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Cryptocurrencies Are Slowly Becoming a Mainstream Payment Option

The last few months have been a rollercoaster for the cryptocurrency market. As a result of the recent crypto boom earlier this year, many companies and organizations have become noticeably more open to blockchain technology and cryptocurrencies. For example, earlier last month Meitu, a Chinese company that makes a photo editing app, accepted USD 22.1 Million worth of ether and USD 17.9 Million worth of bitcoin. Overall, it is not surprising that ETFs with a focus on crypto and blockchain are doing so well. “Just over three years ago we launched the first actively-managed ETF focused on the dynamic market segment of blockchain-related stocks,” said Amplify CEO Christian Magoon. “BLOK has provided investors with additional portfolio diversification through its unique portfolio makeup that includes the Bitcoin Investment Trust. Blockchain technology is primarily known for one application today: cryptocurrency.” Perk Labs Inc., PayPal Holdings, Inc., Square, Inc., Riot Blockchain, Inc., Ebang International Holdings Inc.

Payment methods have changed drastically, as consumers are now exposed to new digital alternatives to cash. As advanced technologies are now widely accessible for billions of people and businesses, many consumers have adapted to the evolution of technology and have adopted digital payment solutions in order to pay for their purchases or to send monetary funds between one another. According to data presented by Finaria.it, the global digital payments industry is expected to hit a value of USD 6.6 Trillion in 2021, representing a 40% increase in two years. The research claims that large players like Amazon, PayPal, Apple, and Facebook are continually investing significant amounts of money into online and mobile payment solutions. Additionally, the ongoing development from separate online shops towards integrated online shopping ecosystems has created space for new business models and opportunities for digital payment methods. Mobile POS payments are expected to contribute 37% or almost USD 2.5 Trillion to the digital payments value in 2021.

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Perk Labs Inc. the parent company of Perk Hero, just announced breaking news that, ” it has partnered with BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment service, to accept cryptocurrency as a form of payment. BitPay is used by brands such as Twitch, AT&T and Dish Networks. As a result of this partnership, Perk Hero will accept a number of cryptocurrency payments including Bitcoin, Bitcoin Cash, Ethereum, and Dogecoin to cater to the growing demand.

“This relationship provides our customers with a convenient option to pay with their preferred digital currency,” says Perk Labs CEO Jonathan Hoyles. “On top of being able to offer a payment method that is less expensive and more secure than credit cards, it also opens up an opportunity to market Perk to the cryptocurrency community. In the past year there has been a surge in cryptocurrency usage and we expect to see cryptocurrency increasingly used for payments, especially as the speed and convenience of paying with cryptocurrency continues to improve.”

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The integration with BitPay compliments Perk Hero’s digital loyalty currency, Perk Coin. Whenever customers make a purchase using Perk Hero, regardless of the payment method, customers receive instant digital rewards in the form of Perk Coin that can be used for purchasing digital gift cards and goods and services. In addition to cryptocurrency, Perk Hero also accepts all major credit cards, Alipay and EFT/ACH as payment options.

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“BitPay makes accepting crypto a quick and easy process for Perk so they can realize the benefits to receiving payments faster, more secure, and less expensive while expanding on a global scale,” said Stephen Pair, CEO of BitPay. “We see the future of payments on the blockchain and work with customers like Perk to transform how people send, receive, and store money.”

Providing customers with the option to pay with cryptocurrency is an important step in the Company’s plan to further adopt and use blockchain technology for its digital loyalty rewards. The Company previously conducted research and published a whitepaper on blockchain-based digital loyalty rewards and filed a provisional patent application with the United States Patent and Trademark Office directed at methods, systems and techniques for cryptographic token transfers.

Perk’s patent application has been made for a foundational technology that lowers costs and improves speed and efficiency of cryptocurrency transactions, even where the value of the transaction may be relatively small, as well as facilitates converting between cryptocurrencies whose transactions are recorded on different blockchains. It also facilitates storing information of different sensitivity levels on differently permissioned blockchains, which is useful for maintaining privacy.

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