Digital currency had a poor reputation less than five years ago, and many people connected the sector to fraud, volatility, and crime. Partnerships between currencies and brands were an unthinkable concept. A lack of rules or strict restrictions may also serve to negate and control such. However, the Covid epidemic caused a collapse in a number of industries, rendering many businesses incapable of operating and in danger of bankruptcy, which caused instability in the world’s economies. With a sharp increase in inflation, the economies of developing and third-world countries were left to flounder, and the impacts can still be seen today. Through conventional and non-conventional collaborations, such as the collaboration of brands and digital currencies, industries have to rely on one another for support. But these unorthodox alliances gave rise to numerous inventions that built a scalable and sustainable market.
The significance of partnerships between popular brands and digital currencies
The partnerships between digital currencies and global brands create room for innovations that can be used daily and those efficient enough to solve real-world problems. For instance, many businesses, including the retail and travel industries, are joining hands with crypto exchange companies allowing Bitcoin to be a payment option. This creates scalability for both the currency and businesses, enabling both industries to have additional open and flowing income streams. This also gives consumers more payment options and, in a way, introduces those who were not informed about crypto to the industry.
Everything is interrelated and is a cycle that has a cause and effect. Partnerships lead to more people being hired, which means less unemployment. Economies are dependent on industries and the buying power of consumers. So, less unemployment leads to a decline in inflation rates, which would lead to consumers having more buying power which consequently leads to an increase in the demand for goods and services where their supply price-value can be increased as per demand, meaning even more income for businesses and those they have partnered with.
How are crypto partnerships a solution to real-world problems?
Inflation and poverty in emerging or third-world nations, where the poor are growing even poorer, and economies are not thriving, are only two of the many grave concerns facing the world today. Cryptocurrencies are decentralised, which means that even though they are subject to the regulations of various governing bodies, they do not need a central authority (like a government, bank, or middleman) to operate, which explains why most digital currencies are successful.
What does this mean for people in developing countries, and how does it impact them? Cryptocurrency is an effective development tool, and because it doesn’t need a physical infrastructure, it benefits poor countries by promoting financial inclusion and offering instruments to fight poverty. For instance, Bitcoin has low inflation rates that are largely predictable and engineered to withstand inflation. The pressures of inflation do not effect digital currency the way they do fiat cash. This is supported by (Funnel_name), a reliable source of cryptocurrency news, which stated that “the emerging technology behind decentralised finance, DeFi, has the potential to change the way people use and treat the world of money.”
Numerous global brands have recently been announcing partnerships with major cryptocurrencies. Starbucks, Microsoft, and AT&T are just a few of the major companies now accepting Bitcoin and other digital currencies as payment. While crypto seems complex and confusing, these global brands see the future – that future being digital money.
As a consumer, this means major transformations are underway regarding how we pay for goods and services. Digital currencies are going infiltrating the traditional sectors and becoming mainstream in a big way – all of these major brands are helping pave the way. The partnerships we are seeing now are just the beginning of a massive transformation in how we think about and use money.
Popular brand names with notable crypto partnerships
Starbucks and Bakkt
Starbucks is one of the most popular brands in the world, so when they announce a partnership, people pay attention. Their recent collaboration with Bakkt, a digital asset platform, indicates that cryptocurrency is going mainstream.
Bakkt allows customers to pay for goods and services with digital assets like Bitcoin. Starbucks will be one of the first retailers to accept crypto payments through the Bakkt app. This means that soon, users will be able to purchase their favourite coffee using digital currency from the comfort of their phones.
This partnership is a big deal because Starbucks has a massive global influence. If they start accepting crypto, other major brands are likely to follow suit. Crypto enthusiasts have been waiting for the day they can actually spend their digital coins on real-world items. The Starbucks-Bakkt collaboration brings that possibility one step closer.
Bentley
Bentley Motors Limited is a British company that develops, produces, and markets high-end automobiles and SUVs. In order to connect and expand projects and blockchains compatible with Ethereum, the company teamed with Polygon (MATIC), a cryptocurrency and technology platform, to launch its NFTs on the platform. In September 2022, the automaker unveiled its NFTs, which included the 1952 R-Type Continental and Bentley’s fastest Grand Tourer, the Continental GT Speed.208.
Disney
Walt Disney is an American multinational media and entertainment corporation that collaborated with Polygon Technology on their accelerator programme for the development of innovative technologies utilising augmented reality (AR), non-fungible tokens, and artificial intelligence.
Mastercard
The second-largest payments network in the world, right behind Visa, is Mastercard. The company connects billions of customers, issuers, merchants, governments, and enterprises as a global leader in payment innovation and technology. In order to build an open financial system for the entire globe and to be the leading global brand for assisting people in converting Bitcoin into and out of their local currency, Mastercard has partnered with Coinbase, a safe online platform for buying, selling, transferring, and storing cryptocurrencies. This collaborative venture between the two businesses aims to simplify collectors buying NFTs by enabling Mastercard credit and debit card holders to buy NFTs straight from the platforms.
