In our last post, we examined the phenomenon of crypto marketing from a demographic point of view. Namely, we described the types of ordinary people who are more likely to own coins and tokens and invest in them. Today, we would like to cite some figures and facts that would shed light on what type of businesses are more inclined to adopt crypto. What is their purpose and rationale?
Crypto Adoption Process of the 2020s
Chainalysis is known for its reliable crypto adoption index. Since recently, it has been skyrocketing. According to this company, in late Q2 2021, ‘global adoption has grown by over 2300% since Q3 2019 and over 881% in the last year.’
Why is that positive upward trend taking place? What does it imply practically?
Are there many crypto-friendly businesses already? What are their respective industries? And what are their expectations when it comes to crypto adoption? We at Evercode, with our White Label Crypto Wallet for companies, believe we can propose some answers!
Are there many crypto-curios businesses?
To begin with, let’s examine the example of the US:
- At the end of 2020, there are approximately 2,300 businesses ready to accept BTC
- Back in March of 2021, that share rose to almost 6,000 businesses
- At the end of 2021, that growth seemed to be exponential! As many as ONE-THIRD of small-sized businesses taken separately in America were experimenting with crypto.
If the current trend continues, SMEs rejecting outright crypto will become a minority in 2022!
Enterprise-level Crypto Adoption and Evercode White Label Wallet
What do businesses have in mind when they start to adopt blockchain? Do we have an answer? While every business is different, Deloitte provided us with the following list of preferences expressed by almost 1300 high-ranking managers and practitioners across 10 countries, including the States, the UAE, Singapore, and China. What they expect from crypto adoption includes, among other things:
- New methods and channels for payments are desired by 63%
- A chance to diversify investment portfolios is needed by 57%
- Access to DeFi platforms is required by 56%
- A capability to tokenize various assets would be fine for 56%
- Bank and intercompany transactions properly enabled are a priority for 43%
As you can see, at a level of large enterprises, the Evercode White Label option is a perfect option, as it promises the customers of our extended crypto wallet edition not only a solution to store, send, receive, and exchange crypto coins and tokens – with fiat transactions enabled.
It also offers:
- Integrations of dApps and decentralized finance platforms
- A great potential for non-fungible token potential
- A capability for complex transactions with multiple accounts
- A chance to drive more value with crypto staking, you name it.
Needless to say, even the medium edition of our crypto wallet can offer, at once, all of the most popular digital assets among SMEs, which are:
- BTC Cash
- Binance coin
Evercode White Label Wallet for Small Businesses
Why might your SME need to accept crypto and start working with this?
Indeed, while enterprises and institutional giants may be experimenting with this idea, owners and managers of SMEs are likely to be more cautious. So, what may be attracting them?
In America, their answers are as follows:
- Firm belief in crypto as ‘the currency of the future’ with 49%
- Intent to reach younger customers and buyers fond of crypto with 44%
- The global reach of crypto with 43%
- A chance to meet new customers with 43%
- Ensuring quicker transactions with 38%
- The fear of missing out with 29%
- Being influenced by bigger companies with 29%
- An opportunity to ‘avoid fraud and chargebacks’ with 28%
- Their desire to get rid of the paperwork as “a thing of the past” with 24%
- Finally, 11% of the representatives surveyed simply wanted to hedge against the inflation
While many of these considerations are clearly subjective ones, the Evercode WL wallet is still a great match for them. Depending on a particular business, our white label solution may offer a futuristic look-and-feel, ensure transborder opportunities and almost instant payments via the Lightning Network, give you protection against fraud, and win new loyal customers. In other words, with Evercode’s White Label wallet you won’t miss out for sure.
We at Evercode Lab are sure that the best days of crypto adoption for the industry – as well as for our WL wallet – are yet to come. And the recent figures confirm this assumption. For instance, Visa says that roughly 25% of SMEs across nine nations, including Canada, Brazil, Hong Kong, Germany, Russia, and the UAE, are planning ‘to accept cryptocurrencies’ in 2022.