The global entertainment market is constantly growing and looking for new ways to attract new customers. With growing popularity of cryptocurrency (despite a turbulent market) Oveitthe Austin, Texas-based fintech has partnered with Utrusta Swiss start-up that offers cryptocurrency payment solutions, to facilitate cryptographic integrations for market players.
The companies will mediate crypto payments for up to a billion events, theme parks and tour package customers worldwide as organizers seek to accept and use crypto payments more easily, in turn, access a larger market.
“We strive to help the event and entertainment industries evolve and change their operations through digital technology. The cryptocurrency market still has a lot of potential and opportunities ready to be unlocked by companies that want to adapt their strategy and think outside of traditional norms,” Explain mihai Dragandirector of operations of Oveit.
“Especially for companies in this segment, the possibilities are limitless. The partnership with Utrust enhances business opportunities for all industry players, enabling them to receive instant payments from up to one billion customers worldwide. So even international customers can access the event without worrying about local currencies and high exchange rates,” he continued.
So far, cryptocurrencies have been mainly used as an investment instrument and the implementation of crypto payments for the undertaking was an exhaustive process.
Currently, cryptocurrency is gaining momentum and being used on a larger scale, opening up a new opportunity for businesses. By implementing this system, European businesses can receive payments from people around the world in just seconds without worrying about exchange rates. Plus, the low commission rates make this process more convenient for businesses and customers.
The Oveit solution works when a business creates a merchant account on the platform, and then every payment goes directly to their account. Sellers can also list their prices in fiat currency. With Utrust integration, the amount is automatically converted into cryptocurrency.
“Utrust will always seek to strengthen creative and beneficial use cases for blockchain technology. Companies like Oveit make the kinds of products we need: the ones that make people’s lives better. We are excited to provide the fast, seamless and on-chain payments that will help them achieve their goals,” States Sanja KonCEO of Utrust.
Cryptocurrency, the path to success
The cryptocurrency market attracts more and more people from all over the world, and companies are no exception, mainly due to the high speed of transactions, the variety of customers from all over the world, and the small commissions. 75% of retailers in the United States plan to accept stablecoins and cryptocurrency payments over the next two years, according to a study conducted this year by Deloitte.
The European Commission understands the potential of this market, which is why it offers a pilot program, the digital financial strategy, which regulates trade and settlement transactions of financial instruments in the form of crypto-assets. The program aims to make retail payments more convenient and secure, particularly in cross-border situations, by facilitating economic activity by reducing time and costs for businesses when receiving payments.