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Mainstream adoption

Cryptocurrency Mainstream Adoption | Is Ebay the Answer?

Are we on the verge of mainstream adoption for digital currencies? The list of companies accepting payment in Bitcoin is steadily growing and now one of the biggest e-commerce sites is hinting at joining that list. Global e-retailing giant, Ebay, has stirred rumors via its latest promotional adverts.

Let’s check this out.

Mainstream Adoption – Ebay to Support Digital Assets?

At the Consensus conference in New York, Ebay’s banners suggested the company is about to enter the cryptocurrency space.

In a photo leaked on Telegram channel @PatronsOfTheMoon, the two banners read the following:

“Virtual Currency. it’s happening on Ebay”.

And:

“Reach 179 million active buyers in the world’s largest marketplace”

The photos have caused a stir, because if eBay is readying support for virtual currencies then it would be a major breakthrough for mainstream adoption. Bitcoin would be opened up to a network of potentially 180 million buyers.

Captured by @PatronsOfTheMoon

But don’t get too excited just yet. The company has yet to confirm that the posters are legitimate and hasn’t made any official statement regarding its cryptocurrency plans.

Other Mainstream Adoption

Ebay isn’t the only major brand hinting at mainstream adoption. Elsewhere, a new initiative is aiming to make big name retailers such as Crate and Barrel, Nordstrom, and Amazon’s Whole Foods, accept Bitcoin and three other types of digital currency.

The initiative comes from a partnership between payments startup, Flexa, and Gemini crypto-exchange. The pair have created a cryptocurrency payments app called Spedn.

The app is already active and works by “piggy-backing on the digital scanners that many big retailers use to accept phone-based payments from their apps and from digital wallets like Apple Pay”.

>>uBUCK Technologies Announces Strategic Partnership With U.S. Prepaid Platform PreWay

The partnership has asked various major retailers to “configure their scanners to recognize payments” from the Spedn app. Then a customer simply pays with the app and the merchant will receive a real-time payment in the form of the customers choosing—either cryptocurreny of dollars.

The app holds support for Bitcoin, Bitcoin Cash, Ethereum and, the Gemini Dollar stablecoin. Currently, the app is still under experiment by the retailers that are using it. As such, it remains to be seen if it will be a success.

The volatility of Bitcoin and the risk of hacking, has always been a major issue that has culled mainstream involvement. But might Spedn work? What do you think? Is mainstream adoption on the horizon?

Featured Image: Deposit Photos/hello.artmagination.com

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Facebook Coin

Facebook Coin | Catalyst for Crypto Growth, Says Spencer Bogart

With the introduction of the Facebook Coin, the cryptocurrency world is facing a revolution. Spencer Bogart of Blockchain Capital, in an interview with Bloomberg, shed some light on the media giant’s venture into the cryptocurrency ecosystem.

The Trickle-Down Effect of Facebook Coin

In the interview, Bogart stated that there are several catalysts on the horizon in the cryptocurrency market despite the speculated “bottom” being reached. One good catalyst will be the anticipated Facebook Coin that will change dynamics in the cryptocurrency industry.

The Facebook Coin project will be an incredible project in electronic payments because it operates differently from current cryptocurrencies.

Bogart used the phrase “gateway drug” to assert that the adoption of the Facebook Coin will spur on the cryptocurrency market by adding billions into it. After establishing initial public confidence using the fiat-backed Facebook Coin, users can then diversify into Bitcoin and other virtual currencies. Bogart added that it is likely a given percentage of users will follow this path, which will significantly impact the industry, adoption tricking down to other cryptocurrencies.

>> Facebook Crypto Ad Ban: Platform Loosens Restriction on Crypto Ads

A Cryptocurrency Catalyst?

Besides the adoption success in the long-term, the Facebook Coin project is likely to initiate something that is more significant. The venture has ignited a fire in numerous FinTech and financial institutions across the US. This is evident in what is witnessed in ETrade, TA Ameritrade, and Fidelity’s digital assets wings, which have introduced crypto-centric services both on the retail and institutional front. The Blockchain Capital Partner indicated that the company sprang into action to introduce the service following the launch of the Facebook Coin Project.

The Facebook Coin project will be headquartered in London with another small office in Dublin. The payments project will first target India because of the popularity of WhatsApp in the country.

Featured image: Deposit Photos © ibphoto

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Facebook Crypto Ad Ban

Facebook Crypto Ad Ban | Platform Loosens Restriction on Crypto Ads

According to CNBC, Facebook said on Wednesday that it will loosen its ban on cryptocurrency advertising on its platform. The result will allow businesses related to crypto and blockchain to promote their projects on the social network. The Facebook crypto ad ban first came into effect in January 2018.

