There is a significant increase in the number of reputed companies accepting payment in cryptocurrencies from the end of the previous year. Companies like PayPal and Overstock are prominent amongst them. This acceptance has boosted confidence in the blockchain community and pushed it forward to the mainstream despite the current fall in the market. Integrating cryptocurrencies for payments, these companies are providing huge support and stable base for blockchain to take part in the long run.
In recent announcements, Wix, a publicly transacted unicorn, is now opening its doors for payments in cryptocurrencies. It allows sole proprietors and small businesses to create websites and for this service, they will now accept payment online using cryptocurrencies beside another mode of payment. PumaPay is Blockchain based payment enterprise which is taking care of this whole integration process. It raised around $120 million in private sale.
Apart from Wix users who will be able to pay in crypto, the customers can also pay in tokens. The websites created by the Wix users will possibly include payment options in cryptocurrencies.
The beginning of 2018 marked a super high phase cryptocurrencies and blockchain market. However, the previous six months has been entirely sluggish. Thus, following this fall in the blockchain world, digital assets backing the cryptocurrencies and integrating them for mainstream payment seems trembling for many. Users and investors are becoming more apprehensive about the place of crypto in the mainstream and about its consistency in the future.
A portion of crypto-enthusiasts says that the hype for blockchain is dying as it started showing its temperamental characteristics. Another part asserts that all this uproar regarding tech deals are before settling into the channel.
On the release of “2018 Hype Cycle For Emerging Technologies”, Gartner gave its view addressing digitalized ecosystem as one technological evolvement which will provide the enormous magnitude of competitive benefit over the upcoming decade. It estimates that it is just the beginning and billions of things will have a digital clone in the next five years.
Supporting Gartner’s anticipation, the research company stated this technological evolution would need a more dynamic ecosystem and backing from novice technical foundations. It is because the startups are willing to take more risk related to the emerging technologies.
This is why not only Wix’s users can adopt or keep off the cryptocurrencies but their customers can choose the way and whether they want to use crypto or not. Yoav Dror, PumaPay’s CEO said that this is a tool for payment for the users and also for their customers who want to pay for subscriptions using tokens. This is an excellent step in making blockchain and crypto famous to the world.
He added that there are different payment options or billing scenarios according to the business strategy. This ensures immediate settlement of the transactions, reducing fines and chargebacks.
Reputed companies like Unicorn, Facebook etc when joining hands with blockchain technology, boosts the blockchain community as a whole. Even though the market has dropped from last year, but it is still raging high than most of the other markets. And in 2019, hopefully, the startups and enterprises will take up and integrate more with crypto and blockchain world.