Nostrum Spanish Coffee Company Deals With Cyclebit To Offer Crypto Payments For Customers
Despite the decade-old existence of cryptocurrency, there have been long-standing cold showers by merchants and enterprises when it comes to adopting the digital assets. Factors such as price volatility, lack of regulation, and inadequate infrastructure are just some of the elements that hinder the adoption of the cryptocurrencies.
However, the prevailing situation may not last long based on the recent developments within the industry. Cyclebit, a cryptocurrency payments firm, is in line to introduce cryptocurrency for coffee drinkers looking to use Bitcoin. Despite multiple applications, the new crypto purchase option could see Spaniards buy coffee with Bitcoin. Seems impossible, right?
Well, Nostrum, a Spain-based coffee chain, has reached a deal with Cyclebit to incorporate a cryptocurrency payment option across the company's network of coffee shops. The new venture will enter all of Nostrum's branches, with multiple coffee shops across the Iberian Peninsula in line to start accepting crypto payments. Nostrum's customers will also get the opportunity to buy or sell their cryptocurrency at the stores.
In reacting to the announcement of the new entry into the coffee business, a spokesperson for Cyclebit said:
“The idea is to make the purchasing and payment experience close to an already existing well-known procedure for credit cards or contactless payments.”
Growing Adoption Momentum
Despite the decline in crypto markets, payments solutions have grown slowly in popularity over the past 12 months. Cyclebit is an example for a firm responsible for much of crypto adoption through easing the process necessary for one to spend cryptocurrency at the retail outlets and restaurants. In essence, Cyclebit is providing stores with the capability to act as cryptocurrency gateways and hopefully, attract crypto enthusiasts to spend their funds while enjoying coffee.
Already Cyclebit's service is available as a retail solution in South Korea and across countries in Europe. Customers using the payment option only need to scan a QR-code at the retailer's point-of-sale terminal and complete their purchase. Right now, the partnership with Nostrum would see Cyclebit extends its reach to include the coffee chain's 130 outlets outside of Spain, a massive step by all standards.
What Next For Adoption?
Right now, cryptocurrency adoption is particularly widespread in a considerable number of countries across the world. Particularly, countries experiencing turbulent economic times are witnessing more of their citizens turn to cryptocurrency. For example, Venezuela sees a significant adoption with retailers mostly accepting Dash for transactions. Estimates indicate that over 2,200 firms are now taking payments in Dash within the socialist state. Earlier in the month, Dash's parent company announced the launch of an SMS payment system within Venezuela to allow for message-based Dash transactions.
Cyclebit is a cryptocurrency company and product looking to bring the idea of spendable cryptos closer to the average individual's reality. The service developed by Cyclebit integrates with point-of-sales terminals to empower global commerce and make it innovative. Cyclebit trusts that utilizing the cryptocurrency for cappuccinos will be a thrilling beginning point to grow the industry to greater adoption heights among the masses.