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Financial Services and Internet Industry Lead in BitPay Payments With 23% of Companies Using Crypto

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23 Percent of Companies Using Bitpay Payment Use Crypto

Recent years have witnessed a surge in the use of blockchain payment technology, with thousands of companies across the world utilizing it for faster, more secure, and less expensive financial transactions.

As one of the leading players on the market, BitPay has had a huge role in transforming how businesses and people send, receive, and store money around the world.

According to data presented by Aksje Bloggen, financial services and internet industry lead in BitPay payments, with around 23% of companies using crypto.

Over 101,000 Average Transactions per Month in 2020

BitPay provides payment processing solutions for businesses that want to accept cryptocurrency payments for their products and services. Its payment protocol offers users a more secure and streamlined cryptocurrency checkout process. All customers need to do is select crypto as their payment method where the vendor supports BitPay, and pay the invoice directly from their wallet.

Behind financial services and the internet industry as the leading markets, the prepaid card market ranked as the third-leading sector in BitPay payments, revealed Statista and BitPay data. Over 16% of companies operating in this industry accepted cryptocurrency payments as of July.

Statistics show the Virtual Private Network (VPN) market ranked as the fourth sector on this list, with 10.4% of companies that have accepted cryptocurrency. Computer games, food and beverages, and currency exchange follow, with 4.2%, 3.2%, and 3.1% share, respectively. The BitPay data revealed that only 1.9% of businesses in the IT industry use blockchain payment systems.

Statistics also indicate the BitPay payments witnessed a steady rise in 2020. In February, the average number of transactions per month stood at 98,500. After a 4% drop in March, it rose to more than 100,700 in April and continued growing. By the end of July, the average number of monthly BitPay transactions jumped to nearly 110,000, an 11% increase in five months.

57% of Users Pay with BitPay or Blockchain Wallet

Statistics also indicate that over 88% of businesses use Bitcoin for cryptocurrency payments. Bitcoin Cash and Ethereum follow, with 4.3% and 3.9% of all BitPay transactions in July.

Analyzed by type of wallet, the BitPay wallet represents the leading digital wallet for BitPay transactions, with a 36% share among all users. Blockchain Wallet ranked as the second most-used crypto wallet, with a 21.6% market share as of July. Electrum Wallet, Coinbase and Exodus wallet follow, with 7.1%, 5.2%, and 3.3% share among users, respectively.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Cryptocurrency

Binance US is Eyeing an IPO, Says Changpeng Zhao

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“Our partner in the U.S. is looking at the potential IPO [initial public offering] route,” Zhao said on Friday at the “Redefine Tomorrow” event organized by SCB 10X — the venture arm of Thailand’s oldest Siam Commercial Bank. The IPO route, however, “is not 100% fixed yet,” he said.

After Coinbase’s listing earlier this year on Nasdaq, the U.S. now has an ecosystem where crypto companies can go public, according to Zhao. Indeed, several U.S.-based crypto firms, including Gemini, Kraken, and Circle, are looking to do just that.

As for Binance itself, Zhao said an IPO is not in immediate plans, but that might change in the future. This is a notable change from what Zhao told The Block earlier this year. At the time, he said Binance wants to take a more crypto-native “path” forward, i.e., expanding the utility of its “utility token” BNB, instead of doing a traditional IPO.

But now before Binance itself could go for an IPO, it will need to change its company structure, said Zhao, because most regulators want to see a headquarters, an office, or a legal entity.

“We are setting up those structures,” he said. “Once those structures are in place, you may make it easier for an IPO to happen. So that’s not out of the question. But right now, we are still in the early stages.”

Compliance efforts
The crypto space is now “relatively heavily regulated,” according to Zhao. To that end, Binance has to make a “big pivot from a technology startup into a financial services company,” said Zhao.

Crypto now is “very much understood as a financial asset type, we just got to treat it as such, and we have got to run the company as such,” he said.

