This week, crypto giant, FTX confirmed that they have added a new feature that allows users to send Crypto via Email and Phone Number. As one of the largest cryptocurrency exchanges trading for over 250 cryptocurrencies, the platform is always adding new features and developing the tools it offers to users who engage with cryptocurrencies.
Yesterday, in a tweet FTX CEO, Sam Bankman Friedman, announced a new feature of the FTX platform is to allow users to send crypto via email or telephone.
Improving the user experience on platforms is considered a key component of further adoption within the industry. This easy-to-use feature will encourage new users into the cryptocurrency ecosystem.
It will also allow people to easily share their cryptocurrencies with Web2 users. To receive the funds sent, the receiver must sign up for an account with FTX. After the user is verified they will receive the funds.
Why is this important?
Making onboarding to Web3 platforms easier is critical for the long-term adoption of crypto applications and signing up new users to the existing ecosystems. Global cryptocurrency owners is close to 300 million globally, according to Crypto.com.
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However, Global adoption has slowed in the bear market and emerging markets dominate the global crypto adoption index. Providing easy access to cryptocurrencies for countries that are heavily reliant on mobile phones is one way to get cryptocurrencies into individual wallets.
Crypto will only be considered authoritative once it is a usable form of payment
To date, many still consider cryptocurrencies, including Bitcoin, as an alternative part of their investment portfolio. Furthermore, they would mostly be placed within the high-risk category of investments.
However, there have been a number of notable examples of industries adopting crypto as a form of payment. The massive onslaught of NFTs within the art industry drove the demand for traditional art forums, studios, and houses to accept crypto. Both major auction houses, Christie's and Sotheby’s, were pushed into crypto adoption as the wider industry, artists and collectors capitalized on the potential of these new artistic mediums.
Another example of this is the popularity of move-to-earn applications. Sweatcoin is one of the most well-known move-to-earn brands. The clever marketing and partnerships encourage their 50 million users from 51 countries to spend time within the application, and use crypto within the application and also force potential partners to accept their native cryptocurrency as a form of payment to participate in their loyalty campaigns and tap into this lucrative market.
When I first entered the world of Web3 three years ago I understood that in order for crypto to be fully embraced it must be spent. Spendabit was tackling this with a retail search engine for retailers and e-commerce platforms wishing to accept cryptocurrencies for products and services. It will be interesting to see how the world of e-commerce transitions as more industries becomes familiar with Web3 tools, features, and business models.