Stocks and cryptocurrencies are two strongest investment instruments in the world. The stocks market offer more traditional approach, while the cryptocurrencies are the innovational technology of the century. Both of them have considerable risk, but have tremendous potential at the same time. And when one meets the other it creates a combustion the fuels the rise of both. Together they bring a disruptive investment in the space and they capitalize of all the payments options available in the world by the addition of cryptocurrencies.
Up until not a long time ago people were seeing this investment opportunities as opposed one to the other. This created a gap between the investors which were favoring one or the other. But with the pull of big companies and investment funds into the cryptocurrency world, it was just a matter of time for them to see the benefits and to start embedding these technologies also within their products. And one use case that exemplifies this is Spotify (SPOT), a audio streaming mogul which announced that is seriously considering integrating cryptocurrency payments for their products.
Spotify understood that it needs to expand its income and revenue out of the traditional methods if it want to evolve and cross the psychological stock threshold which was standing at $300. As Spotify is part of my stocks investment portfolio, I was pleasantly surprised by the bull run of its price and discovered that a justification of that is the switch in their strategy for adopting crypto payments. Just the thought of it pushed the price to $325, so just imagine what will happen when that will become a reality and an integrated part of the spotify application. The wall has been broken and we need to see where it gets us from here.
The steps taken by Spotify in this regards were to launch an official job opening for an Associate Director for their Payments Strategy & Innovation Team. The man responsibilities of this are as following:
We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.
As we can see from here it is not just about broader cryptocurrency adoption, but also to integrate the Libra (Diem) cryptocurrency that Facebook is to launch in January 2021. In addition to that the company is looking to embed blockchain features within their product and leverage stablecoin and Central Bank Digital Currencies (CBDCs) as well. This is a clear strategy and the things are in motion and we expect to see these happening in the near future. The clarity of it all is emphasized by the following statement.
Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.
Spotify is switching gears and tries to be one of the big players adopting cryptocurrencies, embedding blockchain features within their products and play their role in regulating and facilitation new payment instruments. It might even challenge PayPal in this space, but we'll need how fast things will move in this direction. Nevertheless, this is a clear use case of another mogul that intends to make a mark in the cryptocurrency space and become a market leader in payment sector as well.
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