Although the retrograding of crypto prices continues, more traditional companies are still collaborating with various platforms to join the crypto trend. Can crypto adoption save users from declining crypto prices?
Cryptocurrency is experiencing a huge plunge this year. Just like last week, FTX declared bankruptcy, and its founder, Bankman-Fried, resigned. According to the firm, some money had vanished. Experts estimate that hundreds of millions of dollars may have been lost.
Investors fled FTX due to concerns about the firm’s liquidity. FTX also agreed to sell itself to Binance, another cryptocurrency exchange. However, the transaction fell through while Binance was investigating FTX’s finances.
Just hours after declaring bankruptcy, FTX said there had been “unauthorized access” to its accounts. On social media, people were debating whether the exchange had been hacked or if a company employee had stolen money.
It’s unclear how much money is at stake. However, Elliptic, an analytics firm, estimated on Saturday that $477 million was missing from the exchange. According to FTX’s new CEO, John Ray III, the company has halted all trading and withdrawals and is taking steps to protect investors’ funds.
The platform is still under investigation as of the moment.
In light of this, crypto markets are also experiencing a significant fallout. BTC, the largest cryptocurrency by market capitalization, was recently trading at around $16,300, down more than 10% from its two-year low. Bitcoin has been caught up in the latest cryptocurrency industry crisis, FTX’s liquidity issues, a mass exodus from the exchange, and a failed sale to rival Binance. After reviewing FTX’s internal data and loan commitments, CoinDesk reported on Wednesday that Binance was highly unlikely to follow through on its non-binding letter of intent.
Ether was recently trading at around $1,150, down about 12% to its lowest level since July. Other major cryptocurrencies fell for a third day in a row as investors worried about every development in an industry already reeling from disasters involving crypto titans Terraform Labs, Three Arrows Capital, and Celsius Network.
Despite these, some traditional businesses are still showing their interest in crypto investment. Payment giants such as Visa started its collaboration with crypto platforms such as Crypto.com and blockchain.com and Mastercard’s Crypto Source which will enable banks to provide cryptocurrency trading to their customers. Mastercard will also serve as a bridge between crypto and paypal transactions which allow more people to use cryptocurrency easily.
By making it easier for banks to participate, Mastercard hopes to make cryptocurrency more accessible to the general public. According to the corporation, the payments behemoth plans to launch a program on Monday to help financial institutions offer bitcoin trading. Mastercard will act as a “bridge” between PayPal’s existing cryptocurrency trading platform and the new platform. Mastercard will also handle security and regulatory compliance, two issues that prevent banks from participating in the provision of crypto trading services. Paxos will specifically handle custody and trading services, while Mastercard will include these services in bank interfaces.
Can these moves save the continuous fallout of crypto prices?
Aside from emerging risks of fraudulence and hack, cryptocurrencies’ prices are also affected by several factors. Blockchain’s purpose is to separate itself from the real world transaction to avoid the negative impact it could give to the technology. However, it is evident that inflation plays an important role with the current price of the cryptocurrency. In that regard, it is good that there are traditional platforms that embraces cryptocurrencies and incorporate them into their offerings. This may not serve as a long-term solution but this is a great start that could help cryptocurrencies to regain their prices and get back from their losses.
In addition, these adoptions could bring more investors into the space which would also help to develop blockchain technology more. Making it a safer and better investment place for everyone.
In line with these visions lies PrivacySwap’s goal. PrivacySwap also aims to be a bridge between crypto and fiat transactions by providing services that is usable to both DeFi and real world transactions. The following are some of the moves that we are making in order to achieve this goal of ours.
PrivacyCards. We are constantly improving our PrivacyCard so that more people can use it. We removed the staking requirements and completely revamped the card design to give it a sleeker, more modern appearance.
Affiliate Program. Our affiliate systems are also updated on a regular basis to ensure that every user can earn passively through referrals. Furthermore, we ensure that the platform for this feature runs smoothly.
Whitelabel. Finally, there is the Whitelabel. We are in ongoing discussions with additional platforms in order to broaden the scope of our service. We want to help other platforms get their own crypto card so that more crypto users can withdraw their funds easily and affordably.
Despite the cryptocurrency’s declining price, we and other traditional and crypto platforms are constantly developing innovations, not only to recover but also to ensure that the technology is constantly improving. In this regard, the space continues to provide new features on a daily basis. Without a doubt, crypto-to-fiat transactions will be possible at some point, and we want everyone to see and experience this.