Could Crypto be Driven into the ‘Fourth Industrial Revolution’ by Payment Services?
The European Union’s legislative body is finalizing the proposal for the first cryptocurrency and digital finance framework in the region. This presents opportunities for industry businesses to tap into the broader consumer market by leveraging their legitimacy and embracing tokenized securities, payment solutions, and decentralized finance (DeFi).
While decentralized finance is still a relatively new and exciting concept, skepticism remains. However, the economic recession has taught us that these unique and exciting ventures are worth exploring.
When discussing mass adoption and regulation, it is natural to think of the existing payment solutions that people use on a daily basis, such as debit cards, QR codes, and contactless remittances. The question arises: how can cryptocurrencies become a part of such widely-used systems?
Furthermore, in the context of the “Fourth Industrial Revolution,” crypto products and services serve as efficient and effective unique selling propositions in our daily lives as we embrace emerging technologies.
Not only are regulators closely monitoring the crypto industry to drive this movement forward, but major finance and tech giants are also joining the bandwagon. Collaborating with reputable crypto businesses allows these giants to diversify their payment gateways and expand their presence in the global market. Visa and Stripe, for example, have taken the initiative to improve the overall model, but this comes at a significant cost.
It is important to acknowledge the dark history of the debit card and remittance market. Scandals like the Wirecard debacle, where distrust was instilled in the public, and the forced shutdown of card operations by Visa for companies like WaveCrest, highlight the presence of fraudsters taking advantage of the crypto industry. Disruptive industries may strive for a clean image, but they are vulnerable to the harsh realities that come with conducting big business.
To combat this, the Trastra team focuses on fostering a proactive company culture and building professionalism within the workspace to prevent any untoward incidents. Historical financial debacles have often been a result of workplace cultures within organizations.
While Wirecard may not make a comeback, recent layoffs in the firm have created an opportunity for a new neo-bank to build something better and more effective. However, rebuilding the public’s trust will not be an easy task, and there is still a long way to go.
This is where crypto card firms like Wirex, Crypto.com, and Elitium come into play. They are striving to create a new digital finance system that supports decentralization while adhering to regulatory guidelines and legislation. In other words, they are taking steps to rebuild trust and drive mass adoption for a new monetary framework.
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