Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and having a major impact on the payment industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space. 

This week, we take a look at how the SBC Summit Barcelona explored the readiness of global economies and consumers to the adoption of crypto. 

Shifting gear on global crypto adoption

The SBC Summit in Barcelona placed a closer analysis on predictions that decentralised blockchain technology is on course to become ‘part of the fabric’.

The role and growth of crypto payments was thrust into focus on a panel moderated by Viktoria Soltesz, CEO at PSP Angels, who tried to build a general picture of how common will blockchain be as use cases for it increase.

Elton Dimech, Managing Director at Payhound, emphasised the fact that acceptance of crypto payments was considered by few at first due to the sector’s fluidity, but has quickly built up to be considered as a payment method on par with all other available options. 

Coinbase lands Singapore expansion 

Accelerating global expansion plans, Coinbase has been granted a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS). 

As market opportunities have opened up in the region, the crypto exchange and its Singapore division have been gradually increasing their presence in the Lion City due to the market opportunities it presents for the wider adoption of crypto payments.

According to a study commissioned by Coinbase, 25% of Singaporeans consider crypto as “the future of finance” and 32% of the population are either current or past owners of cryptocurrencies. 

South Africa gets crypto boost 

QR code payment ecosystem Scan to Pay has united with Xion Global to develop South African crypto payments. 

Scan to Pay’s parent company, API integration firm Ukheshe, has listed crypto’s “lower  fees, faster settlements and increased financial autonomy” capabilities as the reason behind partnering with Web3 payments provider Xion Global. This is accompanied by Ukheshe’s market predictions of 75% of retailers in the US adopting crypto in the next few years. 

Both Ukheshe and Xion highlighted the importance of the tool as means to boost financial inclusion across South Africa by utilising new technologies like Web3 and incorporating them into traditional finance, reducing fees and simplifying payments. 

USDRIF launches to ‘tackle real problems’

Tapping into the growth of stablecoins, the USDRIF has been launched on the Rootstock blockchain network. 

The new currency is seeking to tackle real problems faced by people in countries across the world such as hyperinflation, local currency volatility and the high cost of sending money overseas. 

Federico Ogue, CEO of Buenbit, commented: “RIF on Chain is a decentralised and non-custodial protocol. It uses an overcollateralization of the RIF token as collateral, which is implemented on the Rootstock network, the first Bitcoin sidechain to leverage the security of Bitcoin hashing power through merge mining.”