Microsoft Accepts Bitcoin
Microsoft customers can now use Bitcoin to buy games, movies, and apps on the company’s online stores. This move legitimises Bitcoin as a real form of payment in the eyes of both merchants and consumers.
While Microsoft is the first major tech company to accept Bitcoin, it likely won’t be the last. Other big players will probably follow suit soon. Some possibilities:
- Amazon could start accepting Bitcoin and other cryptos to expand its payment options. They’re always looking for ways to improve the customer experience, so crypto seems like a natural next step.
- Apple may decide to let people buy iPhones, Macs, and other products with Bitcoin. They aim to be innovative leaders, and accepting a futuristic digital currency would fit with their brand.
- ›Google could incorporate Bitcoin payments into their Google Pay app. They’re invested in making payments simple, useful, and accessible to everyone. Crypto aligns well with those goals.
AT&T and Bitpay: Pay Your Phone Bill With Bitcoin
In 2019, AT&T became the first major U.S. mobile carrier to accept cryptocurrency for bill payments. Through a partnership with BitPay, a Bitcoin payment service provider, AT&T customers can now use select cryptocurrencies like Bitcoin to pay their monthly phone bills.
This is a big move for both AT&T and the crypto space. For AT&T, it provides an innovative new payment option for their customers and highlights the company as an innovative, inclusive and forward-thinking brand. For cryptocurrencies, it marks another step towards mainstream adoption and integration into daily economics.
To pay your AT&T bill with crypto, simply log into your AT&T account online and select BitPay as your payment method. You’ll be redirected to BitPay to complete the transaction using the crypto of your choice. Bitcoin (BTC), Bitcoin Cash (BCH), and USD Coin (USDC) are tokens that are currently accepted; also, there are no fees when paying with crypto; payments are instantly credited to your account.
While only a small number of AT&T customers currently use crypto to pay their bills, moves like this are an indication of a new norm and a future where digital currencies will become commonly used as payment in our daily lives. As more big brands follow AT&T’s lead and accept cryptocurrency, it paves the way for crypto to reach mainstream status and mass adoption. The partnership between AT&T and BitPay is an innovative example of how crypto can integrate with established companies to provide real utility. Overall, this is an exciting development for crypto enthusiasts and digital payments’ future.
Expedia and Coinbase: Book Travel With Bitcoin
Expedia – one of the world’s largest full-service travel sites, recently partnered with Coinbase, a popular digital currency exchange, to allow customers to book hotels with Bitcoin. This is an incredible move that greatly transforms the trajectory of both the crypto and travel industries.
As a customer, you can now link your Coinbase wallet to Expedia and use the Bitcoin in your wallet to pay for hotel bookings. Expedia has over 700,000 hotels and accommodations available, so there are lots of options to choose from. The process is straightforward – once you’ve selected your hotel and proceeded to checkout; you’ll see Bitcoin listed as a payment method. Select it, scan the QR code or enter your wallet address, and your booking will be paid for instantly with the current Bitcoin exchange rate.
For those new to digital currencies, such a partnership is a great way to explore investing in digital tokens. You can purchase a small amount of Bitcoin on Coinbase or another exchange to start and then use it to book a hotel for your next getaway. As the value of Bitcoin goes up over time, that same amount may allow you to book an even bigger trip!
This partnership is also an exciting way for Expedia to open up the world of travel to more people. Furthermore, it is also a sign of major companies’ growing trust and acceptance of cryptocurrencies. Expedia has a lot of brand recognition and trust, so its acceptance of Bitcoin will likely make more people comfortable using it and other digital currencies. Bitcoin Decode Official an authority digital assets bot states that we can expect to see more travel and hospitality companies follow suit, inherently expanding the ways one can spend crypto.
The Future is Decentralised
It’s only a matter of time before digital currencies become widely used and integrated into daily life. As more ways to spend crypto emerge, more people will start using it and see its benefits. Crypto is borderless, secure, and decentralised – free from government control or manipulation. While the value of cryptocurrencies is volatile, their underlying blockchain technology is revolutionary.
Centralised systems and institutions are prone to security risks, inefficiencies, and single points of failure. Decentralised blockchain networks distribute power and control, making the system as a whole more transparent, resilient and secure.
The partnerships between these major brands and digital currencies show that decentralisation and blockchain tech are the future. They recognise the value in an open, distributed system and are structured to help drive mainstream adoption. Evidently – the future is digital, and the future is decentralised.
Different industries, as well as long-established systems, are evolving along with the rest of the globe. In order to keep up with the changes brought on by technological advancements, these older systems are now integrating more recent, more effective, and more secure digital technology. As more businesses collaborate with providers of digital money, blockchain technology is increasingly being used. The complete engulfment of digital technologies in our day-to-day lives will occur over the ensuing years.