3 ways we saw crypto is evolving at Token2049 – and beyond
Card rewards, institutional backing and stablecoins are heading up future crypto industry innovations.
Sponsored by Crypto.com. The Level Up program from Crypto.com lets you earn industry-leading rewards while using your crypto. To learn more, visit Crypto.com today.
This year at Token2049 in Singapore, crypto thought leaders from around the world joined together to share what the latest and greatest developments in the industry.
1. Crypto customers expect card-style rewards
The last few years have seen an influx of everyday crypto investors, alongside the traditional tech enthusiasts.
This has also led to a renewed interest in the currency side of cryptocurrency.
Accordingly, many exchanges are looking at more convenient ways that users can spend crypto.
Crypto cards have emerged as a popular solution.
But customers expect more. After all, their traditional cards offer rewards; so why shouldn't their crypto spending?
This has presented crypto exchanges with the challenge to offer compelling rewards programs.
Let's take a look at Crypto.com's Level Up product as an example.
There are three tiers – Plus, Pro and Private.
At Pro Level, some of the key benefits include:
- 3% cashback in crypto
- No FX fees (making it great for travellers)
- 4 entries to airport lounges (most traditional rewards cards only offer 2)
- No trading fees on crypto
- 5% return on idle cash sitting in your account (coming soon)
2. Institutional backing is making inroads
Since its creation, crypto has been viewed by many as a tool to encourage a freer market, separate from traditional institutional banking.
While this is an ethos that's unlikely to disappear, there is a call from some quarters for institutional backing.
With crypto's increased profile as an investment outlet, institutional backing can increase investor confidence.
This is due to the scrutiny that's generally required before large organisations can invest in a new area on a large scale.
One recent example is Crypto.com's CRO coin.
Attached to Crypto.com's Cronos network, Trump Media (TMTG) has announced a strategy to acquire $6.4 billion in CRO tokens.
Separately, the Trump family has launched World Liberty Financial, a DeFi project that has drawn attention due to the family's position in the US government.
You can learn more about CRO on the Crypto.com website.
3. Stablecoins are the future
Stablecoins were also a hot topic of conversation at Token2049.
The consensus among thought leaders is that stablecoins could act as a bridge between the crypto projects and the traditional finance world.
Tether (USDT) is often cited as an example of this process in action.
Tether (USDT) is, the oldest and largest stablecoin. At time of writing, it is used by 500 million people in developing countries.
As the value of USDT is pegged to USD, it can provide a range of utilities in countries where many citizens are either unbanked or require electronic payments with cash-like anonymity.
It can also serve as a means for companies to do business within a local economy, without needing to transfer to local currency.
Stablecoins also have real-world benefits beyond allowing institutions a safe way to access cryptocurrency.
The main benefit is the extremely low fees, especially when sending money between countries.
Foreign exchange transfer fees can add up quickly.
So anyone who is sending money back to their family living in another country can potentially make savings by using stablecoins instead.
While the full extent of stablecoins' potential is still emerging, the next few years will likely showcase a variety of growth.
Learn more about Crypto.com Level Up
Compare other products
We currently don't have that product, but here are others to consider:
How we picked these