Why the cryptocurrency sphere matures despite the price standstill

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Despite Bitcoin plunging in value, giants like Facebook continue making use of cryptocurrency without needless flash. Companies are cornered into being no longer able to ignore the customer need to pay for purchases with cryptocurrency, and acquire digital assets as quickly as goods and services. Looking through the last few days’ headlines, I can’t help but note that some news still believe that 2019 will see cryptocurrencies find their way further towards mass adoption with the market becoming more mature.

Opera

Opera has launched a handy option for a “less-than-a-minute” purchase of ETH for residents of Scandinavia, one of the most advanced regions in the world for non-cash payments. Android users from Denmark, Norway and Sweden can now buy cryptocurrency directly from Opera’s browser-based wallet launched in December 2018.

In addition to payments with credit and debit cards, transactions can be carried out through “trusted payment networks”: an all-the-rage trend that has witnessed a lot of startups build their business model around.

Needless to say, purchases cannot be carried out anonymously. To verify users buying ETH for cash, Opera has entered into a partnership with officially-registered crypto brokerage Safello.

According to Opera’s product lead Charles Hamel, the product launch is set to contribute to mass adoption of cryptocurrencies and make them a ubiquitous method of payment.

Facebook

A few days ago it became public knowledge that Facebook has enhanced its staff with employees from the startup Chainspace, founded by University College London researchers.

On the basis of Chainspace’s 2017 white paper, the startup is focused on creating a distributed ledger platform for processing transactions via smart contracts.

This acquisition fully corresponds with last year’s news of the company’s intentions to create its own token, allowing billions of users to make electronic payments. Given that the social network has shown interest in blockchain for at least a year, one can assume its ambitions to compete with Visa in terms of transaction speed and audience coverage.

Amazon

Over the last few days, the community has been discussing CEO of Binance Changpeng Zhao’s quote that “Amazon will have to issue a [crypto]currency sooner or later”.

Such a statement from one of the most sought-after persons in the crypto sphere arose on a wave of consensual confidence that large companies in e-commerce will no longer avoid accepting cryptocurrencies; be it purchasing goods for digital money, buying cryptocurrencies themselves, or issuing project’s own tokens.

The study conducted by Investing.com shows that 12.7% of users would feel comfortable purchasing cryptocurrencies through Amazon. This is almost as much as public transportation, hospitality services and health care points in the list of most hypothetically anticipated Amazon products and service offerings.

SIX

Switzerland’s major exchange SIX — with its over $5 billion daily turnover — launches its blockchain-fuelled digital exchange SDX. The launch is scheduled for the second half of this year.

According to Reuters, SIX expects its blockchain-based SDX digital exchange to supersede its existing marketplace within a decade.

Bitfury

Despite tough times that have come ((presumably) forever?) for mining, industry giants still have not lost hope in the field, including crypto-mining giant, Bitfury. It is embarking on developing a bitcoin mining center in Paraguay, a country known for its affordable electricity.

Its collaboration with Seoul-based Commons Foundation is backed by Paraguay’s government which intends to make the country a mining hub.

The mining center — which will supposedly occupy an area of 200,000 square meters — will be powered by two hydroelectric power plants, including one of the largest in South America. In addition to mining cryptocurrency, the project will find a use for the excess amount of electricity the country produces beyond its own needs and neighboring countries’ demand.

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