Most merchants in the United States are laying the groundwork to adopt crypto in the near future, according to a new survey from accounting giant Deloitte. In a new study, Deloitte polled 2,000 senior executives at retail organizations from a variety of industries across the US about topics relating to digital assets. More than 85% […]
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A survey conducted by Deloitte in collaboration with PayPal found that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.” Majority of Merchants Surveyed Plan to Enable Crypto […]
Improving customer experience, increasing the customer base and a hope their brand is perceived as “cutting edge” were the biggest reasons given for a desire to adopt crypto payments.
Three quarters of United States retailers plan to accept crypto or stablecoin payments within the next two years according to a new survey.
It also found that more than half of large retailers with revenues over $500 million are currently spending $1 million or more building the required infrastructure to make it happen.
The information was revealed in Deloitte’s “Merchants Getting Ready For Crypto” report released in collaboration with PayPal on June 8.
A large majority, around 85%, of the surveyed merchants said they anticipate that cryptocurrency payments will be ubiquitous in their respective industries in five years.
The survey polled 2,000 senior executives at U.S. retail organizations between Dec 3 and Dec 16, 2021 when crypto prices were still riding high, but the results have only just been revealed. The executives were distributed equally among the cosmetics, digital goods, electronics, fashion, food and beverages, home and garden, hospitality and leisure, personal and household goods, services, and transportation sectors.
Small to medium sized companies are also getting into the acts with 73% of retailers with revenues between $10 million and $100 million investing between $100,000 to $1 million to support the needed infrastructure.
According to Deloitte the spending won’t stop there and is only expected to increase over 2022. More than 60% of retailers said they expect budgets of more than $500,000 to enable crypto payments in the next 12 months to December.
Consumer interest is driving merchant adoption with 64% of merchants signalling their customers have expressed significant interest in using crypto for payments. Roughly 83% of retailers expect interest to increase or significantly increase over 2022.
Nearly half expect their adoption of cryptocurrency will improve the customer experience, around the same amount believe it will increase their customer base and 40% hoped their brand woudl be perceived as “cutting edge”.
Related: Corporate evolution: How adoption is changing crypto company structures
Of the retailers already accepting cryptocurrency, 93% have reported a positive impact on their customer metrics.
Carriers and challenges to adoption cited by merchants include the security of the payments system (43%) changing regulations (37%), volatility (36%) and a lack of a budget (30%).
The complexity of integrating cryptocurrencies with legacy systems and the complexity of integrating multiple cryptos was the greatest challenge according to 45%.
Deloitte said it expects “continued education” would create further clarity for regulators, allowing wider adoption across a broader set of products and services.
El Corte Ingles, one of the biggest retailers and distributors in Spain, has taken its first step into the cryptocurrency world. The company is reportedly launching its own cryptocurrency exchange for customers of its stores. The firm has enrolled the help of Deloitte to build a new platform that will allow its customers to access […]
One of the biggest accounting firms in the world says that the underlying technology behind Bitcoin (BTC) is a good starting point for developing an efficient central bank digital currency (CBDC). According to a new report from UK-based accounting giant Deloitte, blockchain-based cryptocurrencies have attributes that when combined with the properties of fiat currencies, could […]
The post Bitcoin a Starting Point for Developing Central Bank Digital Currency, Says Big Four Firm Deloitte appeared first on The Daily Hodl.
Deloitte analysis shows how Bitcoin can help traditional fiat currency improve drastically in terms of speed, security, efficiency, cross-border payments.
A new study from financial services giant Deloitte highlighted the potential of Bitcoin (BTC) as a base to create a cheaper, faster and more secure ecosystem for electronic fiat currency or central bank digital currency (CBDC).
Deloitte’s analysis, titled State-Sponsored Cryptocurrency, pointed out the need for a complete redesign of the traditional fiat ecosystem to overcome impending issues of being “slow, error-prone and expensive relative to performance in other high-tech industries.”
However, the report pointed out five key areas where Bitcoin can help traditional fiat currency improve drastically — speed, security, efficiency, cross-border payments and collaboration with other payment participants:
“With the potential to [...] do it without the day-to-day operational need for a centralized organization, whether commercial or federal, the result could truly be transformational.”
