Payments are still the big Use Case.
Here is our pick of the 3 most important Stablecoin news stories during the week:
What is the big Use Case for Crypto? Is it as a Safe Haven, a non correlated asset that you can run to when everything else goes to hell in a handbasket, or an Alternative Investment in which you can earn outsized returns or finally, is it (or will it) be a key component of our daily “earn and pay” infrastructure?
Well this week we saw real movement on the Payments use case front with Facebook making a large strategic investment into India. This is important from both a product perspective, as it gives them that important “last mile” linkage and also from a political perspective as they gain a powerful local ally.
Interestingly, we also got an authoritative study from the Economist Intelligence Unit on the acceptability of all the different types of payment methods and Crypto did surprisingly well. People are not terrified by all the scam and hack stories with 20% saying they expect to use Crypto as a payment method within the next 12 months.
Finally, we continue to see investment going into the space. Investment flow is the most important indicator as it is a real “Skin in the Game” measure of the future prospects.
- Facebook’s $5.7bn bet on India’s richest man Mukesh Ambani. The social media giant becomes a shareholder in cut-price Indian mobile internet company Reliance Jio. Facebook’s largest foreign investment gives it a foothold in rural India and a powerful local ally. Read in BBC News: https://apple.news/AV37YgpACThOLu1jGljcVmw
- 20% of people said they don’t currently use them but plan to in the next year, higher than any other payment method studied in research, a trend that may accelerate as a result of #covid19. Read report https://econ.st/2z5SkYm (Via @cryptocom)
- This Bloomberg report highlights another entrepreneur from a traditional Financial infrastructure background launching into the new Ex-Deutsche Banker’s FXcoin to Offer Bitcoin Transactions
All rather positive in a time when there is a lot of negative news about in other areas.
New readers can read 3 free articles. To become a member with full access to all that Daily Fintech offers, the cost is just US$143 a year (= $0.39 per day or $2.75 per week). For less than one cup of coffee you get a week full of caffeine for the mind.