At a time when crypto market investors seem to be worried about the various regulatory bodies tightening the noose around crypto exchanges, the news of the horizon of cryptocurrency payment options expanding over multiple platforms and industries comes as a whiff of fresh air. Square was one of the first major payment processors to support Bitcoin transactions, in a series of progressive moves. Founded in 2009, Square is a merchant services and mobile payments company that’s known for its portable point of sale systems such as Square Register and Square Reader.
Although a lot of finance experts seem to disagree on the short-term prospects of cryptocurrencies, the push for its adoption is a bandwagon that insiders, leaders and investors can easily hop onto. That’s the reason why a lot of investors were over the moon when Binance’s CEO Changpeng Zhao revealed that Binance Coin (BNB), an ERC20 token, can be used to purchase an aircraft.
The crypto market received another hot news on November 7 when Bithumb, the South Korean exchange, announced the launch of its cryptocurrency payment service for major online shopping marketplace Qoo10. Referred to as Asia’s Amazon by Bithumb, the exchange started offering the Bithumb cash payment service for Qoo10 from November 5. Alongside, Paypal, E-money and Payco, this payment option is now listed on the marketplace.
In November 2017, Square moved to beta test Bitcoin payments and by January this year, the company had released the feature to most of Cash App’s users. With this move, Square can now compete head-to-head with several incumbents in the crypto payments processing space. BitPay’s been an incumbent since May 2011 and the new entrant as of February 2018 is Coinbase Commerce, as reported on Cryptoslate.
Binance’s aforementioned announcement pertaining to BNB token came just days after Hinomaru Limousine, in collaboration with Remixpoint, released a plan to integrate Bitcoin Cash, Bitcoin and Ethereum payments into its transportation services, as reported on NewsBTC. A world-famous Swiss watchmaking brand, Hublot, also unveiled limited support for crypto payments. The brand released the exclusive “BIG BANG P2P” watch. It is a Bitcoin-inspired watch that’s created to celebrate the cryptocurrency’s 10th anniversary.
Bithumb had revealed to crypto market investors in November 2017 that it was working towards creating a simple payment system to facilitate its members to use their cryptocurrencies and KRW to pay for goods and services, as reported on Bitcoin News. A Bithumb official had further added that all cryptocurrencies held in the exchange’s accounts can be used by the users.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]