Imposed Quarantines and Social Distancing Leads To A Surge In Online Payments With Bitcoin
The continuing spread of coronavirus has seen many people prefer to stay indoors leading to a massive disruption of the traditional economy, this has led to a boon for some digital sectors.
In the recent past, increased state-enforced quarantines as well as moves to social distancing and many firms coming up with policies to enhance working from home which has led to an increase in screen time as well as digital shopping. At the start of this week renowned outlets led by Amazon and Walmart announced they were facing challenges in meeting the high demand coming from panic buying, CNBC reported.
The panic buying has now started to spread to the cryptocurrency space, which has increased the number of crypto payment processors.
Bitcoin rewards app, Lolli, announced that its sales volumes had doubled mostly from firms supplying food-related items as well as personal essentials like Safeway and Vitacost. The firm’s communications head, Aubrey Strobel, revealed the details to CoinDesk. Strobel stated:
“The majority of Lolli's merchants are online. As a result, our sales have dramatically increased over the last couple of weeks as a reaction to the pandemic. We expect to see this continue over the next several weeks as people transition to a remote work schedule and prepare for COVID-19.”
With 894 locations in 17 states, Safeway is a major Lolli partner with operations in Washington as well as California that have reported high cases of coronavirus in the recent past. Customers get rewarded in Satoshis by Lolli which also has a partnership with various restaurant delivery apps such as Postmates as well as Caviar. The firm also partners with PetCo that provides pet food to customers.
Another crypto-based firm, Strike by Zap, which is at the moment operating in beta, almost closed down its operations following a sharp rise in payments than expected. The firm’s CEO stated that their wallet surpassed the previous all-time-highs early last week following processing transactions valued more than a Bitcoin. The firm which rolled-on in January, was set to handle transactions valued at least 1 Bitcoin every month.