Cryptocurrencies are becoming more integrated into everyday life, with businesses recognizing their potential and importance in the rapidly evolving market. Recently, Southeast Asia’s largest super app announced that users in Singapore can now use cryptocurrencies to store value in the GrabPay e-wallet, highlighting the potential and application prospects of cryptocurrencies in daily life.
Cryptocurrencies are not just investment tools; they have broader applications. On June 12, WEB3+ hosted an event titled “Cryptocurrencies in Daily Life: Trends, Payments, and Philanthropy” to delve into the diverse applications of cryptocurrencies, particularly in the fields of payments and philanthropy.
Through expert insights and case analysis, the event aimed to unlock the key strategies for cryptocurrency applications and facilitate the widespread integration of this emerging technology into daily life.
Cryptocurrency Application Trends and Importance
Wen Hongjun, CEO of Biyat Technology (Financial Star), first shared his insights on the future of cryptocurrencies. He pointed out that one of the most notable trends in the cryptocurrency market this year is the launch of Ethereum ETFs, which signifies the further integration of digital assets into mainstream financial markets.
However, Wen Hongjun believes that while Ethereum ETFs have garnered widespread attention, another more significant development is the rise of stablecoins. Stablecoins will play a crucial role in the popularization of digital assets, and the establishment of stablecoin-related regulatory frameworks is crucial to ensure the legitimacy and security of their future development.
Looking back at the development of digital assets in recent years, Wen Hongjun highlighted the various transformations and challenges they have undergone. From the “DeFi Summer” to the rise of NFTs and the concept of the metaverse, these developments have gradually propelled digital assets forward despite fluctuations and downturns.
The launch of Bitcoin ETFs last year had a significant impact on the cryptocurrency market, making it easier for investors to access Bitcoin through traditional financial channels. Wen Hongjun believes that Bitcoin ETFs are a crucial milestone in the popularization of digital assets and have laid an important foundation for more institutional investors to enter the cryptocurrency market.
The emergence of stablecoins will be the key to the future popularization of digital assets. Wen Hongjun pointed out that stablecoins possess the three characteristics of fiat currencies: a medium of exchange, a unit of account, and a store of value, making them highly potent in everyday transactions. If stablecoins can gain official guarantees, their global applications will be even more extensive and have a profound impact on the digital economy.
Wen Hongjun emphasized that the era of digital assets has arrived, and in the future, everyone will hold digital assets, just as people hold stocks in companies like TSMC or NVIDIA today. He also predicted that tokenization of digital assets will become an important trend in the financial market in the next 10 to 20 years.
Building a Points-to-Crypto and Payment Application: How BitoEX Collaborates with Enterprises to Construct a Cryptocurrency Ecosystem
Over the past decade, BitoEX has made significant efforts in promoting digital currencies and blockchain technology, particularly through its collaboration with FamilyMart, where they combined loyalty points with digital currencies, providing consumers with new investment opportunities and payment methods.
Chris Cheng, Founder and CEO of BitoEX Group, stated that the initial collaboration with FamilyMart involved extensive communication and meetings because the company was initially skeptical about digital currencies, considering them to be highly risky and unstable. Through continuous explanations and comprehensive technical support from BitoEX, FamilyMart decided to give it a try and discovered the potential of digital currencies in enhancing consumer convenience and promoting consumption.
This collaboration not only allows consumers to make more investments and purchases using loyalty points but also improves FamilyMart’s market competitiveness and customer loyalty.
Chris Cheng emphasized that the core advantages of blockchain technology lie in its security and transparency, which give it unparalleled advantages in financial payments and cross-border transactions.
BitoEX’s goal is to popularize this technology among more enterprises and consumers, reduce transaction costs, and improve efficiency by eliminating intermediaries. In addition to focusing on payments and exchanges, BitoEX actively develops infrastructure to support a wider range of applications, including real estate investments and charitable donations, expanding the application of blockchain to various fields.
With technological advancements and improved regulations, Chris Cheng believes that the acceptance of digital currencies and blockchain technology in Taiwan and Asian markets will gradually increase. Businesses and individuals can utilize blockchain technology to solve real-life problems, improve efficiency and innovation, and establish stronger competitiveness in the global market.
Cryptocurrencies Unveil a New Page for Philanthropy and Social Engagement
Hu Zhonghan, a contributor and researcher at FAB DAO, shared his in-depth insights on decentralized autonomous organizations (DAOs) and their applications and prospects in the cryptocurrency and blockchain fields.
DAOs are decentralized organizations managed by smart contracts, enabling community members to engage in self-governance and decision-making through blockchain technology. Due to the decentralized nature of DAOs, which ensures high transparency and security, they can effectively avoid the corruption and abuse of power that may exist in traditional organizations. These characteristics make DAOs highly applicable in various fields, particularly in finance, investments, and community governance.
Hu Zhonghan mentioned that numerous DAOs have already demonstrated significant advantages in fundraising, project management, and decision-making. For example, some DAOs use collective voting to determine the direction of fund utilization, effectively improving the efficiency and transparency of resource allocation. Some DAOs have also applied to philanthropic and social projects, utilizing the decentralized governance model of DAOs to achieve transparent fund utilization and enhance community trust.
With the continuous advancement and maturity of blockchain technology, Hu Zhonghan believes that the scope of DAO applications will further expand. He predicts that DAOs will play a role in more traditional industries, driving innovation in organizational structures and management models.
Although there are currently challenges such as legal and regulatory issues, these challenges are crucial issues that DAOs need to overcome in their development process. Hu Zhonghan called for more tech developers and businesses to participate in the construction of DAOs, jointly promoting the progress of this innovative model.
