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Cryptocurrency is fast becoming integrated into several aspects of business worldwide. Businesses in the UK are among those at the forefront of crypto adoption for business growth. In this article, we delve into how businesses are adopting crypto investing platforms for growth and innovation.
How UK Businesses Are Adopting Crypto
Integrating Payment Gateways For Crypto Purchase
With a market capitalisation of over $1.5 trillion, the crypto market has attracted several businesses, institutional investors, and individuals. Many banks in the UK now have crypto-friendly policies that facilitate the incorporation of crypto into their financial workflows. Some of the most popular financial institutions that facilitate crypto investing by providing credit and debit card payment gateways include Barclays, Revolut, and Mongo.
Facilitating Alternative Payment Methods For Customers
A survey in 2021 showed London, Manchester, Leeds, and Glasgow to be the biggest UK cities with cryptocurrency ATMs or offering crypto as a form of in-store payment. Although Bitcoin ATMs are now banned in the UK, crypto payments are very much in use. As crypto becomes more mainstream, more businesses are incorporating Bitcoin as a mode of payment. For many retail businesses, crypto is the extra advantage being explored to beat the competition and dominate the markets.
Leveraging Crypto for Marketing Campaigns
Several industries, like fashion and sports, are leveraging crypto to boost their brand visibility. In recent times, several fashion household names with major branches in the UK have incorporated crypto assets in the form of nonfungible tokens (NFTs) into their collections.
A recent study shows that 21 out of the top 50 fashion brands own NFT fashion collections. These include Adidas with 12 NFT collections, Gucci with its 10KTF Gucci Grail collaborative collection, and Prada, coming in with a monthly TimeCapsule NFT drop in its Crypted section.
The sports industry is not without its own way of catching up with new technologies. Several sports clubs and associations sign marketing partnerships with crypto platforms. Other times, such collaborations are with individual players, like the Binance x Cristiano Ronaldo limited edition NFT partnership.
Several businesses have developed as a result of cryptocurrency in sports. Some UK-licensed online casinos offer sports betting with the option to bet using crypto coins like Bitcoin and Ethereum. Other online casinos provide esports crypto betting on popular video games.
The appeal of using crypto and NFTs in sports and fashion is largely marketing strategies to capture the interest of Gen Zs, who are gravitating more towards virtual and metaverse experiences. Additionally, it’s a way for top traditional brands to form strategic partnerships and scale their digital presence.
Investing in Virtual Assets With Crypto
Businesses can invest in a new array of financial assets, such as cryptocurrencies and crypto ETFs. Bitcoin is one of the go-to assets for businesses looking to invest in cryptocurrency for the first time. BTC has risen from a few dollars to over $70,000 in less than two decades. The monumental increase associated with cryptocurrencies makes them a worthy investment option. However, like any other investment, cryptocurrencies come with their own risks and are often classified as a medium- to high-risk asset class.
Improving Online Transactions
In some instances, certain companies allow clients to pay for real estate using crypto, an option that comes in handy for businesses looking to expand their assets. Additionally, startups like Coinsbee and Bitpay allow users to shop on Amazon and Starbucks using gift cards purchased with cryptocurrencies. Further, charity organisations like the Alzheimer’s Research UK, Frimley Health Charity, Crisis UK, and Save the Children Foundation accept cryptocurrency donations. The integration of cryptocurrency into business continues to expand, yielding more opportunities for growth and innovation.
Accessing a Broader Range of Financial Services
The need for reduced payment charges, faster transactions, and more financial services has made crypto a popularly explored alternative to traditional banking. Decentralised finance (Defi) is the arm of crypto where users can access savings, loans, and investing services. Defi apps like DyDx and Compound provide lending services, allowing users to lend and borrow cryptocurrencies. Several crypto exchanges like Binance and Coinbase offer tiered interest rates for users to save in crypto. Additionally, crypto investing platforms like Coinpass provide corporate trading opportunities for businesses to explore the crypto market for profit.
Enhancing Flexible Cross-Border Transactions
Without a unifying global currency, facilitating trade among multiple countries can prove challenging. Using cryptocurrency, businesses can eliminate cross-border payment barriers and execute trades seamlessly. Some of the crypto firms enabling cross-border payments in the UK include SWIFT, Ripple, BVNK, and Circle.
The Rising Appeal Of Crypto Platforms For UK Businesses
UK businesses are exploring crypto investing platforms for investing opportunities as well as access to financial services like savings and loans. The potential crypto offers in terms of fast cross-border payments and alternative payment methods make it an emerging solution for businesses seeking to scale and integrate innovative services.
