Cash and Gold Facing Extinction As New Investors Go Digital Says Crypto King’ Barry Silbert

Cash and Gold Facing Extinction As New Investors Go Digital, Says ‘Crypto King’ Barry Silbert

                                 

In a new podcast episode of Inside the ICE House

produced by Intercontinental Exchange, host Josh King interviews the ‘Crypto King’ Barry Silbert. The CEO of Digital Currency Group explains why he believes tomorrow’s game changers are gearing up to dump gold for Bitcoin and other digital assets. Silbert’s Grayscale Bitcoin Trust, which allows everyday investors access to BTC, gained 192% in the second quarter of 2019, outperforming every other fund in the first half of the year. As an early Bitcoin investor, Silbert has a long-range view on the emerging technology, having watched the digital asset rise and fall through multiple boom-and-bust cycles. Now, by gauging the rapidly flourishing interest among institutional investors, he believes gold’s status is steadily eroding.

Bottom line: It’s bulky, clunky and not smartphone-friendly – not a great match for Millennials who shop on Amazon, hail rides on Uber, search data on Google, make friends on Facebook, meet up on Tinder, stream shows on Hulu, listen to music on Spotify and track their heart rates on a Fitbit. Silbert is certain the allure of gold will come to an end, right along with physical dollars.

“It’s clear that money is going digital, and it’s clear that in the future, physical cash is going to go away. And it’s also clear based on history that fiat currency tends to not exist into perpetuity. The average life of a fiat currency over the past 500 hundred is 27 years. So what that means is, on average, in 27 years, a government will destroy their currency or devalue their currency, typically through debasement or through war.”

Silbert says he doesn’t see Bitcoin replacing the US dollar anytime soon but he says a changing tide in places like Venezuela, Argentina and other countries with struggling economies have allowed cryptocurrencies to gain a foothold. “It’s clear that something other than the local fiat currency would have real demand and real appeal.” As for people in countries like the US, Silbert says there are five phases of Bitcoin acceptance.

1. Phase one – Dismissive – “That’s silly.” “It’s a Ponzi scheme.” “It’s rat poison.”

2. Phase two – Skeptical – “It’s not going to work.”

3. Phase three – Intellectually curious – “Why is Elon Musk excited about this? Why is Jack Dorsey excited about this?”

4. Phase four – A believer – Write the check and invest.

5. Phase five – An evangelist – Spreading the news about Bitcoin and why, if successful, it will be amazing for society.

Says Silbert,

“I think what many gold investors don’t seem to appreciate is that the next generation of investors, the next generation of asset allocators, do not view gold the same way that our parents or grandparents did.” “Over the next couple decades there’s an estimated $68 trillion of wealth that’s going to be handed down. That’s just in the US. That $68 trillion is going to be handed down from Baby boomers to Gen X and Gen Y and Millennials. I’m absolutely convinced that whatever of that $68 trillion is currently in gold, it’s not going to stay in gold. I’m not saying it’s going to Bitcoin but I know it’s not going to stay in gold. So if gold stops performing the way gold investors think it should in periods of high inflation or macro-economic dislocation, I think it’s game over. I think the next generation of investors are going to put their money elsewhere.”

The Federal Reserve Bank of New York, located in Manhattan, is the world’s largest depository of monetary gold, storing 497,000 gold bars that are situated 50 feet below sea level and weigh about 6,190 tons or roughly 12.4 million pounds. The gold belongs to various clients including the US government, foreign governments, central banks and other financial institutions. As reserves continue to decline over the years, the traditional asset class is facing competition from Bitcoin whose supporters claim that it’s a far superior way to store wealth. Among its advantages over gold – Bitcoin (BTC) is portable and traceable, and you don’t need armored trucks to move it around the globe.

Article Produced By
The Daily Hodl Staff

https://dailyhodl.com/2019/07/15/cash-and-gold-facing-extinction-as-new-investors-go-digital-says-crypto-king-barry-silbert/

Chris Corey

Visa is Entering The Crypto Space invests Heavily in Custodial Services

Visa is Entering The Crypto Space, invests Heavily in Custodial Services

                             

 

As the crypto revolution has moved forward,

the major credit card companies have maintained a curiously low-key approach to its evolution. Now, Visa appears ready to enter the space, having recently made significant investments in blockchain startups, and revealing plans to offer financial services that utilize the technology. These moves are a clear sign that the world’s largest payment network has accepted the fact that cryptocurrencies are now a permanent element of the global financial landscape. Visa has not entirely ignored the evolution of cryptocurrencies. It has followed their development closely, and has filed for a number of blockchain-related patents. However, it is no secret that it, along with other payment processors, do not support their use. Most notably, purchasing cryptocurrency, such as Bitcoin, with Visa cards is restricted in much of the world, and classified as “high risk” where permitted. Also, the company has been reluctant to work with exchanges and wallets to create crypto-linked debit cards, although in a few instances such cards have been issued.

