Whether it be a Consensus pump, increased adoption or just FOMO, we are happy to announce that Bitcoin successfully cracked $8000 last week, and most of the top 100 coins experienced significant gains. Is crypto back? That was a joke… we all know crypto never left.
Welcome to the inaugural DigitalBits Adoption Report. As a protocol hyper-focused on spurring the mass adoption of blockchain technology, we thought it appropriate to highlight instances of adoption in our society. There are a number of noble projects pursuing various solutions in every corner of the globe. Sadly we can’t bring them all to light in a single report, but with Consensus 2019 coming to an end, here are some notable advancements happening in the world of blockchain!
Gemini and Flexa have come together to make cryptocurrency payments not only possible, but easy for consumers and merchants alike via the SPEDN mobile application.
Consumers will be able to scan purchases with the SPEDN app, using the following cryptocurrencies as payment: Bitcoin, Bitcoin Cash, Ethereum and Gemini Dollar. Merchants will not need to know how the consumer chose to pay (fiat or crypto), and will be able to select their preferred method of payment, i.e the consumer pays in Bitcoin and the merchant receives USD.
This partnership is a big step in the direction of utility and adoption. Merchants will also benefit from less expensive and fraud resistant transactions, in addition to being able to use their existing payment hardware.
eBay, the massive online marketplace, boasts an impressive 180 million user base, so it was exciting news when photos suggesting the acceptance of virtual currencies were leaked. eBay has since denied these claims: “cryptocurrency is not accepted as a form of payment on the eBay platform, nor is it part of our payments strategy.”
However, despite denying the acceptance of cryptocurrency, eBay was a major sponsor at Consensus this year, so we’ll have to wait and see if their stance on crypto becomes more favourable.
On Wednesday, May 8, 2019, Facebook repealed some of the restrictions on cryptocurrency and blockchain-based content. This comes at a time when news is heating up about “Project Libra,” Facebook’s proposed blockchain platform. Facebook intends to launch stablecoin powered remittances via their WhatsApp platform first — the coin itself will be pegged to a basket of fiat currencies.
- JP Morgan selected Ethereum to launch its stablecoin, JPM Coin, which looks to facilitate the instant and confidential transfer of tokenized fiat. Of the $6 trillion dollars JP Morgan moves around the globe on a daily basis, JPM Coin will account for a very small amount initially. However, as blockchain-based solutions prove their value, who’s to say that the usage of JPM Coin won’t grow?
- Amazon Web Services has added Ethereum as an option for its Amazon Managed Blockchain — aiming to help more businesses leverage blockchain technology. The network currently supports HyperLedger Fabric, but will launch support for Ethereum this summer.
- Microsoft is seeking to create additional Ethereum-based solutions for its clients on the cloud-based platform, Azure. Of notable mention is Starbucks, which will be using the blockchain to track its coffee “from bean to cup.”
Ripio is taking a novel approach to cryptocurrency services, emphasizing the importance of education in tandem with trading.
The company states it has over 300 000 users in Latin America, and has been working to setup fiat on-ramps to encourage the sale of Bitcoin in convenience stores. Currently, there are approximately 8000 stores that allow fiat to be exchanged for Bitcoin. Additionally, Ripio facilitates peer-to-peer lending — there are around 500 loans in the system with an average value of $100.