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Crypto Inches Closer Towards Adoption Despite Bear Market

The crypto space continues to gain implementation and adoption despite falling prices. On January 31, the State of Wyoming passed senate bill SF0125 – Digital Assets Existing Law. The law deems all cryptocurrencies as “Intangible Personal Property” and will classify crypto into three categories: digital assets, securities, and virtual currencies. The bill is a milestone in the road towards the mainstream adoption of Bitcoin as it legitimizes crypto as a form of value behind digital transactions. In addition to legal clarity clarity, the bill opens the door to faster integration into consumer electronics and applications.

Crypto Phones

A number of cellphone manufactures are adding crypto-related features into their smartphones. They are integrating wallets along with currency conversion software and atomic swaps capabilities. These protocols allows them to accept different currencies and make seamsless transfer of fiat and crypto. PundiX, HTC, Samsung, and Sirin Labs are among the first to offer these crypto phones for approximately $1,000. In addition, these devices will also integrate trading and market indexes apps.

Applications

Key to mass adoption is user-friendly interface, market accessibility, and index information.

Trading

New crypto trading app “Voyager” plans to offer a one-stop crypto buying service for investors and traders. The system presents a very intuitive user experience requiring no technical skills to use. The user simply links a bank account and within minutes he/she can begin trading crypto and storing it in the Voyager wallet.

Storage

Non-custodial, trading app project “Arwen” will offer an  alternative to storing crypto in exchanges. Through the use of smart contracts the program will lock up the investor’s coins and security keys. All the while, users retains full access to the assets and release them during transactions or liquidation. This process eliminates the risk of losses due to exchanges hacks and the service is easily accessed through an app on a smartphone.

Similarly, Tokensoft is a cold storage platform for securities tokens (STOs). The company began beta testing of its “Knox” wallet which provides off-line storage, multi-sig access, and coded verification. This allows high-value funds like tokenized assets such as equity, bonds, or real estate to be accessed by different authorized managers.

Tracking

A growing number of applications like Blockfolio, Delta, and Cryptopanic offer real time index market data. Traders are able to monitor performance of the crypto market using a variety of indicators. In addition, new STO-oriented index tracking tools are also in development by Coinbase, Circle, and smaller start-ups.

Conclusion

As the crypto market matures, the number and quality of applications supporting it will grow. This will make adoption much easier and cheaper to attain. Once a lenient legal framework develops, one friendly to crypto development, prices will likely reflect the change. Despite the crypto winter, the industry has a future, and the growth of the crypto infrastructure reflects that.

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