And given increased regulatory attention, Binance is also stepping up its compliance efforts, said Zhao. “We are hiring many traditional compliance people, also ex regulators” to improve Binance’s communication with regulators, he said. He acknowledged that communicating with regulators is currently not one of Binance’s core strengths.

Now Zhao is, in fact, looking for a new Binance CEO, one he hopes will have a “very strong regulatory background.” He first disclosed his plans to step down to The Block earlier this year. At the time, he said he would like to resign from the CEO role in the next two to five years to focus entirely on growing the BNB and Binance Smart Chain ecosystems. Those plans now appear to be firmer.

Binance has long been subject to global regulatory scrutiny, with an increased focus in recent weeks. Government agencies in the U.S., the U.K., Japan, Italy, Thailand, Poland, and the Cayman Islands, have all either issued warnings or taken action against the exchange.

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Bitcoin Will Hit All-time Highs Again This Year, Crypto is Inevitable Future: deVere CEO

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Bitcoin will hit its previous all-time highs again by the end of the year with prices driven higher by the “carefully considered arguments” and “new measured tone” being put forward by the likes of Elon Musk, Jack Dorsey and Cathie Wood, affirms the CEO of deVere Group.

The bullish Bitcoin price prediction from Nigel Green, chief executive and founder of one of the world’s largest independent financial advisory and fintech organisations, follows Wednesday’s The B Word Conference.

At the live virtual event, Tesla and Space X founder Elon Musk, Twitter founder Jack Dorsey, and Ark Investment’s Cathie Wood all advocated for the cryptocurrency and talked about its massive future potential.

Bitcoin surged as much as 10% on the back of their comments.

Nigel Green says: “Musk, Dorsey and Wood are three of the most important and forward-thinking business leaders of our time.  What they say matters.

“Crucially, the tone was less sensationalist than it has been in past, with all the panelists putting across carefully considered, fact-based arguments about why they are all bullish on the future of Bitcoin and crypto generally.

“This will not have gone unnoticed by investors.

“As such, I believe that with these hugely influential figures pursuing this stance and this new tone, we can expect the price of Bitcoin to hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021.”

Demand will boom because of what Musk, Dorsey and Wood said for two main reasons, says Mr Green.

“First, both institutional and retail investors were given a considerable crypto confidence boost by comments the panelists made about their own multinational businesses and their visions for the future.

“Musk, one of the world’s most successful and richest entrepreneurs, confirmed for the first time that both of his companies, Tesla and Space X, and that he personally, owned Bitcoin.  And that neither he nor his companies, will sell the cryptocurrency.  He also revealed Tesla is likely to restart taking payments in Bitcoin.

“Similarly, Dorsey hinted that Twitter will soon allow advertisers to pay for advertising on the giant social platform in crypto.

“He went on to say the cryptocurrency could function as the internet’s ‘native currency’ and this would help all businesses in a much faster way.

“Second, Dorsey and Wood – and Musk to a lesser degree – addressed the environmental impact of Bitcoin mining, an issue which has weighed heavy on the price in recent months.”

Wood, in particular, spoke about how Bitcoin aligns with the environmental, social, and governance (ESG) investing growth trend.

She highlighted how Bitcoin “will be much more environmentally friendly—certainly more than traditional gold mining or the traditional financial services sector. In many ways, it already is.”

She added that Bitcoin has much to offer in the ‘social’ bracket “by providing financially underserved people with “access to payment technology… everywhere around the world without friction”; and the ‘governance’ bracket by offering transparency “unlike the opaqueness of financial systems and the toll-takers in the traditional financial world.”

The deVere CEO affirms: “All of this will help drive Bitcoin prices higher and this will have a knock-on effect to the wider crypto market.”

He concludes: “The message from mega-influencers Elon Musk, Jack Dorsey and Cathie Wood was clear: crypto is the inevitable future.”

