Amid the ongoing downturn in the crypto market, people are rapidly moving toward the crypto payment options in Minnesota.
Minnesota is a midwestern US state bordering Canada and Lake Superior, the largest of the Great Lakes. In this state, many crypto-supported payment platforms are providing services for the citizens. People use such crypto Integrated fiat payment platforms as digital payment banks.
According to Vivian Fang, a professor at the University of Minnesota, crypto-backed payments use cases are increasing continuously in Minnesota because people can pay for clothes and food and are accepted at Home Depot, Whole Foods, and Starbucks in the state.
Fang noted that PayPal enabled around 2 million merchants in the United States to accept payments in cryptocurrencies. Even people can pay in bulk, which includes the purchase of real estate properties, and travel & donations payments.
Bitcoin ATM operator Coin Cloud installed a total of 159 crypto ATM kiosks in Minnesota so far and these Kiosks are in those regions, where people are only able to go with cash payments. So basically, Cryptocurrencies can be cashed out any time via ATMs.
A gas station Kwik Trip, which has a network of a total of 500 sites across Wisconsin, Minnesota, and Iowa, established a partnership with bitcoin ATM operator Coinsource.
HelloGym is a Gym company, which is located in Osseo & Minnesota, also working with some crypto companies to integrate inbuilt crypto payments in its HelloGym software as an option for gym lovers to pay in crypto.
Fang said that unbanked people are contributing hugely to the race of crypto adoption. According to a report of the Federal Deposit Insurance Corporation 2019, around 7 Million US citizens are unbanked, which is 5.4% of the total population of the US.
5.4% of people are looking to these cryptocurrencies as the best payment option because they don’t need to go anywhere to have a bank account. After all, they are directly using cryptocurrencies.