Now, Visa may be changing its position. It has just announced a $40 million investment in Anchorage, a blockchain startup specializing in crypto custody. Anchorage intends to create custody solutions that go beyond mere cold storage, but also give clients greater flexibility in how their funds are managed. Perhaps Visa intends to play a role in this process. Earlier this year Visa also announced the launch of B2B Connect, a blockchain-based international payment service. Similar to Ripple’s xRapid or IBM’s Stellar-based Blockchain World Wire, B2B Connect will facilitate cross border fiat transfers, focusing on business clients. Rather than use a public blockchain, Visa’s service will utilize Hyperledger Fabric. Visa is known to be collaborating with IBM on the platform, which is curious given Big Blue’s own foray into this sector.

The extent to which Visa can succeed with these new ventures is subject to debate. Critics have long asserted that custody solutions are an unnecessary and costly service that offer little extra security to the task of storing cryptocurrency. Also, the long-term viability of fiat transfer services has long-been questioned by crypto purists, as mass adoption may render fiat obsolete. Nevertheless, Visa brings a level of unquestioned experience and trust to these emerging business applications that could make all the difference in the eyes of a skeptical public. There is thus the very real fact that Visa’s entry into the crypto space is adding a degree of legitimacy to the reputation of blockchain assets. Regardless of whether or not it succeeds with its current plans, Visa’s move is one more indication that traditional financial institutions are taking distributed ledger technology seriously.

Most notably, Visa executives clearly understand the threat cryptocurrency poses to their core business model of facilitating electronic debit and credit card payments. Soon crypto options will be available on virtually every point-of-sale terminal on the globe. Merchants will encourage their use to avoid paying Visa’s costly transaction fees. Although Visa has yet to create a clear response to this challenge, perhaps these new offerings indicate that the company understands that it must find new revenue sources if it expects to survive long-term.

Article Produced By
Trevor Smith

https://www.crypto-news.net/visa-is-entering-the-crypto-space-invests-heavily-in-custodial-services/

Chris Corey

This Week in Cryptos: Square ups Bitcoin Sale While Walmart zeros down on stablecoin

This Week in Cryptos:
Square ups Bitcoin Sale While Walmart zeros down on stablecoin

                                

Key highlights

Reddit Bitcoin discussion is positive
Square sold $125M BTC in Q2
SEC may outsource crypto nodes
Walmart patenting a stable coin
Grayscale using Coinbase Custody
S Korea starts regulation-free zone

Reddit Bitcoin discussion is positive

The interest in Bitcoin is definitely rising and by far is positive. And here comes another number that supports it. Tech researchers at Comparitech analyzed over 48,000 Reddit posts and 7,500 articles from various outlets to find which cryptocurrencies are viewed with the most favorable terms. The study concluded that 85.5% of cryptocurrency-related topics were positive. The research also bought that it’s not just Bitcoin but even altcoins like Cardano, Ether, Litecoin, and Tron had 85% to 90% favorable sentiments.

Square sold $125M BTC in Q2

The positive sentiment on Bitcoin now is clearly visible in the financial results of companies working with it. According to the latest announcement Payments company Square has generated $125 million in Bitcoin (BTC) revenue in the second quarter of 2019 through its mobile payments service Cash App. According to the result announcement, the company’s Bitcoin revenue benefited in part from the number one cryptocurrency’s price rally over the quarter. As a result of this price growth, there was also a correspondingly increased volume of Bitcoin, they say. This resulted in a $2 million gross profit for the company.

SEC may outsource crypto nodes

This week saw more news surrounding SEC’s decision of running leading crypto nodes. A recently published document revealed that the U.S. Securities and Exchange Commission (SEC) has plans to hire contractors to run specific cryptocurrency full nodes for the government agency. According to the SEC documentation, the regulator wants third-party contractors to run nodes for Bitcoin Core (BTC), Ripple (XRP) and Ethereum (ETH) in order to monitor compliance risks.

