The Future Of The Crypto World Lies In Partnerships

The cryptocurrency industry has made great strides in making digital assets easier to use. For instance, providing easy-to-use wallets is a step toward cryptocurrency adoption hitting the mainstream.

Cryptocurrencies have become popular as more individuals and businesses use blockchain technology to facilitate financial transactions. In addition, firms need to promote and encourage the use of crypto transparently that complies with existing regulatory laws if they want to play their part in driving mainstream adoption.

For example, Sam Bankman-Fried, CEO of FTX, believes that “we have absolutely no beautiful user experiences yet” for cryptocurrency to be truly functional. He sees the development of user-friendly blockchain wallets and more seamless integration with fiat-based finance as essential for adopters to gain more financial freedom when spending their money and making transactions.

Cryptocurrencies are here to stay, becoming increasingly mainstream with the Financial Conduct Authority’s (FCA) recent consultation and ongoing education efforts. The UK government is considering implementing a central bank digital currency (CBDC).

Blockchain-based companies have recently announced several partnerships with mainstream institutions. Here’s an overview of significant recent developments:

• Mastercard has partnered with Mercado Libre to strengthen the security and transparency of its recently launched crypto program in Brazil. Mastercard’s CipherTrace technology will allow Mercado Libre to monitor, identify, and understand risks and help the retailer manage regulatory and compliance obligations.

• Binance, a cryptocurrency exchange, is partnering with Cristiano Ronaldo, a soccer player. The partnership will sell Ronaldo’s non-fungible tokens exclusively on the Binance platform in a series of collections. The company also noted Ronaldo’s many accomplishments, including transcending sport to become an icon in multiple industries. Zhao said he is “proud to partner with CR7 and the Binance team.” The agreement includes a series of NFTs (non-fungible tokens) collections released later this year and feature designs created in collaboration with Ronaldo. Investors have begun to shy away from risky assets like bitcoin; as a result, NFTs became famous last year. This agreement includes these NFTs that will only be available on Binance. Binance, like many crypto enthusiasts, has been hit hard by the crypto winter. But that doesn’t faze CEO Zhao Changpeng.

• The UFC, the world’s premier mixed martial arts organization, and VeChain, the leading global sustainability-focused blockchain Foundation, recently announced a first-of-its-kind long-term partnership that breaks marketing ground for both brands.

• A new football deal has made it even easier for people to buy and trade cryptocurrency. LaLiga has partnered with cryptocurrency wallet Divi to become the league’s official crypto wallet in the MENA, South East Asia, and China. The deal will raise awareness of Divi’s wallet to an audience of over 1 billion. LaLiga selected Divi because of its focus on accessibility and ease of use, social inclusion, and education. This partnership would benefit the company, with 10% of fans in the Middle East-North Africa region already holding cryptocurrencies.

These findings suggest a vast future for cryptocurrencies, with potentially revolutionary implications for social and economic structures, although there are still some pressing concerns. Whether this will be a revolution in the traditional sense or not is yet to be seen, but the future certainly seems bright.

Also published here.