Minnesota crypto acceptance rising despite a down market
Due to bitcoin ATMs, cryptocurrency is becoming popular in Minnesota’s mainstream economy.
In Minnesota, bitcoin usage and adoption are gaining widespread acceptability despite the current market collapse.
According to Vivian Fang, a lecturer at the University of Minnesota, they may be used to buy clothing and food at Home Depot, Whole Foods, and Starbucks across the state.
Fang said that adopting a crypto payment option by Paypal has allowed crypto spending at over two million U.S. online retailers, and huge transactions are also gaining popularity. According to Joshua Held, head of the strategy at OpenNode, purchases of real estate, vacation, and digital things, as well as contributions to charity, are all being done via cryptocurrency channels. The firm assists businesses in integrating bitcoin into their payment processes.
Retailers extend cryptocurrency presence
Chris McAlary reports that Coin Cloud has deployed 159 cryptocurrency ATMs in Minnesota and devices in North and South Dakota. The startup targeted brick-and-mortar establishments since consumers are more likely to utilise cash in these areas.
Kwik Trip, which operates over 500 gas stations and convenience stores in Wisconsin, Minnesota, and Iowa, has teamed with bitcoin ATM provider Coinsource.
Chad Capp, whose firm is situated in Osseo, Minnesota, is investigating ways to enable bitcoin payments for gym memberships using his company’s HelloGym software.
Since crypto wallet operators do not need a bank account, Fang said unbanked residents are a crucial market. According to the Federal Deposit Insurance Corporation, 5.4% of the U.S. population in 2019 (about seven million people) do not have a bank account. Most of this unbanked population consists of low-income ethnic minorities, such as Asians, African Americans, and Hispanics, who have difficulty entering the standard banking system. Fang argues that crypto offers a simple alternative in situations when a credit score is unnecessary.