Saturday, January 18, 2020

What You Need to Know about Europe’s Gradual Cryptocurrency Adoption

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on damolabada@gmail.com

The use of digital assets such as Bitcoin- the world’s leading cryptocurrency in terms of market capitalization- and other altcoins in everyday life has been a subject of debate among several stakeholders who have been observing the crypto and blockchain industry. That day-to-day usage by citizens of countries is fast becoming a reality with more and more shop merchants and stores accepting Bitcoin as a mode of payment, particularly in Slovenia and Croatia.

Elipay’s Growing Adoption in Europe

First, we observe Elipay, a payment merchant that is being widely used in stores on the European continent. Elipay is available in over three hundred Slovenian stores and is set to take over the Croatian nation since the country’s Central Bank gave its approval for the firm to start operations.

Elipay is an application that runs on both Android and iOS devices, and facilitates payments in cryptocurrency. The mass usage of the payment application in both Slovenia and Croatia has led to an increased rate in the acceptance of digital assets as a method of payment. In fact, Elipay is available in one of the largest entertainment complexes on the European continent. The crypto payment application supports three cryptocurrencies as a mode of payments: Bitcoin, Bitcoin Cash and its native token, ELI token.

The CEO of Eligma, Elipay’s parent company, Dejan Roljic, made a statement saying that the acceptance of Elipay in 300 stores is a milestone that has been reached. He also noted that 33% of the stores Elipay is operating in is in Bitcoin City. Bitcoin City is Slovenia’s largest shopping center. It is home to over 500 stores. Dejan also said that the number of stores accepting Elipay is expected to continue rising.

Elipay is implemented in stores that deal in services and commodities such as food and drinks, fashion, electronics, services, sports and leisure, entertainment, home and garden, toys and kids, pets, auto and moto, travel, adult, online stores, etc.

Elipay also added a feature, Intaxi that allows the payment of taxi rides in Slovenia’s capital city to be made in cryptocurrency. Eligma’s CEO further went to say that the Bank of Slovenia approved the value of the euro to be an addition into Elipay using credit and debit cards.

On the first of April this year, Eligma made a statement that proved it was trying to expand beyond its native country. The blockchain startup announced that Croatia’s Central Bank had approved Elipay to begin operations in the country. Dejan said that;

“We will initially test and adjust the expansion model. In that phase, our goal is to enter the first 20 stores … If the testing is successful and a decision is made to fully expand throughout Croatia, then we anticipate that over 200 locations could integrate Elipay by the end of the year.”

Coinbase CEO on Cryptocurrency

In light of cryptocurrency’s increased acceptance, Brian Armstrong, CEO to Coinbase, one of the top exchanges in the US, said that three main factors were going to help crypto gain adoption. He made this statement on the 2nd of April at an AMA session. Brian clarified to the community that scalability, volatility, and usability were the main factors that could lead to widespread crypto acceptance globally.

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