Cryptocurrencies are gaining popularity globally but more needs to be done to achieve further adoption.
Petr Kozyakov, CEO of crypto payments tech firm Mercuryo, believes that better infrastructure is key to cryptocurrency payments adoption. He mentioned this during a recent interview with PYMNTS.
“I believe a lot of companies would like to use more crypto in their day-to-day operations, but they don’t have easy access to that. If we had really good infrastructure in place for executing such transactions, the adoption of crypto would be really higher.”
He lamented that bridging the gap between fiat and cryptocurrencies is tough at the moment because the infrastructure isn’t available yet.
The Mercuryo CEO said banks need partners if they are to bridge this gap between cryptocurrencies and fiat currencies. He said;
“It wasn’t easy to transfer money from my U.K. bank account to a Polish bank account on a Friday evening,” Kozyakov recalled, but by using Mercuryo’s app, he was able to buy and send crypto in a few clicks. “This is why remittance payments sent home from immigrant workers is such a low-hanging fruit for crypto payments. Our growth shows that the market really needs a solution to bridge the fiat and crypto worlds, that helps crypto-native businesses to get access to fiat infrastructure, and vice-versa.”
Kozyakov said more companies need to spring up that can handle fiat and cryptocurrency transactions. Having those companies would make it easier for the users. He concluded that;
“They know how to deal with fiat, but crypto is a different world. They think about crypto as an asset rather than a payments tool,” he said. “What they need is a partner to do it for them.”
Cryptocurrencies continue to gain adoption globally, with stablecoins now available to make it easier for people to transact in non-volatile digital assets.