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Digital-only Cryptocurrency Artwork Predicted to Sell for $270,000+

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Binance NFT- Investors King

A digital artwork that only exists as a high-resolution file by British artist Adrian Chesterman, and which showcases the parallel between traditional money and cryptocurrencies like Bitcoin, is expected to surpass its reservation price of $160,000.

The Crypto Train, which is now in an online auction specializing in the hottest new investment trend, Non-Fungible Tokens (NFTs), was viewed by several of its owners’ high profile clients before going live.

NFTs are digital collectibles that are encoded onto a blockchain – the same technology on which cryptocurrencies run – creating a unique digital watermark showing ownership and the digital rights to that collectible.

In recent months many major household name artists and musicians, as well as global sports franchises and fashion brands have launched their own NFTS.  In April, auction house Christie’s sold a digital-only artwork, and it became the third-most-expensive work ever sold by a living artist.

“Even before The Crypto Train went to auction, we received significant offers from serious crypto enthusiasts and Silicon Valley investors who are the ones who currently seem to most understand this exploding virtual investment trend,” says Stephen Howes, Director of Thomas Crown Art, a leading independent international art agency.

He continues: “They know – like most major global brands are just now only getting to know – that NFTs are an investment megatrend of the decade.

“This is the next stage in art history and they don’t want to miss out on the early adoption stage.  This is why they were expressing keen interest before the auction, probably hoping to bag themselves a bargain.

“This pre-auction interest suggests that the artwork will surpass its $160,000 reservation tag.  I wouldn’t be surprised if it were eventually sold for $270,000+, such is the demand.”

Howes adds: “But the interest is not only driven by investment potential. In its own right as a piece of art, it’s a fascinating piece which depicts the never-seen-before battle for dominance between traditional and cryptocurrencies in the increasingly digitalised global financial system.”

The Crypto Train

Of the digital artwork, internationally renowned artist Adrian Chesterman (London, 1955) says: “My mission was to create a visual metaphor which could bridge the historic distance between traditional monetary mechanisms, such as gold and coins, and the new virtual world of cryptocurrency, such as Bitcoin and Ethereum.

“I considered a locomotive to be the perfect vehicle to represent such a metaphysical journey, being as it is a land-based, fast-moving machine that relentlessly pushes in one direction…. forwards. A mechanical beast that is powerful, unstoppable, magnificent, man-made but inherently beautiful.”

He goes on to add: “Wealth and its material presentments, such as gold, coins, banknotes and crypto, are all functional solely by the consent of society.

“They have ‘value’ only by the fact we are all in agreement that they should have value as such.

“Therefore, cryptocurrency has the same effective value as any of the others, even gold which of course has no inherent value of its own. We imbued the monetary value upon it, same as banknotes, coins and crypto, by mutual consent.

“This is why the monetary representations contained within the image are semi-transparent and nebulous, here but not here, ethereal but real. For now, anyway.”

The Artist

Chesterman had his first exhibition of paintings at Liberty’s in Regent Street whilst still at the Royal College of Art London, progressing to exhibitions in the Pompidou Centre in Paris, amongst other major international galleries.

A multi-talented artist, he has worked on the publicity art for Spielberg’s Jurassic Park; the set for Andrew Lloyd-Webber’s Sunset Boulevard; advertising commissions for Coca Cola; original designs for theme parks in the United Arab Emirates and China; Spiderman games for MGA in Los Angeles; illustrated innumerable book covers, notably for Jackie Collins, Jack Higgins and Dick Francis; and he has illustrated many music album covers including the acclaimed Bomber cover for Motörhead, The Meaning of Life album and book cover for the Monty Python team and the acclaimed The Road to Hell album cover for Chris Rea, amongst many other projects.

NFT skeptics

Of Chesterman’s The Crypto Train digital artwork, Stephen Howes recognizes that there are still many NFT skeptics.

He affirms: “Those who knock the idea of art solely in digital form would have been those people who knocked the potential of the internet in the 90s and who would have said Amazon as an online retailer ‘won’t catch on’ in the 2000s.”

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