Big companies that accept Bitcoin and other cryptos as payment
Cryptocurrencies are never far from making headlines these days. If it’s not news that Bitcoin’s value has hit an all-time high of $60,000 (€50,500) for the first time, it’s news that Tesla founder Elon Musk is investing billions in it. .
As the buying and selling of cryptos becomes more and more commonplace, the opportunities to spend virtual currencies are somewhat limited in comparison due to their volatility.
There are, however, a growing number of businesses in a plethora of industries – from big tech to airlines – that are embracing cryptocurrencies, allowing customers to use them as an official means of payment for their goods and services.
Here are some of the largest and most well-known companies that use and accept cryptos.
In November, Mastercard announced that it would allow its network partners to allow their consumers to buy, sell and hold cryptocurrencies using a digital wallet, as well as reward them with rewards. digital currencies as part of their loyalty programs.
The move would allow customers to earn and spend rewards in cryptocurrency rather than loyalty points.
The credit card giant will partner with Bakkt Holdings Inc, the digital asset platform founded in 2018 by NYSE owner Intercontinental Exchange, to bring the new crypto services to its customers.
Pavilion Hotels & Resorts
As the latest company to allow crypto transactions, Hong Kong-based Pavilion Hotels & Resorts has also become the first international hotel chain to embrace virtual currency payments.
The group – which has properties in Amsterdam, Madrid, Lisbon and Rome as well as Bali and Phuket – will accept bookings using 40 different tokens, including Bitcoin and Ethereum from July through their partnership with payment platform Coindirect. .
From the beginning of April, the insurance brokerage giant will allow customers in Switzerland to use Bitcoin as a payment option for their invoices. The decision to embrace cryptocurrencies has been in the works since market research conducted by the company in 2019 revealed that almost a third of respondents aged 18 to 55 had already invested in them or were interested in doing so.
Customers will now have a reference code printed on invoices for non-life insurance policies in order to pay their premiums through the crypto exchange Bitcoin Suisse which will then convert them into Swiss francs.
As one of the largest software companies in the world, it is significant that Microsoft accepts bitcoin payments, helping to build a degree of trust in the use of cryptos. Exchanged for credit to top up user accounts, Bitcoin can be used to pay for a range of services, including Xbox Live and Skype.
The company’s interest in crypto technology does not stop there. Using blockchain, Microsoft also launched ION in late March, a two-layer authentication platform on the Bitcoin network. Instead of payments, the technology creates digital IDs to authenticate online identities.
After extensive testing, Starbucks customers can now use the new Bakkt app to pay for the cafe chain’s drinks and products with converted Bitcoin. According to the app’s creators, 500,000 people entered the invitation-only early access program to test out the digital wallet as a payment method.
Electric car maker Tesla CEO Elon Musk has a bottom-up and bottom-up relationship with Bitcoin. Initially, the company announced earlier this year that it would accept bitcoin payments for vehicle purchases in the United States. It follows a $1.5 billion (€1.2 billion) investment in cryptocurrency by Elon Musk’s company in February. However, this has now been overturned with statements that Tesla will suspend Bitcoin transactions until more than 50% of tokens are mined using renewable energy.
It was reported earlier this year that Amazon was joining the ranks of other tech giants, including Facebook, in laying the groundwork for its own proprietary cryptocurrency. That said, the e-commerce company does not directly accept cryptos yet. You can, however, buy Amazon vouchers through cryptocurrency company Bitrefill, a platform that makes life on cryptocurrencies easier by converting Bitcoin into gift cards, recharging phones, and more.
Credit card company Visa confirmed in late March that it was piloting a program with the Crypto.com platform to accept cryptocurrency to settle transactions on its payment network. It will now accept USD Coin (USDC), a stablecoin that is pegged to the value of the US dollar.
Following an announcement in October last year, PayPal users in the US can now buy, sell or hold a few select cryptos including Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Additionally, you will be able to track cryptocurrencies through the PayPal app. The only downside is that the money cannot be transferred out of the company’s digital wallet.
In August, the company announced that UK users can now also trade Ether, Litecoin, and Bitcoin Cash on PayPal’s website and mobile app.
So far, PayPal is tight-lipped about plans to expand the service to other countries.
Latvian airline airBaltic became the first airline in the world to accept Bitcoin as a means of fare payment in 2014. According to the company, it has processed more than 1,000 Bitcoin transactions since the payment option launched there. is seven years old. Its decision to do so saw another Eastern European airline, LOT Polish Airlines, follow suit the following year.
The famous auction house Sotheby’s started accepting cryptocurrency as a means of payment at the end of June and has since firmly embraced cryptos and NFTs.
Since announcing that he is now accepting crypto, he has accepted Bitcoin as payment for a rare 101-carat diamond that sold in July for $12.3 million ($10.4 million). euro). It has become the most valuable item ever purchased with cryptocurrency at auction.
Where lots are listed as “cryptocurrency payments”, the auction house will accept both Bitcoin and Ether as payment. There are some restrictions though, as payments will only be accepted through certain approved exchange wallets, including Coinbase.
Amatil, a bottler and distributor of the beverage giant in the Asia-Pacific region, has enabled cryptocurrency as a payment method through its partnership with the Centrapay platform. As of 2020, there are now over 2,000 vending machines in Australia and New Zealand that are designed to accept crypto to pay for drinks.
LOT Polish Airlines
In the wake of airBaltic, LOT Polish Airlines announced in 2015 that it would also accept Bitcoin as payment for flights. Despite the six years that have passed since its decision, LOT remains one of the only European airlines to allow cryptocurrency as a payment option.
Travel giant Expedia is one of the most prominent travel companies to accept Bitcoin through its partnership with crypto-friendly travel booking platform Travala. You can now book 700,000 hotels from the website listings with over 30 different cryptos, including Bitcoin.
Lush was one of the first global companies to adapt to the use of cryptocurrencies, fully embracing them in 2017 when the handmade cosmetics company began allowing Bitcoin payments for orders on its website. website through a partnership with Bitpay.com.
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