Economic Downturn Reignites Crypto Interest Among Mainstream Consumers and Investors as Inflation Hedge and Payments Solution
i2c, a leading provider of digital payment and open banking technology announced its partnership with Crypto.com as its crypto card product has begun shipping in 31 countries across Europe. This expansion follows successful and agile integrations between the two companies over the past three years in Singapore, the U.S. and most, recently, the United Kingdom, making Crypto.com’s card program the most widely available globally. Consumers now have access to an end-to-end crypto ecosystem consisting of a crypto payments card, a wallet app to buy, sell and earn crypto as well as cashback rewards as one spends.
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“We selected i2c three years ago in anticipation of our global strategy because of the integration it has with banks and card networks worldwide. i2c’s cloud-based platform powers a customized, ‘plug-n-play’ solution so we didn’t have to start from scratch in each market integrating into multiple processors.”
Interest in digital currencies is increasing as the global economic crisis and resulting government stimulus packages push national debt to unprecedented levels, driving a concern around a post-pandemic recession caused by hyper-inflation. A Crypto.com-sponsored research study from The Economist Intelligence Unit reports, for the first time, mainstream consumers in cryptocurrency, with 20 percent of respondents who do not use crypto today reporting they plan to begin using it in the next year.
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According to the study, consumers see online payments as the primary role for digital currencies (34 percent). While overall knowledge of established cryptocurrencies remains low, over half of consumers (54 percent) report they would consider using new digital currencies issued and backed by governments. Investors see crypto as a hedge against inflation and a long-term investment, especially since the recent ‘halving’ of Bitcoin has driven its value above the $10,000 threshold and added $13B to the crypto market.
“People are curious and optimistic about the future of cryptocurrency which comes at a pivotal time when trust in financial markets is wavering and people are turning to digital currencies as a clear plan B to traditional financial structures,” said Kris Marszalek, CEO of Crypto.com. “We selected i2c three years ago in anticipation of our global strategy because of the integration it has with banks and card networks worldwide. i2c’s cloud-based platform powers a customized, ‘plug-n-play’ solution so we didn’t have to start from scratch in each market integrating into multiple processors.”
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