It has recently been announced that Wix, a publicly traded unicorn allowing small businesses and individuals to create web sites, will be adding a crypto payment method as one of its billing methods. This is done by a blockchain payment company called PumaPay, which have raised almost 120 million dollars in a private sale.
The premise of this collaboration, specifically, is that it isn’t only about Wix users being able to pay in crypto, but that Wix users will have the possibility to implement said payment scenarios on their own websites, thus enabling their customers to pay in tokens.
After cryptocurrency reached a record high at the beginning of the year, the past six months have been less than stellar for the cryptocurrency and blockchain world. It seems that following a dip and downturn in cryptocurrency, the backing of digital assets in the mainstream world is wobbling. Users are feeling more apprehensive than ever, as to whether crypto will have a consistent place in our future.
Some claim that the hype surrounding this space is dying down as its temperamental nature has begun revealing it true self, others are asserting that all emerging tech deal with this type of uproar, before settling into its groove.
While both sides of the argument have basis, Gartner recently gave its position on the debate with the release of its 2018 Hype Cycle for Emerging Technologies, naming Digitalized Ecosystems as a technology that will “deliver a high degree of competitive advantage over the next decade”, even claiming that we are only in the beginning stages of adoption, with Gartner “estimating [that] hundreds of millions of things will have digital twins within five years.”
While Gartner’s predictions do seem promising for the future of blockchain and cryptocurrency, the research company does state that “emerging technologies in general will require support from new technical foundations and more dynamic ecosystems.” Generally speaking, emerging technologies are dominated by startups and smaller companies, as they seem to be more willing to take a chance on the unfamiliar.
It’s clear that support from new technical foundations will be required in order to take blockchain and cryptocurrencies into the future – and these foundations will come through more established companies.
At the end of last year, more established companies began accepting cryptocurrency as payment for goods and services, with companies such as Overstock and PayPal coming to mind. While these companies adopting crypto do create a strong foundation and support, it is the digitalized ecosystems of the world that have the ability to really push cryptocurrency to the forefront.
This is because digitalized ecosystems have the ability to completely integrate and push out new technologies, so that not only are cryptocurrencies available on companies’ websites, but that customers who use their interface have the ability to also adopt and push out crypto.
This is why the upcoming Wix integration stood out in the news recently. “The merchants will see it as a tool they can use for payment processing, as well as paying their own subscriptions,” tells me Yoav Dror, CEO at PumaPay. “This is a huge step towards increasing utilization of blockchain technology and making convenient blockchain-based payments available to everyone.”
“Our protocol enables merchants to process payments the way they want, using different billing scenarios or developing their own business logic. We bring merchants the benefit of low transaction fees, help them avoid chargebacks and associated fines, plus ensures immediate transaction settlement.”
The specific date of integration has yet to be shared, nonetheless it shows the continuing trend of digitized ecosystems integrating with crypto. For Dror, his hope is that Wix customers will be using the Protocol in two ways, “as a recurring payment tool to pay their website subscriptions, and as a billing solution for their Wix-based businesses. I hope that it will benefit the Wix community and their clients, as well as will contribute to increased popularization and utilization of blockchain-based payment solutions.”
It’ll be good for the world to see more public companies, unicorns and any type of mainstream companies announcing further integrations with blockchain projects, not to mention up and coming internal integrations the likes of Facebook are working on. While the crypto market cap is continuing to drop, taking token values down with it, it’s important to remember that compared the previous years, blockchain is still at peak.
The market has made a correction from an unreasonable high last year, and hopefully 2019 will be the year of enterprise companies integrating real valuable angles of the crypto space.