A big step for access to Bitcoin – The news of funds allocated to cryptos has been linked in recent weeks. After a first decade of existence, Bitcoin and its network face a major challenge for mass adoption. Infrastructure is essential to set up easy and accessible cryptocurrency payment solutions. King Bitcoin is no exception.
Growing Needs for Bitcoin-Related Services
Bitcoin and other cryptocurrencies still remain an opaque and unclear subject for the majority of the population. All the more so for Western countries, whose monetary systems are generally stable. The technical complexity, added to the novelty of this sector make it the ideal scarecrow. At first glance.
In a largely digitized Western society, “user experience” (UX for developers) is an essential dimension for the success of a product and its use. The young crypto ecosystem has a lot of progress to make, and this point is central. Several large groups have understood this and are taking action publicly.
This is particularly the case of Twitter and Avon Ventures, a subsidiary of Fidelity, an investment fund convinced of the explosion of cryptos in 2022. Indeed Open Node, the payment processor specializing in Bitcoin has just announced a fundraising to accelerate its development. Now valued at $25 million, the start-up is at the forefront of adoption. And the thrill behind the scenes is becoming more and more concrete. Today’s major Internet players will need the solutions developed by OpenNode if they want to exploit this vein.
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“Unprecedented demand” for BTC
The start-up recently concluded its first funding round, raising 20 million dollars from Twitter in particular. The departure of its former CEO Jack Dorsey does not seem to have dented the social network’s ambitions vis-à-vis Bitcoin.
Our customers are growing their businesses with our solutions and we are seeing unprecedented demand.
Josh Held, Director of OpenNode Strategy
While Held refused to provide specific data, he did reveal that their total transaction volume should soon exceed 25,000 BTC. That equates to over a billion dollars right now.
The customers in question are major internet service providers. Among its partners, OpenNode can count on Magento and Shopify. Two behemoths of the internet and e-commerce. Thanks to its solutions, OpenNode offers the management of transactions on the Bitcoin network, on behalf of its customers. Like Alchemy or Infura do on the Ethereum network.
It seems unlikely that the majority of players starting to accept cryptos will run their own Bitcoin nodes. They will therefore delegate this part to OpenNode. New entrants will be forced to solicit companies with this know-how such as OpenNode, hence the growing demand observed… The ultimate goal being to bring all non-participants into the crypto market on board. But the best can turn out to be the enemy of evil. While this kind of off-the-shelf solution offers ease of adoption, it sacrifices other fundamental aspects of public blockchain.
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