Cryptocurrencies Enter Everyday Life! Where Can They Be Seen?
With the approval of Bitcoin spot ETFs, the cryptocurrency market is once again booming. More and more companies are starting to pay attention to and get involved in this rapidly growing field, seeing it as an important role in future transactions. Recently, the largest super app in Southeast Asia announced that users in Singapore can now use cryptocurrency to store value in the GrabPay e-wallet, once again highlighting the potential and application prospects of cryptocurrencies in everyday life.
Cryptocurrencies are not just investment tools; they also have broader application possibilities. “WEB3+” held the “Gathering of Cryptocurrencies in Everyday Life: Trends X Payments X Philanthropy, Decrypting Key Application Strategies” event on June 12, delving into the diverse applications of cryptocurrencies, especially in the payment and philanthropic fields.
Through expert sharing and case analysis, the aim is to unlock the key strategies for the application of cryptocurrencies and promote the widespread integration of this emerging technology into everyday life.
The trends and importance of cryptocurrency applications
Kelvin Wen, CEO of Bybit, first shared his insights into the future of cryptocurrencies. He pointed out that one of the most anticipated trends in the cryptocurrency market this year is the launch of Ethereum ETFs, which also represents the further entry of digital assets into the mainstream financial market.
However, Wen believes that while Ethereum ETFs have garnered widespread attention, another more important development is the rise of stablecoins. Stablecoins will play a crucial role in the popularization of digital assets, and the establishment of stablecoin-related frameworks and regulations will be crucial, as it will ensure the legality and security of stablecoin development in the future.
Looking back at the development of digital assets in the past few years, Wen pointed out that since 2018, digital assets have undergone multiple changes and challenges, from the “DeFi Summer” to the rise of NFTs, and the hype around the concept of metaverse. Despite fluctuations and lows along the way, these developments have been gradually pushing digital assets forward.
The launch of Bitcoin ETFs last year had a significant impact on the cryptocurrency market, making it easier for investors to access Bitcoin through traditional financial channels. Wen believes that Bitcoin ETFs are an important milestone in the popularization of digital assets and have laid an important foundation for more institutional investors to enter the cryptocurrency market.
The emergence of stablecoins will be the key to the popularization of digital assets in the future. Wen pointed out that stablecoins possess the three major characteristics of fiat currencies: medium of exchange, unit of account, and store of value, making them have great potential in daily transactions. If stablecoins can obtain official guarantees, their application worldwide will be more extensive and will have a profound impact on the digital economy.
Wen emphasized that the era of digital assets has arrived, and in the future, everyone will hold digital assets just like people hold stocks in companies like TSMC or NVIDIA today. He also predicted that tokenization of digital assets will become an important trend in the financial market in the next 10 to 20 years.
Building a point-to-coin and payment application! How does BitoEX collaborate with companies to create a cryptocurrency ecosystem?
Over the past decade, BitoEX has made many efforts in promoting digital currencies and blockchain technology, especially in its collaboration with FamilyMart, which has achieved the integration of loyalty points and digital currencies, providing consumers with new investment opportunities and payment methods.
Andy Cheng, Founder and CEO of BitoEX Group, said that during the initial stages of collaboration with FamilyMart, there was a lot of communication and meetings because FamilyMart had always been skeptical about digital currencies, considering them to be high-risk and unstable. Through continuous explanations and comprehensive technical support from BitoEX, FamilyMart eventually decided to give it a try and discovered the potential of digital currencies in improving consumer convenience and promoting consumption during the implementation process.
This collaboration not only allows consumers to use loyalty points for more investments and purchases but also enhances FamilyMart’s market competitiveness and consumer loyalty.
Cheng emphasized that the core advantages of blockchain technology lie in its security and transparency, giving it unparalleled advantages in financial payments and cross-border transactions.
BitoEX aims to popularize this technology in more businesses and consumer lives by reducing intermediary links to lower transaction costs and improve efficiency. In addition to focusing on payments and exchanges, BitoEX is actively developing infrastructure to support a wider range of applications, including real estate investments, charitable donations, and expanding the application of blockchain to more fields.
With technological advancements and improved regulations, Cheng believes that the acceptance of digital currencies and blockchain technology in the Taiwanese and Asian markets will gradually increase. Companies and individuals can use blockchain technology to solve real-world problems, improve efficiency and innovation, and establish stronger competitiveness in the global market.
Cryptocurrencies Open a New Chapter for Philanthropy and Social Engagement
As a contributor and researcher for FAB DAO, Harry Hu shared his in-depth insights into decentralized autonomous organizations (DAOs) and their applications and prospects in the cryptocurrency and blockchain fields.
DAO, in fact, refers to a decentralized organization managed by smart contracts, where community members engage in self-governance and decision-making through blockchain technology. Due to the decentralized nature of DAOs, they possess high transparency and strong security, effectively avoiding corruption and abuse of power that may exist in traditional organizations. These characteristics also make DAOs widely applicable in various fields, especially in finance, investment, and community governance.
Hu mentioned that many DAOs have already demonstrated significant advantages in fundraising, project management, and decision-making. For example, some DAOs use collective voting to determine the direction of fund allocation, effectively improving the efficiency and transparency of resource allocation. Some DAOs also apply to philanthropic and social projects, utilizing the decentralized governance model of DAOs to achieve transparency in fund usage and enhance community trust.
With the continuous advancement and maturity of blockchain technology, Hu believes that the scope of DAO applications will further expand. He predicts that DAOs will play a role in more traditional industries, driving innovation in organizational structures and management models.
Although there are still challenges, such as legal and regulatory issues, these challenges are important issues that DAOs need to overcome in their development. Hu calls for more technical developers and businesses to participate in the construction of DAOs, jointly promoting the progress of this innovative model.