Crypto payment companies are beginning to be more and more popular around the world. Crypto asset prices are not going through their best moment. Although they have progressively recovered ground, as have other assets considered risky, they are still far from their glory days: before a wave of bankruptcies and scandals eroded the value of this market.
Despite the fact that so many investors – especially retail investors – lost their life savings due to mistakes or mismanagement in some crypto companies, crypto market enthusiasts still believe in the potential of this technology, which is spreading step by step with projects all over the world.
One of these enthusiasts faithful to the ideal of cryptocurrencies is Manuel Beaudroit, CEO of Belo, which is recognized for having become the first Argentine crypto payment company to enter MasterCard’s crypto card program. He spoke to El Economista and talked about the new stage for cryptocurrency payments.
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Belo is a digital wallet that allows its users to move between Argentine pesos and cryptocurrencies. It aims to make crypto payments an everyday experience. For Beaudroit, this aspect must be a priority for crypto payment companies if they aspire to “live in crypto every day”.
For Belo, crypto payment companies should aim to be a bridge between digital assets and users’ needs. “We are developing products so that more people can solve everyday problems with this type of asset and its technology,” Beaudroit explained.
Hand in hand with Tapi (a payment service provider that previously added to its effort to provide cell phone top-ups), the crypto payment company Belo launched a new feature in early February that allows its users to make payments for services such as water or electricity. The option is now open to 40,000 users.
Barriers and bridges for the crypto payment companies
Although he expects that soon more users will have access to this benefit and that crypto payments will become more common every day around the world, he recognizes that there are obstacles for this to happen. One of the most important is the adoption of the technology and, sometimes, the lack of options.
“The crypto payments environment is far from perfect when you think about a ‘hyperbitcoinized’ world where everyone can pay with crypto. For that to happen there is a long way to go. But, the most important thing is not the technology, but how to build solutions to people’s problems.”
“Naturally, a large portion of our users are crypto natives. This economy we know is global and they come advancing hand in hand with these people, but there are users of all age ranges. They all need a bridge to connect two worlds, causing this to grow,” he said.
The crypto world
Beaudroit stated that there is a growing segment of the world’s population that is digitally native and wants their default currency to be a cryptocurrency (or even already is), so they need solutions to their needs. “So by offering service payments with cryptocurrencies we are generating value.”
“Cryptoassets have many advantages: they allow making international payments in a simple, economic, and friendly way. This is why their use is growing. By allowing payments for services users avoid dealing with multiple providers. This way they can live in crypto every day,” he said.
In the face of the rejection that traditional banking usually shows about cryptocurrencies, Belo’s CEO highlighted that every day, the opening of banks towards the crypto market is greater. That has led them to launch proposals that do not comply with this ideology, but that are contributions towards the adoption of cryptocurrencies.
“In centuries of existence, banks have had no competition, except for themselves. Recently this has changed with digital banks. In some ways, they may be living their Kodak moment. That’s why in some you can already buy Bitcoin or Ether, and they hold them for the user,” he said.
These bank offerings, he added, do not meet the ideals of Bitcoin and cannot be considered crypto environment projects in the full sense of the term, because the user cannot have access to their assets. But they contribute to more and more people being able to integrate into the digital economy.
Security in the face of increased interest in the crypto payment companies
In view of last year’s plummeting cryptocurrency prices and the bankruptcies of large companies in the sector, Beaudroit stressed the need to act prudently and in favor of the user, and to study carefully which cryptocurrencies each project will operate with.
In Argentina, 16% of the population has bought crypto assets and 34% intend to do so, according to a study by Aleph’s IMS company. This is why Belo opened to the payment of more than 9,000 services. Beaudroit stressed the need to take care of what for many people is their first approach to crypto.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in EL ECONOMISTA, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
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