Monday, July 15, 2019

Companies Across the World Adopt Cryptocurrencies to Beat the Competition

Some companies have adopted cryptocurrencies across the world in a bid to give them an edge in the competition with others. Some of these include Swych, a mobile gifting platform, Tinder, a dating site, and Plopy, a real estate marketplace. However, there are still several others who are reluctant to adopt digital assets.

Mobile Gifting Platform Accepts Virtual Currencies

Bitcoin, Bitcoin Cash, Ethereum, Dash and other virtual assets are being exchanged for goods and services online and offline. An instance is the case of Swych, a mobile gifting platform which announced on February 17 that it would be accepting virtual currencies. Therefore, its customers can buy gifts, send, regift, and carry out other operations funded by these virtual assets.

Deepak Jain, CEO of Swych who made comments about the development stated that virtual assets bring about interesting possibilities. Here, the value can be transferred seamlessly and speedily which takes away the need for a third party. Jain also said users of its platform do not only get to pay each other, but they can also transact with merchants using these virtual assets while they shop, dine, book, and even buy a gift.

Tinder Enables Subscriptions to be Paid Using Cryptocurrencies

BTCNN on February 15 also informed that Tinder, the dating app has created an avenue for Bitcoin, Bitcoin cash, Ethereum, and other virtual assets to be used for subscription. In this case, the platform partnered with Bitrefill, a cryptocurrency payment processor. The latter enables these payments to be made after purchasing a gift card from Google Play or Apple store.

In the same vein, Propy is now accepting cryptocurrencies. Natalia Karayaneva, CEO of Propy outlined that accepting these assets eliminates the lengthy bank times, as well as the high fees, usually incurred. She also pointed out that many people have made requests to buy properties using Ethereum, Bitcoin, Binance coin and even Ripple’s XRP.

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Accordingly, the platform which has properties spread across regions such as Barcelona, Dubai, London, Moscow, New York, and San Francisco, has included these payment methods. They noted that in the case of XRP, it enables cross border payments which is usually completed within a matter of minutes. Therefore, this goes contrary to the use of fiat which could take as long as three to seven days.

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Reluctance in Accepting Virtual Currencies

Despite this adoption rate, many firms are still reluctant to adopt cryptocurrencies for payments. Some have highlighted that these assets are used to facilitate crime such as money laundering. They have also attributed their reluctance to the volatile nature of these assets which pose a risk in the form of losses.

In the case of the latter, Binance CEO, Chanpeng Zhao on February 2 had suggested the use of stablecoin when a Twitter user brought up the same argument. The CEO had also outlined that he does not understand why companies whose businesses are online do not adopt crypto payments given that its integration is easier, faster and cheaper.

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

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