Advancing any cryptocurrency ecosystem needs to be a top priority at all times. Crypto.com is establishing itself as a powerhouse. Its latest update ensures CRO payments can be accepted by online merchants.
The Ongoing Growth of Crypto.com
Initially known as Monaco, the Crypto.com ecosystem has undergone significant growth and changes over the past few years. It is one of the very few 2017 Initial Coin Offerings that has managed to stay relevant all this time. A lot of advancements have been made to comply with regulation and other requirements. That hard work is paying off in spades. Not only is Crypto.com a successful debate card provider, its list of services has also grown significantly.
Among the popular services is an Earn option, which provides decent returns. It also allows users to earn the native CRO tokens through multiple solutions. These tokens are necessary to obtain the Crypto.com debit card. Users will earn several benefits for owning the card, including free Netflix and Spotify subscriptions. A very compelling offer compared to other debit card providers in the cryptocurrency space.
To further advance the ecosystem, another use case has been enabled for CRO. It is now a payment method which online merchants can accept. Anyone with a compatible ERC-20 wallet can benefit from this update to Crypto.com Pay. For merchants, it is a way to expand their reach to a global audience. For customers, it creates another option to make the most of CRO and earn up to 10% cashback through supported merchants.
Broadening Merchant Adoption
Cryptocurrencies have not made a lasting impact on the merchant segment as of yet. Several individual efforts exist, but there is no unified rate of adoption as of yet. The revamped Crypto.com Pay can make a difference. Bringing CRO payments to online merchants allows them to tap into other revenue streams. Exploring these alternative options may prove crucial during times of COVID-19.
Crypto.com CEO and Co-founder Kris Marszalek adds:
“This marks an important milestone in CRO utility and a major step towards widespread adoption of CRO. Now, any user with an ERC-20 wallet can transact with Crypto.com Pay merchants. Those merchants will benefit from a large customer base using 30M+ ERC-20 wallets, regardless of which wallet customers choose to use.”
Keeping in mind how all CRO payments are entitled to a cashback, here are interesting opportunities to explore. Gaining cryptocurrency by spending it first is a popular business model. It goes to show these assets are viable as payment methods at all times. Getting more merchants and users to explore these options remains a challenge. A cashback service may help drive future adoption.
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