Last week, PayPal confirmed that it was acquiring digital asset security firm Curv as part of a wider initiative to support cryptocurrency payments that began in the US in October. This came shortly after a partnership between Equals Group and Tap.Global, which will see the former provide cryptocurrency exchange services to both B2B and B2C customers.
They’re the latest in a number of announcements that are seeing cryptocurrencies increasingly enter the B2B payments space – but how far could the development go?
Cryptocurrencies are beginning to be embraced by the wider business world, with headline-grabbing highlights including the $1.5bn bitcoin purchase by Tesla. But in payments, particularly in the B2B space, they remain a fringe option.
While blockchain – the technology that underpins cryptocurrencies – has been tested by a host of leading payments and banks, cryptocurrencies have been less widely used over concerns surrounding regulation, stability and corporate/banking partner constraints.
Some organisations, most notably J.P. Morgan, have embraced the technology on their own terms with in-house tokens, but a small but growing number now appear to be responding to corporate demand for payments in well-known cryptocurrencies.
A surge of corporate support for cryptocurrencies has been predicted for some time, and so far, we’ve not seen the enthusiastic swell some have suggested. But with top-tier payments companies such as PayPal now supporting digital currencies, the tide may finally be turning. We’ll be watching developments in the space carefully, so keep reading for future updates.
How do B2B payments companies compare on pricing?