It is well-known by now that cryptocurrencies are here to stay. They have become an asset class with a market cap of over $1.7 trillion to their name. The market even topped the $2 trillion mark back in April.
Yet, despite the growing adoption, the gap between crypto and fiat worlds is still some ways off from completely closing. There are two main issues holding back cryptocurrency adoption.
The first is that while crypto and blockchain applications are prevalent, it isn’t straightforward for companies in the fiat world to integrate cryptocurrencies into their service offering.
A good example is Revolut. While they have the resources to introduce crypto-related services, they are still in the process of rolling out crypto-derived services after several years’ worth of effort. They only introduced a crypto withdrawal facility earlier this year.
Similarly, crypto projects have a hard time accepting payments in fiat. There are practically no solutions that make conducting local/cross-border payments possible for such projects.
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