Facebook Crypto Ad Ban

The social media giant first started blocking ads on initial coin offerings, saying it had concerns for its users’ welfare. It was afraid that many would fall for scams and fraudulent crypto products.

But earlier this year its stance began to change. In January 2019, it began allowing ads from projects that had received prior written approval.

Was it coincidental that around the same time there were murmurs that Facebook itself was going to venture into the cryptocurrency space with its own coin?

Now, the social media giant has gone another step further, making it so that crypto-related ads will no longer require prior written approval.

In a blog post released yesterday the media giant said:

“We’ve listened to feedback and assessed the policy’s effectiveness […] While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”

The company’s initial ban was met with ire from many businesses that felt the new policy was unfair. The restriction on advertising meant several projects lost hundreds of thousands of dollars because their ad campaigns were suddenly banned.

>> Bitcoin Price to Hit $7,200 After Demonstrating Bullish Signs?

It also is a convenient time for Facebook to change its opinion of cryptocurrency advertising as it is reportedly working on its own blockchain project.

According to several sources, the company is building its own stablecoin that will allow WhatsApp users to send cryptocurrency payments to one another. Further, last week it was reported that Facebook has been in talks with financial firms and e-commerce companies to support its project.

Are you happy to see the Facebook crypto ad ban reversed?

Featured Image: DepositPhotos © Kesu01

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Fidelity

Fidelity Investments will Trade Bitcoin in a Few Weeks!

According to Bloomberg, Fidelity Investments is on the verge of buying and selling Bitcoin (BTC). Earlier this year, the firm began a custody service to store Bitcoin, but now it will evolve to trading.

Fidelity Investments Embraces Bitcoin

Fidelity is one of the largest asset managers in the world. Its newly-formed arm—Fidelity Digital Assets—will be the first of its kind to offer “over-the-counter trade execution and order routing for Bitcoin.”

The Wall Street giant is aiming its cryptocurrency trading product at institutional traders and will start with Bitcoin.

According to Fidelity spokesperson Arlene Roberts:

“We currently have a select set of clients we’re supporting on our platform. We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.”

Wall Street Embraces

Fidelity joins brokerages E*Trade Financial Corp and Robinhood in offering cryptocurrency trading to clients. But where the latter two target retail investors, Fidelity is only targeting institutional customers.

The company released a study on May 2 stating that 47% of institutional investors believe digital assets are a good investment idea.

Mainstream Adoption

The news should be enough to spur on Bitcoin bulls. One of the greatest hurdles faced by Bitcoin is mainstream adoption. Price volatility, fraud, and theft remain major concerns for institutional investors and keep Wall Street at bay when it comes to crypto.

>> Bitfinex Plans to Sell $1 Billion Worth of LEO Tokens

Bitcoin is currently on an upward swing, having already grown more than 50% so far this year. The coin currently sells for $5,725 approximately according to CoinMarketCap. The month of May alone has seen the coin surge almost 8% as it heads toward $6,000 per coin.

What are your thoughts on Fidelity’s embrace of Bitcoin? Do you think it’s simply a matter of time before others follow suit?

Featured Image: DepositPhotos © melis82

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Crypto Payment

Facebook Partners with E-Commerce Companies to Support Crypto Payment

The Wall Street Journal has reported that Facebook is in talks with various e-commerce companies and financial firms to support its crypto payment that is under development. So far Facebook has engaged MasterCard and Visa about the project that is known as Project Libra.

Crypto Payment

Facebook is expected to commit $1 billion to the development of crypto payment. The company has approached various e-commerce companies to invest in its crypto payment feature and be a partner of the network. Paying via crypto will not be limited only to Facebook apps but will also be used by the e-commerce partners that support the feature thus enabling the cross transaction between apps. The company plans to motivate merchants by removing transaction fees for cryptocurrency-based purchases.

Facebook’s crypto payment will be pegged on the dollar and users of Facebook app WhatsApp can use it to send money across the platform. With its more than one billion users, Facebook could open the path towards the adoption of cryptocurrency. Social media has the capacity to change the cryptocurrency ecosystem that currently boasts 100 million users.  Facebook will incentivize users to pay with crypto with a percentage of the cryptocurrency for engaging with content and viewing ads.

>> LSE Interested in Blockchain and Distributed Ledgers? CEO Hints Yes

Facebook Still Dealing with Privacy Issues

Facebook has faced privacy scandals in recent times, and it is currently making a series of changes regarding privacy, and CEO Mark Zuckerberg recently asserted the importance of private commerce and payments to their future. With the privacy scandals that Facebook has faced it is yet to be clear how the cryptocurrency payment community will take the new development because the company is yet to gain the trust of its users.

While speaking about the payment plan, Zuckerberg indicated that in the event e-commerce gains traction on any Facebook app, then that will motivate brands to spend more on advertising.

Featured image: DepositPhotos © MichalLudwiczak

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