Switzerland is famous even among the economic Old Guard for its developed financial system. The small nation has even made headlines, in recent years, for its embrace of emerging technologies – this includes digital assets. Although Switzerland has taken a friendly stance to cryptocurrencies, the nation has yet to see them in broad use. A recently publicized partnership between Bitcoin Suisse and Worldline appears to be geared towards bringing cryptocurrencies into everyday use.
The micro nation, Switzerland, has been no slouch in the adjusting of financial policy to accommodate digital assets. In fact, the country has become a major cryptocurrency and blockchain center with a tally of over 800 companies operating in either the blockchain or digital currencies (or both) industry. These companies make up Switzerland’s Crypto Valley, named so for their various activities in the crypto and blockchain arena.
In a move that can perhaps be regarded as a precursor to the Worldline/Bitcoin Suisse alliance, the Swiss city of Zug displayed the nations embrace of cryptocurrencies by accepting Bitcoin as payment for various public services. What Bitcoin Suisse and Worldline have planned, is a more large scale effort however. The two firms, according to reports, envision a system that will enable web stores as well as physical till points to accept cryptographic assets as payment for the various goods or services they have on offer.
The two firms, reportedly, aim to bring this endeavor to fruition by incorporating Worldline’s, already widely used, proprietary SIX Payment Services infrastructure. Bitcoin Suisse on the other hand, will be coming onboard to offer a wealth of know-how regarding blockchain and digital currencies.
The effort by the two firms is aimed at bringing cryptocurrencies into everyday use, by being the payment intermediary between retailers and customers. The, as yet, unnamed project will likely come to compete with the likes of Square and South Africa’s Centbee but competition is probably also good for mass adoption.
The trend with cryptocurrency investors, however, is to keep their digital assets in anticipation of the next big price rally – a more long term investment approach. Companies seeking to bridge the crypto gap between retailer and consumer may need to convince crypto users to spend the crypto they have in holding, as well as incentivize entrants into the cryptocurrency space to use their assets over fiat solutions.
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