The Industry at a Glance
Even with the recent dip in Bitcoin value, there’s still tons of excitement and energy surrounding the digital currency market — and for good reason. For instance, Ethereum, the second most popular cryptocurrency that's only behind Bitcoin, is another digital currency that is building momentum. In fact, according to thisismoney.co.uk, “Ether, the coin which powers the Ethereum network, has soared almost sevenfold in the last 12 months and is now valued at north of $1,000.” With this news, it’s clear that it’s not as if the buzz is only surrounding Bitcoin — it’s all throughout the digital currency market. This excitement has brought on a slew of new investors, and it’s got a global market ready for the taking.
Digital currency is quickly becoming a global movement — happening all around the world and in nearly every single country in the world. Not only that, but it’s finally been given credence from real-world financial institutions. In fact, the cryptocurrency industry recently achieved a first when the Visa-backed cryptocurrency company, Anchorage, was granted the first federal bank charter from the Office of the Comptroller of Currency.
What Does This Mean and How Big of a Deal Is It Really?
Make no mistake, this is a very significant development.
Essentially, this federal bank charter provides a clear and open pathway for big banks to begin embracing cryptocurrency. Now, more traditional and conventional financial institutions can actually work with Anchorage to offer their customers a fast track to acquire cryptocurrency like Bitcoin and Ether. This development is sure to pave the way for the increased acceptance and adoption of cryptocurrency in the near future.
Not only does this have financial ramifications, but it’ll also have some security ramifications — and they’re good.
Blockchain, the technology upon which cryptocurrency transactions are conducted, is also receiving its own praise and notice for its ability to provide a secure, encrypted, and transparent process for conducting economic and financial transactions — at least in the digital currency sphere. In addition to that, blockchain has also shown promising aspirations for use in several applications outside of financial transactions and digital currency transactions.
The Boom Is Real
There is a clear boom of cryptocurrency and blockchain happening all around the world. Not only are coin prices continuing to surge, but with the recently granted federal charter to Anchorage, there will certainly be more positive news of growth and expansion on the horizon.
With that in mind, businesses looking to establish new holds on emerging marketplaces around the world will certainly want to consider expanding quickly and seamlessly.
Remember, not every market in every country has adopted to the boom in digital currencies just yet — this means there is plenty of opportunity for growth and expansion.
However, every business leader knows that expansion isn’t as easy as renting an office space halfway around the world, putting up a sign that says, “open for business,” and immediately begin turning a profit. It’s obviously much more difficult than that, and it’ll take the right moves and the right decisions to make your international expansion plans worthwhile.
In the next chapter, we’ll talk all about how a Global PEO like Global Expansion can work with you, to ensure that your business is fully prepared to take advantage of the boom in the digital currency and blockchain space, and successfully expand your operations to nearly any country in the world.