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How Big Brands Are Getting into Cryptocurrency

Published
February 19, 2019
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    How Starbucks, Overstock, and other brands are embracing cryptocurrency as part of a smart forward-thinking business strategy.

    When the Long Island Iced Tea Corp, in Hicksville, N.Y., first announced it was changing its name to Long Blockchain Corp., its stock went crazy, skyrocketing as much as 500 percent in premarket trading.Now while blockchain and cryptocurrency aren’t one and the same, there’s still quite a bit of buzz about anything that is associated with either. And big brands, always eager for some marketing mileage, are aligning themselves with the sector, both for the cool factor and because, well, crypto is the future and you should keep Crypto Taxes and Accounting in mind whether you are a hodler or a trader.Here are several brands and industries that are capitalizing on the cryptocurrency frenzy.Overstock.com:The online retailer made headlines as the first major retailer to accept Bitcoin beginning in January 2014. It stays loyal to the sector, even expanding since then to accept a wide variety of other cryptocurrencies.Starbucks and Microsoft: These two Seattle companies have joined with Intercontinental Exchange and BCG to launch a company called Bakkt that will allow consumers and institutions to buy, sell, store and spend cryptocurrencies on the global network, which will convert the cryptocoins into U.S. dollars for purchases at the coffee giant.Kodak: Eager to stay relevant in the digital age, Kodak and WENN Digital have launched KODAKOne image rights management platform and KODAKCoin that will work together in a new effort to help photographers manage their image rights. The platform will use blockchain technology to create an encrypted, digital ledger of rights ownership where photographers can register new and archival work that they can then license within the platform. Then they can receive payment for licensing their work with KODAKCoin, allowing both professional and amateur photographers to “sell their work confidently on a secure blockchain platform,” Kodak said.Quick serve restaurants: Many brands have tipped their toe in the cryptocurrency current, although most big brands haven’t waded all the way in. Some efforts have been made though; Subway made waves when one of its franchisees in Altoona, Pennsylvania, begin accepting bitcoin. In January 2018, KFC Canada lured in hungry crypto holders with a Bitcoin Bucket.But while most QSR restaurants aren’t diving in completely, there are many local pizza places that are going strong, which makes sense consider that the first bitcoin transaction was famously for two pizzas. Find a parlor near you at PizzaforCoins.com.The Dallas Mavericks: After becoming one of the first sports franchises with plans to accept cryptocurrency for tickets and merchandise, the basketball team showed it has crypto game with an even more exciting initiative, a three-year deal with Lympo, a Lithuanian fitness company that utilizes blockchain to connect users with a host of health-related services, such as trainers, gyms, health insurers and fitness applications. Lympo will have naming rights to the training facilities and a patch on the team’s practice jerseys; the goal is to use Lympo cryptocurrency tokens in Mavericks blockchain initiatives. The team’s game jerseys also have crypto representation with 5Miles as the Maverick’s jersey patch sponsor. This Craigslist-esque marketplace, based in Dallas, sells goods and services and allows buyers to pay with CyberMiles Tokens, a blockchain platform.

    Wikipedia: It seems logical that this popular online encyclopedia “of the people” would accept the currency of the people in donations. As the company said in a statement on its website, “It has always been important to the Foundation to make sure donating is as simple and inclusive as possible…Members of our community have asked the Foundation to start accepting bitcoin. These requests, coupled with recent guidance from the US Internal Revenue Service, encouraged the Foundation to once again review our capacity to accept bitcoin.” As one commenter said, “I’ve never donated to wiki before, but I will now in btc.”REEDS Jewelers: This fine jewelry store, which has nearly 70 stores across the south and northeast, is one of the first stand-alone jewelry stores that allows you to trade bitcoin for baubles.Online service providers: Of course, online is definitely the playground of crypto. A wide variety of sites accept it; you can book travel with crypto on Expedia, pay for your dating service membership on OKCupid, and buy items in games via mobile app/gaming site Zynga.More collabs are undoubtedly on the way. “Scalability and UX [user experience] are two key factors teams around the world are working on,” says Aaron Bush, an analyst who follows cryptocurrency trends for the Motley Fool, in an interview with QSR Magazine. While he says that crypto’s “killer app” likely isn’t restaurant payments – at least yet – he says that “as projects like bitcoin improve speed and fees, the potential for this use case should gain appeal in certain circles.”And surely as the band wagon gets rolling, brands both big and small are bound to jump on.As Crypto Market is already grown so you also have to care about Cryptocurrency taxes there are many Crypto tax service available in market like us ZenLedger.Wondering where else cryptocurrency is accepted? Check out Bitcoinrestaurants.com and Coinmap.com, as well as CoinATMRadar.com, which tracks crypto ATMs.

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