The crypto space is expanding its reach in the payments segment, as adoption by companies around the world is increasing day by day. With the emergence of big players on the scene, the growth is expected to continue in the foreseeable future.
Cryptocurrencies are being increasingly used for global payments, a segment which itself has been growing rapidly over the past few years. Transferring traditional currencies has many shortcomings, like higher transactional costs, vulnerability to hacks, and even lack of transparency at times, all of which are nullified by digital tokens.
Transferring digital coins is cheaper, is more secure due to the use of blockchain technology, and also takes substantially lesser time to process the payment. These benefits make them apt for global money transfers, and therefore, the demand has been on the upper side for the past several months. In fact, seeing at the demand, behemoth corporations like Facebook and JPMorgan, leaders in their respective sectors, have launched their own stablecoins focused on cross-border transactions.
Following similar lines, a new cryptocurrency is being launched focused on global money transfers. The digital token is based on the Ethereum platform and will be called Connect Coin (XCON). It is the native cryptocurrency for Connect Marketplace, and the blockchain based global crypto transfer application CONNECT PAY.
Connect Coin is under its Initial Coin Offering at the time of writing this article and will be listed on 20th April 2019. However, even before completing its ICO, then it has already been announced that digital token will be listed on the HitBTC Crypto Exchange. The announcement came via Connect Coin’s official Twitter handle
Dear #XCON members, We are happy to announce that #CONNECTCOIN will been listed on @hitbtc #exchnge soon ?. #Hitbtc is biggest exchange Founded in 2013, For more information and updates about this listing kindly join us https://t.co/Wr6kmqexSB #crypto #fx #blockchain #money pic.twitter.com/g8CkcMuPM3
— Connect Coin (XCON) (@connectingcoin) April 16, 2019
Launched in 2013, HitBTC is one of the oldest and biggest crypto exchanges in the world. The Exchange claims to be the most advanced in terms of technology for Bitcoin Exchange. The news was also confirmed by HitBTC, as the exchange retweeted the announcement. Find more about the crypto exchange in Indonesia here in detail.
— HitBTC (@hitbtc) April 16, 2019
Currently, Ripple (XRP), Stellar (XLM), and SwiftCash (SWIFT), leading the charge in expanding the crypto space in terms of adoption, with each one of them striking deals with companies, payments platforms, and others.
Particularly, Ripple has been doing a fantastic job in creating new markets for cryptocurrencies at large, through its payments platforms like RippleNet, xRapid and xCurrent. It has collaborated with various global payments platforms like TCS-backed BaNCS, which has increased the potential user base to more than any other.
Connect Coin is expected to successfully achieve its goal, as e-commerce markets worldwide, are steadily moving towards crypto adoption. Even in nascent markets like India, where the journey for digital currencies has been quite bumpy, players like Flipkart and Amazon are offering coins to users on purchases, which can be used on the platform itself. While these may not be out and out cryptocurrencies, but they are preparing the users for future crypto adoption.