Big companies don’t want to compete against cryptocurrencies, they want to join them. Currently, America’s largest payments companies view crypto networks as an opportunity for growth and expansion. Beyond simple rebrands, these payments companies (Visa (V), Mastercard (MA), and PayPal (PYPL)) are diligently working to enmesh themselves within the cryptocurrency economy.
With regard to the internet economy, there are two outlying sectors that stand to benefit tremendously from the growth of cryptocurrencies. Firstly, crypto exchanges can benefit by acting as a portal to the web 3 internet (see my argument for this here). And secondly, legacy payment providers can benefit by becoming interoperable with the most popular crypto networks (see the importance for interoperability here).
Why Should Payments Companies adopt Crypto?
When most people see large corporations enter the crypto economy, they often find it unnecessary. For example, people…