Walmart patenting a stable coin

After Facebook’s Libra another US Corporate giant has unleashed its plans to enter cryptos. And This time its Walmart. According to a recent patent filing by the company, Retail giant Walmart could be working on issuing a USD-pegged stablecoin. The filing, published by the U.S. Patent and Trademark Office (USPTO) this week, outlines a method for “generating one digital currency unit by tying the one digital currency unit to regular currency,” meaning a fiat-pegged stablecoin. It could also provide households with low income that find banking costly with a choice to “handle wealth at an institution that can supply the majority of their day-to-day financial and product needs,” according to the filing.

Grayscale using Coinbase Custody

Coinbase’s reputation of being safe custody for cryptocurrencies has attracted a lot of clients in the past and they continue to do so. The recent addition to this list is Grayscale Investments. According to the recent reports, Grayscale Investments has tapped Coinbase Custody to serve as the new security provider for its digital asset holdings. Grayscale claims to hold $2.7 billion in total assets under management, according to its most recent quarterly report, more than doubling its Q1 holdings of $1.2 billion. Grayscale holds bitcoin, bitcoin cash, Ethereum, Ethereum Classic, Litecoin, Stellar Lumens, XRP and Zcash. Coinbase Custody also intends to hold Grayscale’s horizon (ZEN) token, pending regulatory approval to support the asset.

South Korea starts regulation-free zone

South Korea has again proven that it is dead serious about cryptocurrencies and its future in the country. Hence it has decided to harness the budding industry in the country by offering a Partial ‘Regulation-Free’ Zone for Crypto Companies. According to the news available, Busan has been declared a “regulation-free” zone for blockchain development by South Korea’s national government, a move long expected but now formalized as part of a larger liberalization push. Zug, Switzerland is said to be one of the models for the zone. The announcement also states BNK Busan Bank, a Korea Exchange-listed local institution, will supervise blockchain management as it relates to finance and might be developing a stablecoin pegged to the won.

Article Produced By
BitcoinWarrior

https://bitcoinwarrior.net/2019/08/this-week-in-cryptos-square-ups-bitcoin-sale-while-walmart-zeros-down-on-stablecoin/

Chris Corey

Bitcoin ATM Firm Expands To New Locations In The US

Bitcoin ATM Firm Expands To New Locations In The US

                           

LibertyX, the company responsible for placing the first Bitcoin (BTC) ATM in the US,

will expand its operation by adding 90 new machines to its network. The announcement comes as a part of a partnership with DesertATM, an independent ATM operator. According to the announcement, LibertyX’s software works on traditional, cash-dispensing ATM machines, especially those manufactured by Genmega. Once the software is successfully loaded onto the machine, users can purchase Bitcoin (BTC) using a debit card or withdraw cash. As of today, Desert ATM has 250 ATMs machines throughout Arizona and Nevada, growing its current offer to 340 machines. New locations will include AMPM, ARCO and Chevron gas stations and Family Dollar retail stores. According to Dan Laitala,

owner of Desert ATM:

I download the software from the Genmega website and go around to my machines and upload the latest version… Not all Genmegas have LibertyX. We do some extra programming, so the machine can talk to the banks and the transactions go through.

LibertyX and Genmega teamed up back in November 2018, and began on-boarding ATM operations in 2019. This alliance had as a primary goal to enable consumers to use their debit cards to purchase Bitcoin (BTC) at any enabled ATM, with the simplicity that any current owner of a Genmega machine could simply update the software to add the feature to their device without any upfront cost or new hardware. For consumers, the purchasing process is very similar to cash withdrawal. As explained by Chris Yim, CEO and

Co-Founder of LibertyX:

We have been working tirelessly to make it easier to buy cryptocurrencies for the last five years and now are bringing simplicity, convenience and trust to the cryptocurrency purchasing experience through the timeless ATM.

Bitcoin (BTC) adoption is a necessity for the crypto market, and solutions that enable easy access to cryptocurrencies are exactly what the community needs in order to continue growing.  

Article Produced By
CryptoCoin.News

https://cryptocoin.news/news/bitcoin-atm-firm-expands-to-new-locations-in-the-us-28072/

Chris Corey

China Thinks EOS Is Far Superior to Bitcoin

China Thinks EOS Is Far Superior to Bitcoin
                                

China is continuing its long-running (and mixed) streak with cryptocurrencies.

A recent analysis submitted by the country’s Center for Information and Industry Development (CCID) suggests that the best cryptocurrency available today is EOS, while bitcoin was much further down the list.