While stating the various difference between BTC and state-issued CBDCs, Deloitte’s analysis reiterates one of the major inflationary traits of fiat currency, stating that CBDCs have no cap on money supply contained on the ledger and that centralized governments can define the value of the CBDC.
According to the analysis, governments that are first to roll out a nationwide CBDC will have an early-bird advantage in influencing the use of their local currency in international markets and trades.
In a CBDC environment, Deloitte envisions crypto exchanges to retain their current position as a facilitator that will be used to convert “users’ cryptocurrency to paper currency when transacting across different currencies, and charges an exchange fee in return.” In such a scenario, banks will act as custodians of the distributed ledger who will compete with other miners to process transactions and collect the reward.
On an end note, the analysis states that while CBDCs will not serve as a one-to-one replacement for BTC and other cryptocurrencies, the mainstreaming of CBDCs will open up an additional option for users to choose the most appropriate medium of payment, concluding:
“[Bitcoin] could ultimately spawn a series of new opportunities that would [...] transform the current payments system into one that is faster, more secure, and less expensive to run.”
Related: Jamaican central bank to airdrop Jam-Dex CBDC to early adopters
While many jurisdictions have joined race to implement in-house CBDCs, one the key factors for its successful implementation is widespread adoption.
In this effort, Jamaican prime minister Andrew Holness announced that the first 100,000 Jamaican citizens to use the country’s CBDC, Jam-Dex, will be given a free $16 payment in the hopes of promoting widespread adoption.
Finance Minister @NigelClarkeJa demonstrates use of the CBDC to pay his barber Paul during the #BudgetDebate2022. @CentralBankJA #JamDEx pic.twitter.com/izfRqX58Cy
— JLPJamaica (@jlpjamaica) March 8, 2022
As Cointelegraph reported, approximately 17% of the Jamaican population remains unbanked, and with the launch of CBDC, the Jamaican government plans to encourage low and middle-income citizens to join the national banking system.
The market cap of AVAX touched $30.32 billion for the first time in history.
Avalanche (AVAX) is now the tenth-largest cryptocurrency by market capitalization after more than doubling in price since the start of November.
AVAX entered the top-10 crypto index after pushing out Dogecoin (DOGE). In doing so, its circulating market valuation reached $30.60 billion for the first time compared to Dogecoin's $30.30 billion.
AVAX price climbed while ignoring price corrections elsewhere in the crypto market after Nov. 10.
Notably, Bitcoin (BTC) plunged by nearly 20% from its record high of $69,000, and Ether (ETH) — the second-largest cryptocurrency by market cap and Avalanche's top competitor — slipped by 19% from its all-time high at around $4,867.
Nonetheless, their downside sentiment failed to impact AVAX over the past 10 days. The Avalanche token rallied by more than 64% in the period of Bitcoin's and Ethereum's price correction, hitting one record high after another, as shown in the chart below.
On Nov. 21, AVAX reached $141.50, its best level to date, after rising by nearly 25% in two days.
AVAX broke its positive correlation with BTC and ETH in the days leading up to "Big Four" accounting firm Deloitte's decision to build its disaster relief platforms atop the Avalanche blockchain platform.
According to Deloitte's press release published on Nov. 17, the "Close as You Go Service" aims to simplify "disaster reimbursement applications for victims of natural disaster, by aggregating and validating the documentation required for funding."
The high-profile partnership prompted analysts to anticipate higher demand for AVAX, which operates as a basic unit of account between the multiple subnetworks on the Avalanche platform and as a currency that users could stake on the network to earn passive incomes.
Related: Avalanche soars to new highs after Deloitte adoption — But risks emerge for AVAX price
Pseudonymous market analyst Seq tweeted a rocket emoji to indicate its long-term bullish outlook for AVAX, adding that Deloitte's partnership with Avalanche would enable more exponential parternships.
"It can be difficult to grasp the scope of Avalanche," wrote Seq, adding that the project has witnessed "incredible growth" despite launching just one blockchain.
