Topic: Firms Taking Advantage of the Bear Market to Enter into the Crypto Space - page 2. (Read 295 times)

Money Gram and Western Union were one of the major available means to make an international cross boarder transaction which many people have previously used before now nit until bitcoin set in to change the whole game, they would have realized a drastic drop in their rate of patronizing customers since bitcoin have the solution to excessive charges and delay in sending money across the boarder, the need for KYC had been dealt with through p2p, they should also reconsider getting back people's interest to their services by certain implementation and making review of their old policy if they truly want to be in the market, i don't expect them from initial to adopt embargo on bitcoin transaction even if government endorses them, but their fear then was that bitcoin could make their role leds effective which is truly what is happening.

I agree with jackg, I don't think the bear market has a lot to do with it, more along the lines of they started 18+ months ago when BTC was soaring in early 2021 and it took this long to get it to market.
These are large financial businesses they don't set things up in days or weeks or months. It takes a while to implement things. And then get approval from the needed regulators.

Still good in general for BTC, but the timing and market at the moment mean very little.

-Dave

Both the mentioned firms are into remittance support and this makes it look for more advantageous opportunities available in the market. This is where MoneyGram and Western Union have chosen to provide cryptocurrency related services. This will help with reaching lower level of the people use cryptocurrency, because these services are much used by people working abroad to send money to the home country.

I think these goals for adoption with a lot of companies have been in the pipeline for a while and they've been waiting to add crypto acceptance around now where the sector seems sjlent from the outside.

Companies that join during bear markets are more likely to stay in the crypto economy than ones who join during bull markets imo. Most who join in bull periods don't have the reserves to handle it or don't want to look like they're launching a pump and dump scheme (I think - although it does make it look more like that's what they're doing when they withdraw after large price move).

It is possible that many companies took advantage of the beer market and got into cryptocurrency secretly without the knowledge of the public. Companies that have good financial advisors will always tell them of cryptocurrency highlighting it as one of the core investment opportunities for the future. Companies and organisations wants to make profit so on the advice by financial advisor to take advantage of the bear market many companies have followed without making it known to the public, the companies that made their own public just decided to do so.

JP Morgan made some headlines this week for making their first DeFi trade using the Polygon network and MATIC coin.  That's pretty big news that has flown somewhat under the radar.  You can bet that JP Morgan is sitting on a ton of MATIC and building on Polygon (likely have been for a while) so them joining the likes of Disney and others choosing now to enter the space and choosing Polygon as a way to do so seems to be the trend for large companies at the moment.  I'm looking forward to seeing what cool and fun stuff these companies and others build as the metaverse blossoms into a thing.

Smart money always accumulates & makes big decisions when wimpy retail is hiding away having weak hands. The smart money always moves in the dark when others are fearful.

Always do what the majority aren’t doing. Bear markets are opportunity!

The rate of cryptocurrency adoption has increased lately with merchants now accepting Bitcoin and other altcoins, the bear market has always done more good than bad to smart developers and the bear market serves as the best entry point for companies and other agents that want to increase or own their cryptocurrency assets.
Money gram is one of the online gateways that crypto adoption will give millions of their clients a choice of payment aside from the traditional banking model they're used to.

Clearly, the cryptocurrency market is experiencing a bear market. The term “bear market” is defined as a market that has lost more than 20% in a given year. Bitcoin is down -35% in 2022. The bear market has been a blessing in disguise in more ways than one. It is no coincidence that many firms are announcing their entrant into the crypto space. I think that they are taking advantage of the bear market. Listed below are two such companies.

• MoneyGram

On Nov. 1, 2022, MoneyGram announced the launch of a new service enabling consumers to buy, sell and hold cryptocurrency via the MoneyGram mobile app. This new and innovative feature gives MoneyGram customers in nearly all U.S. states and the District of Columbia1 the ability to trade and store Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) by using the Company's leading mobile app.

• Western Union

On October 25, reports revealed that Western Union, another cross-border remittance giant, filed three trademarks. The filing covered the management and exchange of digital assets and commodities derivatives, Issuing tokens of value, and brokerage and insurance services. Judging from the trademark filings, Western Union plans to offer crypto services. It is the firm’s latest attempt out of several previous ones to enter the crypto space.
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Kindly add the other companies that you think may have taken advantage of the bear market to get into crypto.

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https://bitcoinist.com/moneygram-will-allow-users-store-and-trade-bitcoin/

https://www.prnewswire.com/news-releases/moneygram-introduces-new-crypto-service-enabling-customers-to-buy-sell-and-hold-cryptocurrency-via-the-moneygram-app-301664682.html

https://www.coindesk.com/learn/crypto-bear-market-opportunities-make-the-most-of-a-crypto-downturn/