 China Says EOS Is Number One

As mentioned, EOS earned the top spot, while its primary competitor and “parent” cryptocurrency Ethereum garnered the number two position. Despite several problems, TRON earned third place, but bitcoin didn’t even earn a spot in the top ten. It’s hard to imagine what the country seemingly has against bitcoin. For one thing, it’s the oldest form of crypto out there, and while its technology isn’t quite up there with Ethereum’s or EOS’ (bitcoin transfers typically occur within a few days, while Ethereum and EOS transfers are said to take only minutes), it holds the biggest market cap and the most space for traders given its 21 million units (of which three million still aren’t in circulation). Several analyses show that while bitcoin is old, it’s still king and holds the most trust among crypto traders, so why would China place it in such a low position?

Bitcoin came in 11th place, primarily because its development is considered “relatively slow” when compared with the prospects of other competing cryptocurrencies. Steem, for example, is still a relatively new type of digital asset, yet earned position number four on the list given its status as a “wild social media experiment” that took heavy risks when coming to fruition. In addition, Zilliqa – one of the first cryptocurrencies to undergo the sharding process – also earned a higher position than bitcoin.

One could argue that bitcoin doesn’t take that many chances, but the fact is that it remains a solid blockchain in that it works to ensure all crypto transfers are recorded and remain accurate. Bitcoin is trying to be the cryptocurrency that survives all odds by not taking that many risks, and thus far, it’s stood the test of time. It’s ten years old and doesn’t appear to be disappearing anytime soon. Furthermore, bitcoin has not fallen victim to corporate influence and has refused to allow businesses to be built on its blockchain, unlike competitors such as Ethereum, XRP and Zcash.

 What Is the Country Up to?

As Live Bitcoin News has reported in the past, China could also be out to dismiss bitcoin entirely because the country recognizes it boasts the highest level of competition. The nation has long claimed to be looking into building its own national cryptocurrency, but systems like bitcoin and now Libra have long proven to be far more popular and compelling with crypto enthusiasts, and regulators within China’s government are starting to feel the pressure. In addition, the country says it’s looking into banning bitcoin mining in the future.

Article Produced By
Nick Marinoff

https://www.livebitcoinnews.com/china-thinks-eos-is-far-superior-to-bitcoin/

Chris Corey

We Love You Bitcoin’ Says Twitter Founder Jack Dorsey

‘We Love You Bitcoin’ Says Twitter Founder Jack Dorsey

During the Square’s Q2 2019 Earnings Call Founder of one of the social media giants

– Twitter and Payment solutions provider – Square, Jack Dorsey said: “ We Love You Bitcoin”. Dorsey recognized the eye-popping impact that introducing Bitcoin support had on the company’s Cash App revenue. Basically, Jack had launched a competitor to “square” called “Square Cash”, which is easy and simple app. Later, the app got renamed to “Cash App” later. Cash App started supporting buying and selling of Bitcoin (BTC) in mid-November 2017 in a very limited rollout; the feature was officially launched in late January 2018. According to Square’s “Q2 2019 Shareholder Letter”, the company drove “strong revenue growth at scale”. 

Previously on November 2018,  according to the reports of Square’s Q3 2018 Earnings Call, the platform had generated $43 million in Bitcoin revenue exceeding from $37 million the preceding quarter.  Further, As per reports of Square’s Q1 2019 in May, the company revealed that it achieved a new revenue high from Bitcoin sales via Cash App, with a stated Bitcoin revenue of $65.5 million. At present, Cash App had raised $135 million in subscription, services and transaction-based revenue. Bitcoin revenue alone accounted for an impressive $125 million.

Dorsey said: 

“We love you, Bitcoin we saw 3.5 million customers use Cash Card in June. Typically using it to purchase multiple times per week. Also, Our seller and Cash App ecosystems have incredible roadmaps ahead to deliver on our purpose of economic empowerment.”

Article Produced By
Qadir AK

Qadir Ak – Co-founder of Coinpedia Blog – His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

 

 

Chris Corey

Crypto Payment Startup HUPAYX to tap into Four Hundred Thousand Stores in S Korea

            Crypto Payment Startup HUPAYX to tap into      Four Hundred Thousand Stores in S. Korea

                                

The South Korean based payment platform HUPAYX

Bitcoin Press Release: The South Korean based payment platform HUPAYX specializing in real-time crypto payments is gaining much interest by partnering with various high profile domestic companies and creating its own Alliance Group, whilst tapping into 400,000 stores in S. Korea. 2nd August, 2019, Seoul, South Korea – The goal of The Human Plus team, the makers of HUPAYX, is creating a new global paradigm in blockchcain based everyday economy together with its alliance partners. One of the recent and most significant partnerships was made with KIS Information Communications, second largest VAN and merchant terminal company with over 2 million payment service app users.

