In the last decade, cryptocurrency took a lot of attention from investors and financial institutions. Bitcoin has shown massive upsurge and mind-boggling downfall is a short time span. Due to early growth of Bitcoin attracted many investors towards virtual currency, but when multiple Bitcoin got lost everybody became suspicious with this hot shot cryptocurrency. Later on, there are multiple illegal activities reported in which Bitcoin used for the transaction. After getting such an incident in highlight, few countries banned transactions of cryptocurrency for transactions in the nation’s boundary. By the time investors consider digital currency as a risky investment.
Square is the leader among payment service providers. Now the company is going to launch crypto to fiat transaction supporting network. It is not a strange fact that cryptocurrency is the latest buzz in the financial domain. The new trend has become viral in the industry. The virtual currency has drawn a lot of attention but there are some disadvantages also associated with it. One of the biggest drawbacks is that cryptocurrency can’t be used in daily transactions. Now, the square is planning to launch a system that will support Crypto to fiat the transaction network.
This product can transform the cryptocurrency industry because this the major drawback for cryptocurrency that it is difficult to find a buyer for digital currency. After the implementation of this technology Crypto asset bearer would easily in cash their assets. This will improve trust factor among normal people who afraid to possess cryptocurrency assets and hence transaction volume will definitely improve way much than before.