It seems every day more and more companies are jumping on the crypto bandwagon and incorporating digital currencies into their day-to-day operations. Credit card companies have made it so you can pay for goods and services more easily using your crypto wallet, while industrial pioneers like Elon Musk have made it possible to purchase cars like a Tesla with Bitcoin. Here are 5 other popular products that currently accept crypto as payment.
NFTs
Spearheading the hottest collectible trend in recent memory are NFTs, the digital assets popping up everywhere of everything. From trading cards, to art, to Tweets, NFTs are the latest fad to hit collectors worldwide, and many are available for purchase using cryptocurrency. For a piece of the action on most marketplaces you can make a purchase using a debit or credit card, or, you can link your crypto wallet and plunk down some digital currency to procure your desired goods.
Whole Foods
One of largest grocery chains, Whole Foods was one of the first adopters of accepting cryptocurrency as payments in the food retail world. In 2019, Whole Foods started accepting Flexa, which was partnered with Gemini Exchange to create a system for converting Bitcoin into cash in order to start accepting Bitcoin during checkout. The system was routed through Apple Pay, making the digital exchange even easier, and with just a few taps, consumers can now purchase their groceries using the most popular digital currency. Of note, Whole Foods is owned by Amazon, Amazon does not currently accept digital currency as payment for its products.
Starbucks
Using the digital wallet Bakkt, Starbucks also began converting Bitcoin into cash back in 2020 by allowing consumers to add Bitcoin to their Starbucks app as a means to fund their accounts. Through Bakkt, the transactions are instant and processed to your account right after you finalize them. However, you cannot exchange your Bitcoin for cash directly. Instead, customers can only load up funds into the Starbucks app by adding Bitcoin to their account, which in turn deposits the equivalent cash value into your Starbucks app balance.
Twitch
One of the more robust crypto accepting platforms is Twitch, the video streaming company that – like Whole Foods – is also owned by Amazon. Unlike Whole Foods, Twitch accepts a variety of cryptocurrencies to pay for its services. In addition to Bitcoin, Twitch accepts Ethereum and a slew of other lesser-known coins. As the global leader in online game video streaming, Twitch is setting the bar for how other media companies can successfully accept crypto as payment for their services.
PayPal
Paypal has been in the “accepting crypto as payment game” dating back to 2014 when they started to accept Bitcoin as a payment option. PayPal’s foray into the space followed their rise as leader of the digital transaction for sending money and inspired several other companies – like Microsoft – to jump in and start taking a piece of the digital asset action as well. Initially, PayPal was the most successful because they targeted businesses and allowed those businesses to pay less than the 2% or 3% charge they normally would incur for their credit card transactions.
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