KIS is a subsidiary of NICE Group, which has 28 years of financial infrastructure in Korea. The company is expanding its services at home and abroad on the basis of credit information, financial services and manufacturing business. KIS introduced an electronic signature system through continuous technological innovation and created the first of its kind cash receipt system. It is seeking to expand and diversify its business based on various infrastructures in the domestic market. Through this exclusive business agreement HUPAYX payment solution is to be implemented at 420,000 locations in the Seoul area alone. The scope of the project ranges from implementation at Duty free shops, tourist shopping districts, as well as integrating service via an app with the HUPAY Wallet. The pilot project is expected to kick start in Q3 ~Q4 of 2019. 

The Human Plus Team commented:

“We believe that some of the key partnerships we did reflects not only on HUPAYX potential, but also in trust and technological advantage we possess over our competitors.” 

The company also stated that their goal is to partner with over 1 million stores by the end of 2019 and subsequent integration in Q1 of 2020. The company’s HUPAY Wallet and merchant pos called HPOS is now available as a Beta version for download on Google Play store (iOS in November of 2019).

HUPAYX Partners with Country’s 3rd Largest Telecom Company

South Korean based startup HUPAYX is a cryptocurrency point of sale and blockchain based payment solution geared toward facilitating shopping experiences for both HUPAYX’s contributors, as well as the general public. HUPAYX’s corporate and institutional alliance allows for unique seamless combinations of products and services from a broad range of industries. HUPAYX has signed a business agreement with LG U+ to secure merchants and distribute its POS systems via the LG U+ network. LGU+, an affiliate of LG Group, is a company that provides the country’s top-level wireless internet, smart home and Internet-related corporate services, with over 15 million members nationwide.

The HUPAYX team is now preparing to launch various local governments’ backed blockchain-based digital currency business. The LG U+ partnership will help the company leverage its sales partnership, merchant applications, and telecom infrastructure to expand its merchants base starting from domestic market. Last year, LG U+ has joined with global partners in Japan, Taiwan and the United States to offer subscribers a blockchain-based overseas payment service. The partnership comprised of Taiwan-based Far EasTone Telecommunications and Japan-based SoftBank for the new service. U.S.-based TBCASoft is to provide their blockchain platform.

Article Produced By
Bitcoin Press Release, Ultimate Executive

https://bitcoinprbuzz.com/hupayx-to-tap-into-four-hundred-thousand-stores-in-s-korea/

Chris Corey

Bitcoin’s Dominance Challenged As Price Recovery Stalls

Bitcoin’s Dominance Challenged As Price Recovery Stalls

                                 

 

The Bitcoin price recovery that began in April has flatlined,

with the price remaining around USD $10,000 for most of this month. Although Bitcoin remains firmly in the top position in terms of market value, its status as the flagship cryptocurrency continues to face challenges. The current state of affairs within the blockchain space reflects significant growth and development, making it very difficult to determine the true value of any significant platform. In this context, Bitcoin is facing ever more competition from well-designed altcoins. Bitcoin maximalists have had reason to celebrate during the recovery period. In addition to more than doubling in fiat value, Bitcoin has seen its market dominance increased from fifty percent at the start of April to around sixty-five percent in mid-July. This figure is particularly important, as it is the single most significant metric in determining whether or not Bitcoin is successfully fending off rival platforms for overall investment and adoption. Ethereum, the second most valuable platform, sits at under nine percent and is thus nowhere close to entering first place any time soon.

Nevertheless, this figure can be deceptive as the collective value of the platform does not reflect other important variables such as liquidity, trade volume, and price movement. A lesser valued altcoin could have significantly more investor interest, which is worth considering when examining overall value. Additionally, Bitcoin’s market dominance has begun to move down again over the past few days. Given how active the altcoin space has become, it seems unlikely that it will ever move much higher than it is now. Institutional adoption is one key area where Bitcoin’s hegemony is clearly under threat. For example, Vechain’s recent partnership with Walmart and Ripple’s partnership with MoneyGram are substantial moves that could dramatically increase the use of these platforms. Many such deals are presently taking place across the altcoin space, which is all but certain to eventually cut into Bitcoin’s relevance as a blockchain asset. 