Deloitte, the largest professional services firm in the world, spanning 150 countries & 20K professionals, provide consultancy & delivering solutions for enterprises, including 90% of the Fortune 500
— Seq (@CryptoSeq) November 20, 2021
This is not only a big partnership, but one that will enable exponentially more https://t.co/Y005ZPzr5w
In detail, Avalanche aims to feature multiple chains, with some performing core functions while others being more application-specific. Meanwhile, all non-core blockchains (called subnets) must depend on validators that stake AVAX on any of Avalanche's three base platforms, dubbed P-Chain, X-Chain, and C-Chain.
There is "only the C-Chain," wrote Seq, noting that it is just one blockchain "in [one] of an infinite number of subnets that are possible." The analyst added:
"We are just scratching the surface of its potential, and has only been 14 months since mainnet! Avalanche is just getting started!"
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The "Big Four" accountant announced that it would leverage Avalanche's blockchain for a new project.
Avalanche (AVAX) rose to a new price high on Nov. 18 and posted weekly gains after its developer, Ava Labs, entered a partnership with "Big Four" accountant firm Deloitte.
The AVAX price reached a little over $110 after rising circa 16% week-to-date (WTD), with its circulated market cap hitting $23.76 billion, almost 0.93% of the total crypto market cap.
In contrast, AVAX's top rival tokens, including Bitcoin (BTC) and Ether (ETH), fell by over 13% and 12.50% WTD, respectively.
AVAX picked its bullish cues from Deloitte's decision to use the Avalanche blockchain for building a disaster relief platform.
The deal, according to Avalanche's founder Emin Gün Sirer, would "help state and local governments easily demonstrate their eligibility for federal emergency funding." Avalanche's blog post further noted that their blockchain solutions would assist Deloitte in "minimizing fraud, waste, and abuse," which is prevalent in existing disaster management solutions.
In detail, AVAX works as an in-house payment method for Avalanche, i.e., a basic unit of account between the multiple subnetworks created on the Avalanche platform. Users also employ AVAX to earn passive income by staking their coins on the network.
AVAX's potential use case in the upcoming Deloitte disaster management systems prompted traders to make bold bullish calls. Newsquake, a Cointelegraph Markets Pro service, successfully identified the bullish sentiment as a potential market-moving event in real-time ahead of the AVAX price boom.
Meanwhile, the Cointelegraph Markets Pro's VORTECS™ Score flipped green on Nov. 12, prior to AVAX climbing to new highs. The VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
Pseudonymous market analyst "Seq" tweeted a rocket emoji sign to indicate their long-term upside bias for the Avalanche token based on the Deloitte adoption.
Probably nothing, only Deloitte, the largest accounting firm in the world that provides services to nearly 90% of the Fortune 500 choosing Avalanche for a federally approved disaster recovery platform to help state and local governments with federal emergency funding!$AVAX https://t.co/GHzIWuSjfx
— Seq (@CryptoSeq) November 16, 2021
Another analyst, Nico, noted that AVAX's latest price climb accompanied a rise in trading volumes, proving that the current climb had strong momentum behind it, adding:
"Looking for it to HODL around the ATH area, aiming for a retest/flip as continuation. If happens, then looking for $210k+"
Nevertheless, AVAX's climb this week also made it an overbought asset based on its relative strength index (RSI) signals. As a result, AVAX became overheated.
Related: Finance Redefined: Avalanche launches $200M fund, wXRP to debut on Ethereum, Oct. 29–Nov. 5
The AVAX price dropped by more than 10% on Nov. 18 after hitting its record high of $110. Furthermore, the selling pressure intensified as the Avalanche token tested its upward sloping resistance trendline (dotted) that constituted a rising wedge in conjugation with the lower ascending trendline support below (the black trendline).
Ideally, the AVAX price may continue rising until/ahead of hitting the apex (the point at where its two trendlines converge). Then, it would risk dropping lower by as much as the maximum height between the two trendlines. That roughly puts AVAX en route to $90.
A clear bearish divergence between a rising AVAX price and its falling RSI also hints at the token's weakening upside momentum.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
On Tuesday, one of the Big Four accounting organizations, Deloitte announced a strategic partnership with Ava Labs, the team behind the blockchain network Avalanche. According to the announcement, Deloitte’s new cloud-based platform leverages Avalanche in order to “improve security, speed and [the] accuracy of Federal Emergency Management Agency reimbursements.” Deloitte to Utilize Avalanche Protocol to […]
