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Cryptocurrency and Blockchain Adoption on the Rise - Five Recent Progressions

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September 9, 2019 | 

Darryn Pollock |  0 Comments| 

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Even though the Bitcoin price market continues to stagnate, not really sure which direction it is heading, the good news is that this market does not necessarily speak for the entire ecosystem. 2019 has quickly become the year of adoption of the new technology and its associated tokens, especially on an institutional level. 

There have been advancements throughout the year on an institutional scale, all bringing the legitimacy and normality of this burgeoning space to the fore and making it more accessible and usable. 

In the early stages of September alone there have been five noteworthy developments that have caught the eye and are worth discussing. From PwC accepting Bitcoin, Japan’s LINE getting a crypto license, HSBC using blockchain to issue a letter of credit, the Marshall Islands’ moves towards crypto, and Samsung continuing to push with its phones. 

Accounting advancement

PwC, one of the world’s top accounting firms, announced that its Luxembourg branch would begin accepting Bitcoin from October 1. This clearly represents a big step for the adoption of Bitcoin as PwC is a major institutional firm and says it is making this step in order to commit to the needs of their clients, as well as to support the growth of the cryptocurrency space. 

Getting into LINE

There has been a big push over recent times for messaging apps to get involved in mobile payments solutions because of their active membership and the need to send funds as easily as messages. This has led to a number of them looking towards cryptocurrencies. One such firm is Japan’s LINE, their biggest messaging service, that has its own blockchain, as well as now has a FSA-approved cryptocurrency licence. 

Big banking

One area where cryptocurrency has had a rebirth is in the banking sector where it was once shunned, now is being integrated. Now, HSBC has completed the first yuan-denominated letter of credit transaction on a blockchain. The firm used blockchain software firm R3’s Corda-powered Voltron platform for a cross-border transaction, in which electronics manufacturer MTC Electronics exported a shipment of LCD products to its parent firm.

An Island standard

There has also been a drive for certain sovereign nations to enter into the cryptocurrency space with their own controlled currency. The likes of Iran, China, and Venezuela are all in different stages of this advance,ent, but now the small Marshall Islands are entering the waters. It has been reported that the Islands will be launching the Marshallese sovereign (SOV) soon with the hopes that issuing the SOV, will allow the government to make Marshallese monetary policy more independent, as it currently uses the U.S. dollar. 

Spending Samsung

Samsung has been a driving force in the growth and adoption of blockchain for some time now, and is actively involved in pushing this technology to its mobile devices. It is now being reported that the newest version of Samsung’s Galaxy Note 10 will feature a feature a cryptocurrency wallet and accompanying free coins.

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