Institutions are Thirsty for Web3 and Crypto: A Pointer to a Bullish Future

7 months ago (Edited)

The world is driven by technological innovation alongside a constant quest for financial progress. To achieve this, many institutions are making several iterations to either continue patronizing traditional financial institutions or to embrace the dynamic and growing landscape of Web3 and cryptocurrencies. Among the institutions considering the possibilities of porting into web3 world are banks, investment firms, educational establishments, automobiles, telecommunications governments, etc, amid the increasing awareness of the transformative potential of Web3 and cryptocurrencies.

Some argue that the thirst to embrace the web3 world by institutions are not drawn on financial benefits. Whatever the case, there must be bait that web3 uses to onboard institutions. Understanding these can help one strategically position to draw more benefits from the crypto and web3 world.

A recent report by Reuters, Ferrari, has announced its decision to allow customers in the United States to make payments using digital currencies. This is a groundbreaking move that underscores the growing acceptance and adoption of cryptocurrencies by the iconic Italian luxury sports car manufacturer. This bold step not only signals a shift in the way we perceive traditional financial transactions but also highlights the increasing intersection of the automotive industry and the crypto revolution.

Ferrari's Embrace of Crypto shows that the company acknowledges the changing landscape of digital finance and recognizes the need to cater to a new generation of customers who view digital assets as a legitimate form of currency. Soon, we know that GenZ would care about nothing traditional since their lives have been built around the internet. Worst off, if we can get a technology that helps one upload and download food from the comfort the room. With Ferrari, a brand synonymous with prestige, power, performance, and an emblem of luxury for decades, there is a new wave that is about to unfold in the web3 world.

Ferrari's adoption is hinted, linked to customer demand. The company has already partnered with a major cryptocurrency payment processor, BitPay, for its initial phase in the U.S. This collaboration will enable car purchase related transactions in Bitcoin. Gradually, Bitcoin is becoming a legal tender as it prominently gains adoption among top merchants. The report also has it that carmaker also plans to accept crypto payments in Europe soon.

Undoubtedly, web3 represents the next evolution of the internet. It is a swift shift from the Web2 era which was dominated by centralized platforms and tech giants. Web3 on the other hand is characterized by decentralization and user empowerment. Blockchain, smart contracts, decentralized applications (DApps), non-fungible tokens (NFTs), SocialFi are the key technologies that underpin Web3. Crypto, on the other hand, refers to digital currencies, with Bitcoin and Ethereum as prominent examples. Other cryptocurrencies are building up momentum example $HIVE which powers a network of multi-layered communities with multi-usecases. There are no limits yet to the extent to which web3 can evolve and transform the way people relate socially and financially.

Within the web3 world, INLEO is rising on Hive blockchain as a Social-finance broker that seeks to build a thriving creator economy that is centered around digital ownership, tokenization and communities. INLEO's strategy of building "tokenized social media" conceptualizes an initial base of users on top of a product that is nearly indistinguishable from Web2. This is a novel creation in the web3 space, hence, pitches INLEO for massive adoption in the near future.

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This post was created via LeoFInance, What is LeoFinance?

LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.