The crypto industry, being an amazing alternative to the traditional centralized financial system, has been gaining great momentum lately.
The number of people using crypto has been rapidly increasing. In order to stay up-to-date with the trend, many shopping services, businesses, and large institutions have to adapt by introducing crypto into their businesses.
Even governments are considering making crypto its legal tender (like El Salvador did with Bitcoin) or creating their own digital currencies (CBDCs). Thus, cryptocurrencies are now at the stage of mainstream adoption.
Some of the latest most talked about adoption cases include crypto integration by PayPal, Visa, Tesla, Pornhub, etc. However, there are many other institutions such as banks, payment services, and entertainment platforms that also boast about their implementation of digital currencies. Let’s review some of the recent crypto adoption cases.
The biggest US bank by assets, JPMorgan quietly started giving its customers access to half-a-dozen crypto institutions’ trust funds earlier this year. Without any public announcement, the bank has allowed its wealth management clients to use the following crypto funds: Grayscale Investments’ Grayscale Bitcoin Trust, Bitcoin Cash Trust, the Osprey Bitcoin Trust, Ethereum Trust, Ethereum Classic Trust, and a new Bitcoin fund New York Digital Investment Group (NYDIG).
Apparently, JPMorgan didn’t want to make a big fuss about the news as its CEO Jamie Dimon has publicly spoken out about his disapproval of Bitcoin. However, later he admitted that if JPMorgan customers were interested in using digital currencies, and they are, the company should provide such an option.
The world payment giant has already implemented several features in the push for cryptocurrency adoption during the past year. Visa, together with its rival MasterCard, sees the adoption of digital currencies as one of the most promising paths for their development and expansion.
Only last week Visa has
PayPal has also been on the way to adopting crypto. Even though its former CEO Bill Harris called Bitcoin a scam project, the company has changed its stance completely since then.
Last year, the payment platform made the first step of adopting digital currencies by
Mastercard has also been leading cryptocurrencies into mainstream adoption this year. Last winter, the payments behemoth
Besides, this fall, Mastercard
Apart from that, last month, the payments platform
The Swiss franchise of a Spanish banking giant is on its way to adopting crypto as well. This summer, after six months of testing, BBVA Switzerland
This week, the Swiss division of BBVA announced that it now
One of the world’s most prominent electric vehicle manufacturers Tesla has been exploring the possibility of accepting crypto in payments. At the beginning of this year, the company
However, in May, Tesla suspended the option of paying in Bitcoin expressing concerns over mining’s negative effects on the environment. Later, though, the company
Financial institutions are not the only ones who understand the importance of adapting to the rapidly developing world of crypto. Many entertainment platforms have also started accepting digital currencies.
For example, Pornhub, one of the world’s most visited websites for adults, started accepting digital assets back in 2018. After Visa and Mastercard cut merchant services for Pornhub due to the allegations against the website’s abusive content earlier this year, crypto was
The business-intelligence software vendor MicroStrategy is now one of the world’s largest public owners of Bitcoin with more than 14,000 BTC in its holdings.
This fall MicroStrategy
Morgan Stanley became the first large U.S. bank to enableits wealthiest clients to access Bitcoin funds. The three digital currency institutions Morgan Stanley has become partners with are Galaxy Digital, Mike Novogratz’s crypto firm, and a joint effort by FS Investments and NYDIG. The option was introduced in March of this year.
Last month, Morgan Stanley
Another large American investment bank to support digital assets is Goldman Sachs. After Bitcoin was added to its network, the company
Unlike other financial institutions that remain suspicious of cryptocurrencies, Goldman Sachs fully supports digital asset development. The bank’s officials even
As we can see, many of the world’s largest banks, as well as payment and entertainment services are trying to adapt to the use of digital currencies as best as they can. Even the most skeptical ones can’t deny the growing popularity of digital assets and dare to embrace the crypto space.
My personal belief is that it is still only the beginning. In the near future, cryptocurrencies will probably be as accessible and widely used as their fiat counterparts, if not more.
Pauline Shangett is the Chief Business Development Officer in