Honda is ready to accept crypto payments, fueling the race towards greater cryptocurrency adoption

Quite a few positive things have happened in the cryptocurrency space recently. The crypto market showed the first bullish signals in a while, with both Bitcoin and Ethereum experiencing a significant surge in price, as shown by Binance. The flagship crypto went up more than 4,5%, breaking above the $27,000 mark and hitting the highest levels since mid-August, while Ethereum, the second runner-up to the crypto throne, was quick to follow in its footsteps and pushed beyond $1,755.

The two coins were unable to sustain momentum and dropped to previous values shortly after, but the upward movement caused quite a stir in the market, sparking conversations about a potential bull run. Despite the price correction, the market sentiment is visibly improving, showing there’s hope for more consistent increases in the future.

But this is not the only noteworthy development that brought some enthusiasm back into the market and got crypto fans excited. The biggest news on the crypto front lately is that Honda is finally opening its doors to cryptocurrency payments, marking another step forward toward mainstream acceptance of digital assets.

Honda steers into the future with crypto

Honda, the leading Japanese manufacturer of motorcycles and one of the biggest constructors of automobiles in the world, has recently announced the signing of an exciting new partnership with the blockchain payment system FCF Pay that will enable customers to purchase the company’s products using cryptocurrency as an alternative to fiat money.

Apart from crypto majors Bitcoin and Ethereum that top the list of digital currencies which can be used as a payment method, Honda will also be accepting other popular coins, including Ripple (XRP), Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), Floki Inu (FLOKI), Bone ShibaSwap (BONE), and Doge Killer (LEASH). In total, customers will have the possibility to choose from a list of 46 different crypto coins to pay for the company’s products.

The decision to extend payment options by joining forces with the blockchain payment processor platform reflects the ever-growing interest in digital assets as they continue to move closer to mass adoption and at the same time shines a light on the emerging tech trends that are driving the automotive industry forward.

The Tokyo-based automaker is known for its forward-thinking approach and penchant for innovation, so this foray into the crypto space is in line with the company’s vision and goals. What’s more, apart from including crypto payments in its offering, the automaker has also dipped its toes in the NFT market with a limited edition of NFTs launched in Japan, at the Formula One Honda & Red Bull welcome event in Tokyo.

Crypto is gaining ground

Honda is not the only Japanese company that recognizes the growing power and potential that digital currencies hold. SBI Motor, another renowned carmaker based in Japan, has been accepting crypto payments for a while now. Across the pond, in the electrical vehicle arena, the American automotive and clean energy company went back and forth on its decision to include Bitcoin as a means of payment, and it’s currently accepting Dogecoin, the famous meme coin, on selected merchandise products.

The use of digital currencies is not limited to the automotive sector. Other major companies like Microsoft, Burger King, KFC, Shopify, and Twitch have also opened their doors to crypto payments in recent years, and many smaller enterprises seem to be eager to follow in their footsteps. According to recent reports, there were over 15,000 businesses that accepted BTC in 2022, and over 75% of retailers intend to join their ranks within the next two years.

All these developments prove that digital assets once shunned to the outskirts of the financial system, are becoming increasingly popular with companies and organizations across an extensive range of industries and sectors. While there’s still a long way to go until crypto achieves mainstream adoption, the expansion certainly doesn’t show any signs of stopping.

It’s also worth noting that many of the advances we’ve mentioned have occurred in a period when digital currencies were not at the height of their game. The crypto winter of 2022 caused the price of all assets to plummet and even triggered the demise of many cryptocurrencies that weren’t strong enough to withstand the bearish trend. Bitcoin and Ethereum made no exception, recording huge losses in the course of a few months. Both coins have been performing poorly ever since, despite the gains registered during the first half of 2023.

And yet, not even the chills of the crypto winter could stop crypto from pushing forward. On the contrary, these past months we’ve witnessed renewed interest in crypto assets from major financial players like Black Rock who have refiled applications for spot Bitcoin ETF with the U.S. Securities and Exchange Commission. Although they haven’t received a positive response yet and the SEC has denied all previous filings so far, the fact that renowned companies haven’t lost their interest in this novel asset class suggests there’s a lot of untapped potential in this area.

Along with digital currencies, blockchain also seems to expand its reach, permeating various areas of activity with the emergence of new use cases. The technology is poised to bring groundbreaking transformations to fields such as supply chain management, healthcare, real estate and so on.

Final thoughts

Honda’s decision to accept crypto payments is just one in a long line of noteworthy developments and pioneering initiatives that are bound to support the evolution of the cryptocurrency industry. The success of these ventures is likely to encourage other companies to make similar moves and lead to a chain reaction of advances that will possibly be the catalyst for the next crypto bull run.

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