The Adoption of Cryptocurrencies is Booming but It May Result in Whiplash
Since the beginning of the year 2021, STICPAY has experienced enormous adoption in terms of its services. In the first quarter of 2021, the STICPAY has reported that it has observed a tremendous adoption rate from UK-based customers.
STICPAY is a mobile-based payments application that is based in the United Kingdom. The application has reported that its business has been booming in the first quarter of 2021, as more and more users are flocking to the platform.
Since the beginning of the year, the digital asset adoption rate has been on the rise. With every passing day, more investors are adopting the platform and are finding newer ways of interacting with the digital assets markets.
Since the end of 2020, the cryptocurrency and digital asset industry have experienced a great adoption rate. Therefore, almost every digital payment application around the world, especially, the European and English regions is advising the same.
While talking about the growth and adoption rate for the application, the director of STICPAY, James Bay, has shared his remarks about the application.
Bay stated that despite the application thriving in the digital payments sector, the trend of the application’s growth depends upon the involvement of influential personalities.
With this statement, James Bay talked about the evangelists of Bitcoin (BTC) such as Elon Musk. He stated that their involvement in the cryptocurrency and Bitcoin (BTC) would ensure how the digital payments applications would work.
James Bay talked about the growth and adoption rate of the application in the United Kingdom market. Bay provided the stats around the growth of the cryptocurrency deposits since the first quarter of 2021. He stated that in the first three months of 2021, the application has observed a 48% increase in the adoption rate of cryptocurrencies.
The application has experienced a 48% growth rate in the deposits made in cryptocurrencies. On the other hand, Bay reported that the deposit rate for fiat currencies into the application has remained the same.
Bay stated that as compared to fiat currencies, the growth in digital assets and cryptocurrencies has been significantly high. With the passage of time, people in the United Kingdom are investing more in cryptocurrencies and digital assets.
James Bay stated that compared to the rest of the cryptocurrencies, the adoption rate in Bitcoin (BTC) has been significantly higher than the rest. Bay reported that in the first three months of 2021, the number of Bitcoin (BTC) users on the application has been higher than all other users.
Apart from Bitcoin (BTC), users are making huge deposits in currencies such as Litecoin (LTC), Tether (USDT), and Ether (ETH). However, the adoption rate of Bitcoin (BTC), observed on the application is 38 times higher than the rest.