RocketFuel Payment Solutions Vice President of Sales Daniel Gonzalves joined Steve Darling from Proactive to discuss the adoption of cryptocurrency and its growing popularity among merchants. He shed light on some common misconceptions about cryptocurrency’s mainstream adoption and highlighted the reasons why more merchants are embracing it as a payment method. Gonzalez pointed out that cryptocurrency adoption is steadily growing worldwide, with an annual growth rate of over 20%. He anticipates this trend to continue, projecting a growth rate of 22-23% by 2028, resulting in a cryptocurrency market worth $91 billion.

One of the key drivers for merchants adopting cryptocurrency is its enhanced security compared to traditional credit and debit card payments. The surge in credit card fraud has led to increased interest in the security features of cryptocurrency transactions. Unlike credit card payments, cryptocurrency transactions do not incur chargebacks, and refunds are more straightforward. Rocket Fuel Payment Solutions offers a settlement guarantee to ensure merchants receive their payments securely, regardless of market volatility or transaction complications. This guarantee provides peace of mind to merchants and eliminates the risks associated with cryptocurrency transactions.

Gonzalez also discussed Rocket Fuel’s product developments in 2023, which contributed to the company’s growth. They upgraded their crypto payment processing product and introduced a payout product, allowing merchants to pay numerous vendors or contractors seamlessly. Rocket Fuel expanded its cross-border payment offering and launched a gift card solution, enhancing the overall payment experience for shoppers and merchants.

The company primarily uses stablecoins for transactions, which are cryptocurrencies pegged one-to-one to the US dollar. Stablecoins offer stability and predictability, as their value remains constant, eliminating the volatility associated with other cryptocurrencies like Bitcoin. Looking ahead to 2024, Rocket Fuel Payment Solutions plans to expand its product suite, offering a comprehensive range of solutions for merchants. Gonzalez anticipates significant growth driven by market expansion and the upcoming Bitcoin halving, which is expected to boost cryptocurrency market activity.