by Google was Paxful. Paxful has empowered people from all over the world to participate in finance even if their region doesn’t have a well-developed banking system.
Google Pay then added Coinbase, one of the biggest and most respected crypto exchanges. The incorporation of crypto solutions into Google Pay has big implications for the entire sector, as the platform has reach to estimated 67million users. Significantly in context of their rivalry, Coinbase CEO Brian Armstrong recently called Apple bullies.
Even Visa and PayPal are making a switch back to cryptocurrencies. While regulation is still patchy, having mainstream organisation embrace these assets would mean a stronger push for the adoption of the frameworks that bind them.
One particular sector where online payments via cryptocurrency is booming is the blockchain gaming industry. There, established casinos have been navigating the difficult legal landscape while delivering on legitimate solutions for close to ten years now.
In the United States, the American Gaming Association (AGA) has asked for the modernisation of payment systems. Cashless payment options are one of the suggestions, but cryptocurrencies can also be a quick solution that can prove particularly handy at a time of an infectious disease pandemic.