Why Traditional Companies are Entering the Cryptocurrency Industry

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Blockchain technology and cryptocurrency are changing the way traditional businesses are conducted. As more traditional companies enter the fintech arena, the pioneers in the industry are changing traditional markets as we know it

Understanding The Industry

While cryptocurrency has a long way to go before it reaches mass-adoption, the industry has gained massive amounts of traction in recent years due to the extremely fast payment options, trading, and investment opportunities with the privacy traditional banking platforms can't offer.

For the retail investor, it's easy to understand why cryptocurrency offers an easy entry into fund management, but as the industry grows traditional firms are navigating their way into the cryptosphere. Whether through the adoption of blockchain technology into their systems, creating non-fungible tokens (NFTs), rewarding their users, or implementing payment systems, crypto has offered access to a niche community companies previously didn't have easy access to.

To New Beginnings

Cryptocurrency has offered a suite of platforms, one of which is Decentralized Finance (DeFi). DeFi has the strongest potential to disrupt the way traditional investment markets have worked. In addition, it has forced a change in long-standing practices of traditional businesses, offering investors more benefits than any traditional investments could offer by giving users full control over their funds.

The benefit of having full control over personal funds means financial services and traditional companies can leverage the technology to create a base of trust and transparency.

How Traditional Firms Can Leverage Cryptocurrency

Major companies like Overstock, Amazon, Expedia, and PayPal have entered the space through various means, but with the rise in available DeFi protocols, entering the space has become easier than ever.

All-in-one DeFi solutions, such as Lunar DeFi, have created a full-suite ecosystem on the BNB Chain (previously known as BSC) that allows streamlining the entire process of trading crypto and NFTs, research, investment opportunities, and more. In fact, their company's philosophy revolves around the ideals of keeping everything in one place to ensure seamlessness and interconnectivity, removing the blockchain barrier, and improving security for users.

Using platforms like Lunar means traditional companies can leverage their technology to grow their community, innovate their technology, and offer unrivaled transparency and freedom to their investors.

Lunar and The Planetary Society

The world's largest space non-profit, The Planetary Society, was founded in 1980 by Carl Sagan. It is their mission to explore new worlds, find life, and defend Earth.

In March 2022, Lunar became the first cryptocurrency project to partner with their organization. A designated Lunar Fund was created to directly fund research and development initiatives. The first of which will be based around planetary defense. This move is directly in line with Lunar's roadmap and vision. To celebrate that, they have held several marketing campaigns rewarding users in light of the partnership.

The Lunar platform stands as one of the key components of the ecosystem. In their effort to make their features accessible and user-friendly, Lunar has added things like decentralized exchange (DEX) aggregators, portfolio tracking, different wallets, price alerts, staking, and NFT trading, among others. By doing this, Lunar is making itself a one-stop shop for users.

The DeFi Revolution

Decentralized finance compiles services and instruments that remain not-governed by a central body or one authority but sit on a blockchain, transparent, borderless, and permissionless. DeFi extends far beyond crypto and payments; it will replicate most forms of assets, financial instruments, and contracts that already exist in traditional finance.

As the initiative to make blockchain and cryptocurrency accessible draws in more people, the ecosystem will only continue to grow and flourish.