Crypto adoption as a payment method is rising as a Dubai-based hospitality group, FIVE Hotels and Resorts, has revealed that it will now accept payment for its services in Bitcoin and Ethereum.
The firm’s decision is tied to its latest attempt to expand into Switzerland, whose pro-crypto legislation would allow the company to accept crypto payments.
According to the group’s director of revenue, Mushal Nisthar, the company has always wanted to be at the “forefront of blockchain and cryptocurrency innovation,” Its expansion to Switzerland allows it to accept payment in the two popular digital assets.
In his words,
Switzerland has always been at the forefront of fintech and cryptocurrency. FIVE Teams have worked with partners to ensure the best payment features are on offer for guests, allowing them to pay in Bitcoin and Ethereum.
Why FIVE Crypto Adoption Could Work
An analysis of several factors surrounding the company’s decision indicates that it would yield positive results.
The first reason to note is that most FIVE customers are young individuals. According to available data, 78% of its customers are young individuals below 35.
The implication is that the major holders of crypto assets globally are the youth, as around 60% of them are said to hold or trade at least one digital asset.
Apart from that, a recent Deloitte report revealed that most companies accepting crypto payments had seen an increase in their customers; FIVE, with its adoption, would hope the growth extends to its businesses too.
Meanwhile, Switzerland is one of the friendliest countries to crypto in Europe. The company is recognized in the crypto industry for its pro-crypto laws.
This is advantageous to FIVE since its Zurich branch would be its first outlet in Europe. The move could inspire more European establishments to follow suit and possibly create in-roads for FIVE to further expand into other countries.