There has been some great news in the crypto world. With significant gains happening, retailers are coming on board. Today saw eBay announce it will start to accept cryptocurrencies and Amazon’s Whole Food is also going to be accepting Bitcoin.
The cryptocurrency world has had a terrific week and Bitcoin has been leading the market with its gains. Currently, Bitcoin traded at $8,100 on Wednesday. It could be this that has been the pushing power behind retailers’ current interest.
Fortune has said today that Amazon-owned Whole Food is going to accept Bitcoin soon along with Bitcoin Cash, GUSD, and Ethereum. Flexa and Gemini are behind the development, so it isn't a surprise that Gemini USD (GUSD) is on the supported cryptocurrency list. Gemini is a crypto exchange that was launched by Cameron and Tyler Winklevoss. Flexa is a payments startup company, and together they've formed a deal.
Reports suggest that users of these sites will have to download an app called Spend. This will be the primary way to make payments as GUSD will be a stable coin that facilitates the whole payment process. There won't be any hidden markups or fees, which means that consumers might see the incentive in using the app. Retailers, on the other hand, need to do a simple tweak to their scanners that will allow them to identify Spend app payments. The merchants themselves can convert the sum into traditional currency or take it in cryptocurrency.
Tyler Winklevoss told Fortune, "The idea of living on crypto is now a reality. You can now do it. For the consumer, it amounts to being crypto conscious. It's like being green." Being green is a part of Whole Foods initiatives already since they no longer use plastic bags. Many have since been speculating that this means we're one step closer to Amazon accepting cryptocurrencies, mainly because eBay has been showing an interest in cryptocurrencies. Other companies that will accept cryptocurrencies include Nordstrom, and Crate and Barrel. According to Forbes, many retailers, including Starbucks, are already accepting cryptocurrencies, but they're keeping schtum. There will be almost 100 retailers accepting cryptocurrencies by the end of this year.
In other news, Bitcoin futures is said to be tested bt Bakkt in July. This is an event that people have been waiting for all year. Cryptocurrency traders and investors are keen to see what will happen to the industry with this. Investors from institutions are arriving. Some of the largest retailers are beginning to accept cryptocurrencies, and so prices are on the move upwards. So, what could be the next news items for the cryptocurrency world and the development of it?