03 Apr What Is Retail Driven Adoption Looking Like In 2019?
Regardless of the downturn of the market in 2018, we experienced the level of crypto adoption never seen before as development teams strived to market their products to merchants all over the globe. Judging from the reports making the rounds in the crypto space, it is safe to say that the same level of retail-driven adoption is already shaping up to transform the general outlook of the market in 2019.
What we have learned so far from the evolution of the crypto since its introduction in 2019 is that it is tougher than earlier expected for crypto to earn the level of trust that would establish it as a viable alternative to fiat currencies. This, coupled with the fact that developers are yet to find lasting solutions to blockchain’s scalability issues, represents the major obstacles restricting the global adoption of crypto.
However, thanks to the so-called crypto winter we are presently experiencing, experts have made remarkable strides in proffering seemingly viable scalable solutions and this is already having on impact in the intensity of retail-driven adoption, particularly since the turn of the year. In light of this, we will take a look at some of the most impressive adoption-related feats recently witnessed in the crypto space.
XRP’s Woocommerce Adoption Boost
XRP has always prided itself as the ultimate crypto for financial institutions and other companies interested in a more cost-effective and instantaneous means of transaction. This has helped the digital asset cement its place as one of the top cryptos in the market.
Nonetheless, recent news suggests that XRP is now heading towards a major boost in the e-commerce space as a big brand in this sector is about to integrate the crypto into its payment system. As a matter of fact, the platform, Woocommerce, is affiliated with WordPress in order to help users create their own retail websites. As such, the platform already powers over 3 million online stores which could help XRP attain the level of development and global domination that seems to evade crypto space.
Samsung’s Wallet Could Do The Trick
Apart from Apple, Samsung stands as perhaps the biggest smartphone maker in the world and its interest in crypto could mean that crypto is heading in the right direction. The tech giant recently announced that the latest addition to the Samsung S series comes with a built-in crypto wallet that could function as cold storage for digital assets. As such, millions of potential users of this device would have one more reason to buy into the decentralized payment network that crypto promises, thereby leading to a surge in crypto activities particularly relating to e-commerce.
Switzerland’s E-Commerce Powerhouse Joins The Crypto Train
Switzerland has always shown immeasurable support for blockchain and crypto. Therefore, it was no surprise when the biggest retailer in this country, Digitec Galaxus AG, announced that it is looking to adopt bitcoin into its payment options for customers. More importantly, the e-commerce company is a subsidiary of an even larger company, Migros, owner of the largest chain of gyms and gas stations in Switzerland and also a bank. This showcases the possibilities of crypto expanding beyond the popular crypto valley that stands as the capital of crypto in Switzerland.
Japan Retail-Driven Crypto Adoption Is On A Roll
One may argue that Japan is one of those countries that respect the technical ingenuity that governs crypto but is somewhat scared of the implications or threats that comes with it. Therefore, the country has set up various legislation that would ensure that crypto activities within its territory remain regulated. However, recent reports suggest that this has not, in any way, stifled the developments of Japan’s crypto space as retail adoption takes center stage.
Rakuten, the largest e-commerce company in Japan has revealed that it has implemented a carefully laid out plan to adopt crypto payment for its users which began with the $2.4 million acquisition of a bitcoin exchange. In addition to this, Mizuho Financial Group, a Japan-based bank has revealed its plan to introduce its very own cryptocurrency that would allow merchants to make zero transaction fee transfers from their wallets to the bank.
The Biggest Speculative Adoptions
Perhaps, the biggest news so far in 2019 is the unconfirmed report that Facebook is looking to introduce a stable coin on its WhatsApp platform in India that would help merchants perform business faster and safer. If we consider the fact that over 300 million people use WhatsApp in India, then a development of this magnitude would serve as a major push for crypto global adoption.
Kroger Could Join The Bandwagon
Kroger recently divulged that it would no more support Visa because the payment system’s transaction fee is too expensive. In the aftermath of this revelation, crypto enthusiast led by Anthony Pompiliano saw an opportunity to sell the zero transaction fee payment system that the lightning network enables to executives at Kroger. If this pans out well, we might just see one of the biggest e-commerce company in America certify bitcoin as a viable payment option to its enormous customer base.
Retail-driven adoption is becoming to take shape in 2019 as predicted last year, and we expect it to have a meaningful impact on the crypto market.