The COVID-19 pandemic may have resulted in lockdowns throughout the world, but it has not affected growth and development within the nascent crypto sector. In that context, the latest reports gathered by CryptoVibes reveal that the cryptocurrency debit card firm Crypto.com has joined Open Payments Coalition.
Crypto.com joined at least 40 other finance and technology firms by becoming a part of the Coalition. The group has a total of over 100 million users. Based on the June 18 announcement, admittance to the Open Payments Coalition will automatically add Crypto.com’s 2 million users to the payment network.
The Open Payments Coalition members have access to the PayID system. That access enables the users to send payments in any currency between any platform involved in the coalition. Users can then send these transactions using nothing more than a human-readable ID that is now valid across all member services.
CEO of Crypto.com, Kris Marszalek, said:
“Though the global payments ecosystem has expanded on the promise of simplifying the transfer of money; it has also resulted in siloed, closed and complex networks that often make sending money more difficult. PayID will help ease these growing pains with a single easy-to-read ID that works on any network; a capability of significant value for cryptocurrency users who often transfer money across multiple platforms and geographies.”
Through these coalitions and mergers, more people around the world can get a chance to invest and transact in cryptocurrencies. Analysts believe that mass adoption is possible with such business strategies.