Cryptocurrencies Going Mainstream: Where Can They Be Seen?
With the approval of a Bitcoin spot ETF, the cryptocurrency market is once again heating up. More and more companies are starting to pay attention and get involved in this rapidly developing field, viewing it as an important role in future transactions. Recently, the largest super app in Southeast Asia announced the opening of user access to the GrabPay e-wallet, allowing users in Singapore to store cryptocurrencies, once again emphasizing the potential and application prospects of cryptocurrencies in daily life.
Cryptocurrencies are not just investment tools; they have broader applications. On June 12th, “WEB3+” held an event called “Cryptocurrencies Going Mainstream: Trends X Payments X Philanthropy, Decrypting Key Application Strategies,” which delved into the diverse applications of cryptocurrencies, particularly in the payment and philanthropy sectors.
Through expert sharing and case analysis, the aim was to unlock the key strategies for cryptocurrency applications and promote the wider integration of this emerging technology into daily life.
Trends and Importance of Cryptocurrency Applications
Kelvin Woon, CEO of Bybit, first shared his insights into the future of cryptocurrencies. He pointed out that one of the most anticipated trends in the cryptocurrency market this year is the launch of Ethereum ETFs, which also represents the further integration of digital assets into mainstream financial markets.
However, Woon believes that while Ethereum ETFs have garnered widespread attention, another more important development is the rise of stablecoins. Stablecoins will play a crucial role in the popularization of digital assets, and it is vital to establish stablecoin frameworks and related legislation to ensure the legitimacy and security of their future development.
Looking back at the development of digital assets in recent years, Woon noted that since 2018, digital assets have undergone numerous transformations and challenges. From the “DeFi Summer” to the rise of NFTs and the concept of the metaverse, despite fluctuations and downturns along the way, these developments have gradually propelled digital assets forward.
The launch of a Bitcoin ETF last year had a significant impact on the cryptocurrency market, allowing investors to easily access Bitcoin through traditional financial channels. Woon believes that a Bitcoin ETF is a crucial milestone in the popularization of digital assets and lays important groundwork for more institutional investors to enter the cryptocurrency market.
The emergence of stablecoins will be the key to the future popularization of digital assets. Woon pointed out that stablecoins possess the three characteristics of fiat currencies: a medium of exchange, a unit of account, and a store of value, giving them great potential in everyday transactions. If stablecoins can obtain official guarantees, their global applications will be even more extensive and have a profound impact on the digital economy.
Woon emphasized that the era of digital assets has arrived, and in the future, everyone will hold digital assets just as people hold stocks in companies like TSMC or NVIDIA today. He also predicted that tokenization of digital assets will become an important trend in the financial market over the next 10 to 20 years.
Creating Point-to-Coin and Payment Applications: How Can BitOffer Collaborate with Enterprises to Build a Cryptocurrency Ecosystem?
Over the past decade, BitOffer has made many efforts in promoting digital currencies and blockchain technology, especially in its collaboration with FamilyMart, where it successfully combined loyalty points with digital currencies, providing consumers with new investment opportunities and payment methods.
Kelvin Leong, Founder and CEO of BitOffer Group, stated that during the initial stages of collaboration with FamilyMart, there were numerous communications and meetings because FamilyMart had reservations about digital currencies, considering them to be high-risk and volatile. Through continuous explanations and comprehensive technical support from BitOffer, FamilyMart eventually decided to give it a try and discovered the potential of digital currencies in enhancing consumer convenience and promoting consumption.
This collaboration not only allows consumers to invest and consume more with loyalty points but also enhances FamilyMart’s market competitiveness and consumer loyalty.
Leong emphasized that the core advantages of blockchain technology lie in its security and transparency, making it incomparable in financial payments and cross-border transactions.
BitOffer’s goal is to popularize this technology among more enterprises and consumers, reduce transaction costs, and improve efficiency by eliminating intermediaries. In addition to focusing on payments and exchanges, BitOffer is actively developing infrastructure to support a wider range of applications, including real estate investment and charitable donations, expanding the application of blockchain to more fields.
With advancements in technology and improved regulations, Leong believes that the acceptance of digital currencies and blockchain technology in Taiwan and the Asian market will gradually increase. Businesses and individuals can use blockchain technology to solve real-world problems, improve efficiency and innovation, and establish stronger competitiveness in the global market.
Cryptocurrencies Opening a New Chapter for Philanthropy and Social Participation
As a contributor and researcher at FAB DAO, Eric Hu shared his in-depth insights into decentralized autonomous organizations (DAOs) and their applications and prospects in the cryptocurrency and blockchain fields.
DAO, which stands for decentralized autonomous organization, is a type of organization managed by smart contracts, where community members participate in self-governance and decision-making through blockchain technology. Due to the decentralized nature of DAOs, they offer high transparency and strong security, effectively avoiding the corruption and abuse of power that may exist in traditional organizations. These characteristics make DAOs widely applicable in various fields, particularly in finance, investments, and community governance.
Hu mentioned that there are already many DAOs that have demonstrated significant advantages in fundraising, project management, and decision-making. For example, some DAOs use collective voting to determine the direction of fund usage, effectively improving resource allocation efficiency and transparency. There are also DAOs that have been applied to philanthropic and social projects, utilizing the decentralized governance model of DAOs to achieve transparency in fund usage and enhance community trust.
With the continuous progress and maturity of blockchain technology, Hu believes that the scope of DAO applications will further expand. He predicts that DAOs will play a role in more traditional industries, driving innovation in organizational structure and management practices.
Although there are still challenges to overcome, such as legal and regulatory issues, these challenges are important lessons that DAOs need to address in their development. Hu calls for more tech developers and businesses to participate in the construction of DAOs, collectively promoting the progress of this innovative model.
