This week, officials with the Blockchain Merchants Association (BMA) announced the opening of it’s flagship platform, CryptoBay.store.
“This new, multi-vendor platform, gives users the opportunity to purchase everyday products and services using cryptocurrencies such as,
Bitcoin, Litecoin and Ethereum,” BMA officials shared via a news release.
Cryptocurrency(or Crypto for short), is a digital asset designed to work as a medium of exchange, wherein coin ownership records are stored in a decentralized ledger using cryptography to: secure transactions, control the creation of additional coins, and verify the
transfer of coin ownership.
CryptoBay.storefeature’s independent vendors from both the El Paso and Las Cruces region, along with independent merchants in the metropolitan Detroit, Michigan area.
“CryptoBay offers an eclectic mix of merchandise for consumers, and gives its member/vendors a new revenue stream, the potential to 2x or 3x each transaction, and offers vendors a unique selling advantage over their competitors,” BMA officials added.
In a recent Mastercard New Payment Survey:
- 40% of respondents said they plan to use cryptocurrencies in the next year. This is being led by millennials who are especially interested in cryptocurrencies.
- 67% of millennials said they were planning to use cryptocurrency now, compared to a year ago.
- 77% said they were eager to learn more about cryptocurrency.
- The study also found that due to COVID-19, consumers are looking for alternative payment methods away from cash.
The significance of this survey shows that capturing the millennial market must include blockchain and cryptocurrency technology.
“In the coming future accepting cryptocurrency will be a necessity, not a privilege, it will matter,” Majeed Kariem, BMA Chief Executive said.
“Our goal is to make CryptoBay.store a true alternative marketplace to current online fiat-based platforms. With the growing acceptance of crypto as a medium of exchange by major corporations, a platform designed with the independent business community in mind needs to be in this space, and that’s where CryptoBay fits in.”
Kariem adds that CryptoBay will be constantly adding new products and new services in the upcoming weeks and months; and are aggressively seeking new vendors and new partnerships in order to bring consumers the largest offerings from independent retailers, and professional service companies, all accepting cryptocurrency as the medium of exchange.