Companies Increasingly Adopting Crypto Payments & Holdings As Crypto Rally Ensues

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Tuesday, November 12, 2024

It was almost inevitable, as cryptocurrencies go into full rally mode, companies of all sizes want to join in on the action by either accepting cryptocurrencies as a form of payment for their products or services or diverting cash into cryptocurrency. 

This approach is beneficial in three ways. Firstly, when it comes to payments, it gives consumers more payment options, which is obvious. As crypto holdings have increased dramatically, consumers are more willing to use some of their gains as currency to make purchases. Secondly, the companies that begin to accept payment in cryptocurrencies, or convert cash to crypto, can in theory begin to hold on to their crypto holdings in the hope of further upside that until now has outpaced other asset classes. Lastly, the PR angle cannot go unnoticed. Using crypto in a press release is like fuel for a fire, it’ll get lots of attention.

Today alone we saw two companies jump on the crypto bandwagon. Spearmint Resources Inc. (CSE: SPMT) (OTCPK: SPMTF) announced that their board had decided to diversify a portion of the cash on hand into the crypto market. 

James Nelson, President of Spearmint stated, "With the Republican Party winning the USA election, the sentiment towards crypto has become much friendlier. We plan to take a portion of the cash on hand and move it into the highest quality portions of the crypto market. Management feels that the longer term prospects of high quality crypto may outperform the banking rates and it makes sense to allocate a portion of our cash on hand to this area."

Sekur Private Data Ltd. (OTCQB: SWISF) (CSE: SKUR), a Swiss-hosted cybersecurity and privacy communications platform, announced that as part of improving its services and increase its audience, it will accept crypto currencies as of 2025 for all its privacy communications solutions, improving end user privacy and information security.

This initiative aligns with Sekur's strategy to broaden the distribution of its Swiss-based privacy solutions and extends anonymous and secure payments through digital currencies to its private off-grid Swiss-hosted privacy communications solutions.

The announcements were unsurprisingly well received by shareholders as shares of SPMTF are trading up over 16% on the news while shares of SWISF are up over 8% in mid-day trading.

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