Amidst Crypto Market’s Constant Flux, Demand for Crypto-Related Payment System Increases
In a recent post shared by PR Newswire, the claims made by news outlet, Finance Magnates, were further analyzed.
For the most part, the latter argued that despite the current stance of the cryptocurrency market, there appears to be demand for crypto-backed PoS (Point of Sale) systems. Interestingly, it was also noted that,
“The cryptocurrency market is much less volatile than it was 12 months ago,” adding, “That makes payments more viable option for both payment service providers (PSPs) and merchants.”
They’ve concluded that in order for a currency to succeed, it should carry some, “practical use,” further stressing, “PoS systems are a step in that direction.” The reasons being, first, it allows traders to actually spend their holdings, and second, the market will be more accepted and considered a norm – leading to newcomers making an entrance.
All this being said, PR Newswire took a closer look by analyzing firms that specialize within the PoS-related services, which include NetCents Technology, Square, PayPal, Xunlei Limited, and HIVE Blockchain.
The following is an overview of what has since been expounded on in relation to the aforementioned businesses:
The CEO of NetCents Technology, Clayton Moore, has shared a letter that goes as follows:
“Today I am pleased to provide you with our view on the cryptocurrency sector which has seen a rebound as well as to highlight a few of the key strategic successes that has enabled NetCents to continue be a leader in the market.”
Here are the points being made:
Crypto as Acceptable Payment Option in Society
The CEO reasoned that crypto serving as a “mainstream payment option is promising” because of the involvement of players like Amazon and PayPal. This he believes will have an impact on the “overall acceptance and usage”.
“Share Structure, Access to Growth Capital and Revenues”
Moore gets more descriptive when asked about share structure, access to growth capital and revenues by giving the numbers belonging to NetCents.
In particular, he noted that NetCents has 56 million issued shares and “outstanding on a fully diluted basis,” which he argues is “less than half” of existing competition. As for how to raise capital, the company’s strategy has been in incentivizing their employees and ensuring there’s an alignment with shareholders as well.
“Introducing New Product” Deemed a Challenge
As per the claims made, introducing a new product in the market was a problem NetCents had encountered. Others included the handling of transactions and how they were executed. As for how they overcame this situation, it turns out that the firm worked with:
“Existing payment infrastructures and legacy platforms by embedding our technology within the traditional payments space and distribution channels.”
In order words, make NetCents the driving force that “powers all cryptocurrency transaction.”
While working with more traditional institutions, NetCents supposedly picked those who have an understanding and believe in crypto.
PayPal has supposedly teamed up with Cambridge Blockchain Inc., in an effort to highlight blockchain technology. CEO of Cambridge Blockchain was quoted saying that the two will be focusing on “digital identity compliance” and “giving customers control over their identity data.”
Financial, merchant and mobile services provider, Square is the next to make PR Newswire’s list and it seems like the firm has announced the soon-approaching release of financial results for Q1 2019.
Said results are believed to be disclosed via a webcast 2PM Pacific time. As for Square’s contributions to the payments sector, they have since offered tools that “empower businesses and individuals,” as reported by PR Newswire.
Focusing primarily in cloud computing and blockchain, Xunlei Limited has allegedly announced that they have since involved themselves the Copyright Protection Center of China to create a blockchain based “digital copywriter identifier (DCI) system.”
HIVE Blockchain Technologies Ltd.
HIVE aims towards accelerating blockchain development through traditional capital markets and through shareholder value.
For the moment, it seems like there might be some dispute among shareholders as Genesis Mining, being one of the largest shareholders of HIVE Blockchain Technologies, has requested a shareholders meeting in an effort to remove directors that are independent of Genesis and to redefine the Board of Directors. As per the report, a “Special Committee” has been hired to tend to the request made.
Evidently, the aforementioned firms are further exploring what blockchain could mean to them and how cryptocurrencies can be implemented (if necessary). Whether this implies actually testing the waters, or doing R&D, and as Finance Magnates noted, it can be reasoned that demand for PoS is present.