Emergence of Cryptocurrency in Various Industries
In the wake of the Crypto Big Bang, we have witnessed everything from Bitcoin to Shitcoin. Thousands of new cryptocurrencies have emerged and diversified the ever-expanding cryptocurrency market. Today, the internet runs rampant with talk about blockchain technology and crypto. It seems to be among the hottest trends of the modern era. Over the last several years, many industries have been disrupted by the introduction of cryptocurrencies as a means of transferable value.
Banks Hope to See the Crypto Hype Pay Off
Assuming the emergence of cryptocurrency has already disrupted and changed the finance industry, more people are beginning to gain access to banking services and transferable digital assets, especially those who live in underdeveloped countries which lack access to traditional banking. M-PESA, a peer-to-peer finance service, is just one of these platforms that has seen more than $10 billion worth of money transferred in Kenya through its mobile app over a period of just three months. Apps serve as invaluable tools for many who have a means of storing value and transferring assets seamlessly across borders, inciting the recent surge of digital wallets across the world.
Additionally, many prominent banks and financial institutions are beginning to develop their own services to complement the emergence of cryptocurrencies. Just last month, Goldman Sachs announced that they are pioneering a Bitcoin trading desk as their first operation into the cryptocurrency market.
Known to be a technology-driven investment bank, Goldman Sachs is taking the first step towards entering this asset space which could be indicative of future fintech trends. Spencer Bogart, a prominent blockchain venture capitalist, believes this implication. He stated in a recent interview with CNBC’s Fast Money,
“Most of these banks have heard about the numbers or seen the numbers that companies like Coinbase and Binance are putting up. There’s a real risk that some of those companies could overtake some of Wall Street’s biggest banks if they don’t get in the market.”
With the rapid movement and emergence of cryptocurrencies in the finance industry, many changes could be coming our way, especially once adoption by financial institutions becomes more common. The changes stemming from these examples will pave the path for complete disruption — to the point of tangible changes — of the traditional financial landscape in areas such as efficiency and accessibility. The bottom line is this: more users have access to banking services than ever before, indicating that power may very well be gravitating back to the people.
The Food Industry is Hungry for Crypto
You might be quite surprised by the growing list of major companies and corporations who now accept cryptocurrencies as payment for their services. Subway and KFC Canada are just a couple who now accept Bitcoin. Following Bitcoin’s growing legitimacy with brand-name businesses, you might wonder why more companies haven’t jumped on board.
As observed over recent years, Bitcoin and some leading altcoins remain somewhat volatile. In just a matter of hours, prices can move hundreds of dollars up or down depending on exchange sentiment and world news. The risk of depreciating value in purchases remains too high for many hesitant business owners to implement crypto-based purchases. Instead, most proprietors are sticking to their current payment systems which excludes any digital payment involving cryptocurrencies. So either way, we are witnessing the gradual emergence of crypto-based payments in the food industry.
Sports & eSports Gamble on the Future of Digital Money
As the world of eSports quickly gains legitimacy as one of the fastest growing industries, many crypto-based platforms have emerged to link fans from all over the globe directly to the players. One such platform, Digital Fantasy Sports (DFS), is Ethereum’s first fantasy sports crypto platform. According to their website, DFS operates as an ERC20 Ethereum wallet, which allows users to deposit its tokens into the wallet and earn more by participating in any of their wide range of fantasy challenges including NBA, NFL, and MLB games. With zero extra fees and fully direct player-to-player action, crypto-based fantasy sports platforms may very well be the future of online betting.
Not only is cryptocurrency emerging as a viable form of payment, but it’s also making its way directly into professional sports organizations. In January of this year, Arsenal secured a sponsorship deal with the U.S. cryptocurrency CashBet. The coin took advantage of the agreement to market itself amongst the thousands of Arsenal fans in attendance at each of their home games. As other prominent sports organizations like the Sacramento Kings begin to enter the intersection of sports and crypto, it’s only a matter of time before we begin to see new coins come on scene through outreach on this platform.
So what does all of this mean for the future of cryptocurrency? Well, we are experiencing both success and hesitancy from companies all over the world. No matter how you view cryptocurrency, it’s becoming more and more commonly integrated into many industries worldwide and could quite possibly become the future of global finance.
Which industry or service do you think would benefit from a crypto overhaul? Let us know in the comments.