Hey everyone,
Welcome back to Adoption Friday with adoption news from around the world. In this week’s batch:
- 🏧 Bitcoin ATMs face global shutdowns
- ✈️ Travala integrates with Skyscanner
- 🇸🇬🇭🇰🇦🇪 Singapore, Hong Kong, UAE lead in crypto adoption
- 💳 Mastercard launches crypto debit card with Mercuryo
- 🗳️ Crypto voters’ potential impact on US election
Over 600 Bitcoin ATMs have gone offline globally in the first two months of Q3 2024, with the United States experiencing the most shutdowns. Law enforcement is targeting Bitcoin ATMs involved in extortion and scams, with the U.S. Federal Trade Commission reporting an increase in scams involving Bitcoin ATMs. The top 10 operators run 74% of the total number of ATMs, and there has been a crackdown on crypto ATMs in Germany and a ban on them in Singapore.
Our take:
The shutdown of Bitcoin ATMs shows that sensible regulations and security measures are still needed to protect users from scams and foster trust in the crypto space.
Read more here.
The crypto-focused travel platform Travala has integrated with Skyscanner, allowing its 110 million monthly users to access Travala’s 2.2 million hotel listings. This marks Skyscanner’s first partnership with a crypto-native application, signaling a commitment to diverse payment methods for travelers. Travala aims to revolutionize travel by offering over 100 different cryptocurrencies as payment options and providing cryptocurrency rewards instead of traditional loyalty points for travelers. The partnership is seen as a potential boost for mainstream adoption of Web3 and crypto-driven applications.
Our take:
Travala’s integration with Skyscanner is a significant step towards mainstreaming crypto in everyday transactions. If it can accelerate Web3 and crypto adoption in travel, all the better.
Read more here.
A report by Henley & Partners shows that Singapore, Hong Kong, and the UAE are leading in cryptocurrency adoption. Singapore scored the highest due to its supportive regulatory environment, while Hong Kong and the UAE also ranked high in economic factors and tax-friendliness. The study indicates that these countries have favorable conditions for crypto adoption, including strong government support and public interest.
Our take:
These regions set a benchmark for integrating crypto-friendly policies and illustrate how government support and innovative regulations can help the industry flourish.
Read more here.
Mastercard has partnered with Mercuryo to launch a euro-denominated crypto debit card that allows users to spend cryptocurrency from self-custodial wallets at over 100 million merchants. This collaboration aims to bridge the gap between traditional finance and crypto, supporting the concept of self-custody and providing an easy, secure way for consumers to spend digital assets.
Our take:
This collaboration between Mastercard and Mercuryo is more evidence for the growing trend of crypto being integrated into everyday financial transactions.
Read more here.
Political scientists are debating the potential impact of cryptocurrency holders on the upcoming United States presidential election. While some believe that the growing number of crypto voters could sway the election, others argue that these voters are more likely to be donors rather than significant political influencers. The extent of the impact of the “crypto vote” remains uncertain, with differing opinions on whether it will truly shape the election outcome.
Our take:
The influence of the “crypto vote” on the presidential election is intriguing even though it is intangible. The potential political impact of the industry will likely only grow with more adoption.
Read more here.
And that’s it! What do you think about this week’s adoption news? Let us know in the comments!
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