It is worth noting that Bitcoin is seeing an uptick in adoption. More specifically, businesses are increasingly accepting it as payment, and development continues to move ahead on the Lightning Network. Also, fees have remained stable, averaging about USD $2, for the past several weeks. The most important takeaway from the current data on blockchain use is that Bitcoin remains far and away the most important cryptocurrency, yet the blockchain space is continuing to diversify. Many altcoin platforms are gaining strength, even if such progress is not presently reflected by their market caps. Although Bitcoin will no doubt remain the most important, and valuable platform in the near term, its ability to permanently remain in that position is far from guaranteed.

Article Produced By
Trevor Smith

https://www.crypto-news.net/bitcoins-dominance-challenged-as-price-recovery-stalls/

Chris Corey

Japan’s leading online brokerage applies to join Facebook’s Libra Association

Japan’s leading online brokerage applies to join Facebook’s Libra Association

                                 

At the FYE March 2020 Q1 results briefing held on July 26, Oki Matsumoto,

CEO of Monex Group, Japan’s leading online brokerage, which owns Coincheck, Japan’s largest cryptocurrency exchange, announced that it had applied to join the Libra Association, an association set up for the cryptocurrency Libra, to be issued by Facebook.

Monex Group has become the first Japanese company to do so. Strict conditions are set to join the Libra Association, including a market size of USD1 billion (approximately JPY110 billion) or more or a customer cash flow of USD500 million (approximately JPY55 billion) or more. A decision on the feasibility of joining the Libra Association is expected to be made by the end of September following the initial review, which will be completed by the end of August. In Monex Group’s financial results, the Crypto Asset Segment entered the black in line with the surge of Bitcoin.

The Company announced: “Cost reductions are being promoted while strengthening internal controls and cyber security. Coincheck has become profitable for the first time since joining our group, driven by rapid account growth, the offering of a new cryptocurrency, and favorable market activity throughout the quarter. Segment profit is JPY0.14 billion (approximately USD1.29 million).” It also reported that there have been some positive developments. Monex’s subsidiary Coincheck fully resumed services in FYE March 2020 Q1 (April-June), after they had been suspended due to a massive theft of cryptocurrencies last year. In addition, the price of Monacoin increased temporarily after the listing of Monacoin, Japan’s homegrown cryptocurrency, in June this year.

Article Produced By
Fisco

https://bitcoinwarrior.net/2019/08/japans-leading-online-brokerage-applies-to-join-facebooks-libra-association/

Chris Corey

Another Airline Plans On Offering Bitcoin As Payment Method

Another Airline Plans On Offering Bitcoin As Payment Method

                                

Despite ups and downs, Bitcoin (BTC) is sticking to the $10k mark,

showing a remarkable recovery from previous lows. In an attempt to attract new customers into their businesses, many companies are branching out and looking for a way to enable cryptocurrency payments for customers to purchase goods and services. The latest one to announce a plan to enable BTC payments was Norwegian Airlines, Norway’s low-cost airline. 

According to a local newspaper, the co-founders of the airline are looking to open their own cryptocurrency exchange in August. The Kjoses family, who allegedly have already purchased large amounts of Bitcoin (BTC), will also integrate cryptocurrencies as a payment method for the Norwegian Airline. The details about the NBX exchange remain unknown but the launching date is close. The Kjos family is worth approximately $400 million USD. According to some publications, the family has already invested around $400,000 USD in Bitcoin (BTC). The exchange will be led by Stig A. Kjos-Mathisen, who currently sits on the board of NBK Holdings, Norwegian’s biggest shareholder.

According to Kjos-Mathisen:

First, the marketplace will be launched. Then NBX will make a payment solution for the airline so that airline customers can pay with virtual currency.

The Norwegian airlines join other airlines like Latvia’s AirBaltic, which currently accepts cryptocurrency payment. Cryptocurrency adoption is one of the most difficult things that the community has yet to overcome, with many claiming cryptocurrencies cannot be used as easily as other payment methods. The more companies begin embracing cryptos as a valid payment method, the easier it will be to integrate those into today’s economy, therefor overcoming the obstacle of adoption. 

Article Produced By
CryptoCoin.News

CryptoCoin.News is the central news source for information on cryptocurrencies. We cover crypto news and analysis on the trends, price movements, ICO reviews, companies and people in the Blockchain world.

https://cryptocoin.news/news/another-airline-plans-on-offering-bitcoin-as-payment-method-28331/

Chris Corey