Crypto Banking Growing in Popularity

[James]

As of February 2021 over 67 million people had a wallet setup on the blockchain. This is huge growth over the million wallets we had back in June of 2014.  The trend will likely continue to grow.

Many companies in the blockchain space have been seeking to get regulated in the United States. 

Early in 2021 the first digital asset bank Anchorage became regulated federally. 

A little after that we witnessed Bitcoin being an accepted payment method via Apple Pay.

The data is trending in the right direction for crypto based assets. Over 81% of Americans believe that cryptocurrencies can replace or be used as an alternative to traditional fiat currencies within the next 10 years. 

With cryptocurrency banking becoming more popular the banks are starting to make it easier to spend your cryptocurrency. 

Numerous companies are coming out with Visa and Mastercard cards that can leverage your current cryptocurrency. A few providers with up and coming cards are:

• BlockFi
• Nexo
• Wirex
• Crypto.com
• Tap Global
• Bitpanda

Mastercard is even preparing to accept payments in select cryptocurrencies. 

With companies making it easier to bank your crypto to earn or spend they are also trying to take a bite out of the traditional lending markets. 

In August of 2020 it was estimated that there was $3.7 billion in loans backed by cryptocurrency. That number has been skyrocketing across the platforms that allow you to borrow with crypto. 

Some of the most popular platforms to get a cryptocurrency based loan are:

• BlockFi
• Nexo
• AAVE
• 88mph
• Unchained Capital

As cryptocurrencies continue to gain in popularity over 80% of central banks worldwide are considering their own digital currency. 

Major banks are starting to jump in too. JPMorgan developed their own dedicated blockchain with a digital currency named Onyx. Chase is using this as their proprietary currency and is being used in commercial applications already.

With the explosion in popularity and all the players getting involved are crypto based assets something you are interested in investing in? Have you already made the jump? Do you have a crypto based credit card? Does it work well? These are exciting times we are living in.