The financial revolution that brought crypto less than two decades ago has attracted people from all walks of life – from government officials to industry leaders, crypto evangelists, and the everyday citizen.
Virtual assets like Bitcoin, Ethereum, and Dogecoin have moved from being assets for trading per se to being a means of settling transactions. Which industries have significantly accepted cryptocurrencies? How are they adopting the digital asset? Find out in the paragraphs below.
Gambling
Online gambling was one of the pioneer industries to adopt the emerging asset class. Today, online gambling takes a significant proportion of all Bitcoin transactions. Even more – casinos like Cloudbet and Duckdice go beyond accepting Bitcoin payments to rewarding users when they present the currency. It is safe to say Bitcoin adoption is why casino games like live casino blackjack are popular.
Now, here’s the good news about the massive inclusion of crypto in the gambling industry. The global iGaming industry is worth $300 billion. Virtual assets will have a large portion in that sum, as digital payments are excellent ways to make transparent payments safely and securely.
Banking
Due to the turbid state of regulation for cryptos globally, many banks adopt a cautionary approach to the asset class. However, some banks are already blazing the trail by adopting digital assets as the settlement tool in various transactions.
An example is Julius Baer, one of Switzerland’s largest private banks. Julius Baer partnered with the pioneer crypto bank in Switzerland, SEBA Crypto AG, so customers can access their crypto assets. USAA was another pioneer in the US banking sector to adopt Bitcoin. The American-based financial services company lets its customers invest, transfer funds to a bank account, pay for their insurance, and do much more.
Simple is another American bank that lets clients hold and trade crypto deposits. Other crypto-friendly banks in the US include Revolut, Ally Bank, Bank of America, Goldman Sachs, Juno, and Wirex. While the future of crypto in the traditional banking sector may be unclear, cryptos and blockchain are definitely taking firm roots in the banking world.
Tourism
The tourism industry is one of the sectors with a remarkably increased adoption of crypto. Financial experts predict that non-cash payments like cryptocurrencies will soon become the mainstream means of settling payments.
Popular hotels, restaurants, and shops have started accepting cryptos globally. Travala, a travel booking platform allows users to book hotels, flights, and homes using Bitcoin. Globally-acclaimed food apps like Uber Eats, DoorDash, and GrubHub also accept food orders via crypto payments.
Over 3.8 billion people worldwide have a bank account, while over 7 billion people use mobile phones. While touring exciting spots in foreign destinations, it’s easy for tourists to be without their ATMs or cash when an urgent need arises. However, they’re more likely to have a mobile phone. This makes crypto payments via mobile phone a more viable and trustworthy solution for tourists.
Fast-Moving Consumer Goods (FMCG)
The fast-moving consumer goods sector is another sector where crypto adoption is heavy. The use of Bitcoins and other altcoins allows FMCG companies to facilitate a transparent supply chain and seamless payments.
FMCG giants like Nestle, Unilever, and Walmart have implemented a system that lets users buy food using Bitcoin. With little effort, manufacturers can leverage blockchain technology to prevent others from counterfeiting their products.
The transparency that comes with manufacturing and distributing products using blockchain technology increases consumer confidence and promotes loyalty to the brands.
Retail
The number of digital stores that accept crypto payments has kept growing annually. HopeDepot and Walmart, in the US, for instance, help Americans process their Alegoria application.
Other retail giants like Expedia, Microsoft, Wikipedia, and Amazon have integrated crypto payments as a settlement system for their users. Additionally, PayPal, Dell, and many other international organizations have included virtual assets as a means of payment from users.
Conclusion
From gambling to the retail industry, food companies, banking, and tourism sectors, cryptocurrencies have found immense application worldwide. The good news, however, is that these industries are only blazing a trail for other industries coming behind to follow. We can expect even more industries to accept virtual assets like crypto in the future.
