Nearly every day, news breaks about another major corporation taking steps toward adopting cryptocurrency. Here's a quick summary of some notable recent developments in this regard.
Twitch to allow crypto-based payments
Twitch is once again accepting Bitcoin as a form of payment, according to Blockonomi. The video-game streaming platform had previously allowed users to pay for subscriptions with the popular cryptocurrency, but that feature was removed earlier this year. Now, it seems, the ability to pay with Bitcoin has been reenabled -- at least in some of Twitch's markets.
BitPay, a payments processor that converts cryptocurrency into fiat currency, is likely processing the Bitcoin payments, according to Blockonomi. So although Twitch is unlikely to be receiving actual Bitcoin, one of the most popular gaming platforms in the world enabling Bitcoin-based payments is another significant step toward mainstream crypto adoption.
It's also notable that Twitch is owned by Amazon.com (NASDAQ:AMZN). Crypto enthusiasts have long viewed the possibility of Amazon accepting Bitcoin as a powerful potential catalyst toward the cryptoasset being recognized as a legitimate currency. And with other major companies, such as Facebook, moving aggressively into the crypto space, many industry watchers believe it's only a matter of time before the e-commerce juggernaut makes a crypto-related move of its own.
Goldman could enter the crypto arena
Goldman Sachs (NYSE:GS) CEO David Solomon believes the powerful investment bank could launch a cryptocurrency similar to JPMorgan Chase's JPM Coin. During an interview with French financial news site Les Echos, Solomon said that Goldman could "absolutely" play a role in crypto's disruption of traditional financial systems.
"We do extensive research on the concept of 'tokenization,' the potential of which we believe [in], and which designates the creation through the blockchain of a stable digital currency based on a basket of real currencies that can move money across borders and without friction," Solomon said. "This is the direction in which the payment system will go."
Solomon went on to say that banks would need to evolve in order to adapt to these trends, as payment-flow-based services are likely to become less profitable. "There are many other reasons why banks must remain innovative. Otherwise they will disappear," Solomon said.