Blockchain and cryptocurrencies have become the two most talked about terms in recent times. Launched over a decade ago, these two have gained substantial traction in various sectors across the globe.
Right from agriculture and banking, to finance and virtual gaming, cryptocurrencies are being used in numerous sectors. One of these sectors is e-commerce, where payments through digital tokens are growing very fast. Chinese e-commerce giant Alibaba introduced the use of digital tokens for payments; in fact, the Chinese behemoth is reportedly planning to launch its crypto exchange.
Following suit, the luxury products e-commerce portal The White Company is expected to launch its crypto wallet. The White Wallet, as it will call, will allow users to pay, receive, hold and invest in cryptocurrencies including Bitcoin, Bitcoin Cash, and Ethereum. The wallet shall facilitate crypto payments of major online portals like Amazon, Uber, iTunes, and Steam.
Usability of cryptocurrencies has been a major area of concern, as large scale speculations made them almost inaccessible for daily use. However, with the emergence of big players like IBM, Facebook, JPMorgan, and VISA, extensive research and development have been done in the crypto space, pulling out newer use cases. IBM recently launched a global payments platform, World-Wire, in collaboration with Stellar Coin. VISA has announced that it will be integrating blockchain with its global operations in order to facilitate payments through cryptocurrencies.
On the other hand, JPMorgan became the first US bank to launch in-house cryptocurrency, while Facebook is in the final stage to launch its stablecoin focused on cross-border payments. All these developments indicate that the future of the crypto space is bright, as digital tokens seem to be moving towards mainstream adoption.
Even governments of various countries are moving towards adopting cryptocurrencies. For instance m, Russia is launching its cryptocurrency, in a bid reduce its dependence on the US dollar. Similarly, Venezuela is also exploring the space, as cryptocurrencies have played a major role in pulling the country out of its deadliest recession.
Introduction of cryptocurrency in e-commerce will be a major boom, especially for common users. Shoppers will get access to international products, as global payments through digital tokens are much more secure, safe, hassle-free and less time-consuming. The White Wallet is expected to play a significant role in this direction, as it will also allow cash withdrawals and payments via prepaid Visa and MasterCard, through 10 traditional currencies including USD, GBP, CAD, INR, AUD, JPY, CNY, and HKD.
The White Company has also partnered with blockchain based REM Loyalty, for creating a loyalty rewards programme based on Stellar platform. Through this, the company has expanded its reach over 100 brands present in 18 countries. Prior to this, the company has been serving high spenders for products from luxury brands including Lamborghini, Rolls Royce, and Rolex. It also facilitated the purchase of VIP tickets for concerts of celebrity artists like Beyoncé, Jay-Z, and Britney Spears.
Grab anything from gift cards to beautiful high end products and pre-loaded debit cards that allow conversion to portable ready to use cash https://t.co/3wf8EtPXRl
— REM Loyalty (@REMLoyalty) March 15, 2019
Cryptocurrencies had an extremely bad 2018, and a road to recovery is quite difficult. For the market to boom again, mainstream adoption of digital tokens is extremely important. However, the encouraging part is that in spite of cryptocurrencies bleeding and losing as much as 90% in price value, the market, on the whole, continued to expand at a whopping 122%.
This itself shows the potential of the digital tokens. Especially, electronic money can be of great use in recession-hit countries, as seen in the case of Venezuela and Zimbabwe. The market requires more platforms like The White Wallet and World Wide to keep the usability space growing for cryptocurrencies.