Morgan Stanley Finds Crypto's Use as a Currency Can Grow

by in Cryptocurrency News

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Global investment bank Morgan Stanley finds that the use of crypto as a payment method can grow. The bank released a report mentioning that few people use crypto to buy goods as costs for transactions are high and merchants don’t accept them for payments. However, that fact is changing, Morgan says.

Related: Shopify and Strike Partner to Enable BTC Payments

The statement is based on the recent announcement by Strike on the collaboration between software and services enterprise provider NCR and payments firm Blackhawk Network. With this, the companies will allow many US numbers to accept BTC. The system for payments by Strike uses the Lightning Network to make transactions.

Morgan Stanley believes that collaboration with physical stores is an essential step in the growth of BTC usage for payments given that over 85% of sales in the US take place in shops. Fees for BTC transactions using Lightning are almost zero. The bank says that Lightning payments are more convenient for small payments than they would be in the case of using debit cards.

According to the report, merchants' accepting crypto can reduce the volatility of the asset. Morgan Stanly added that crypto is already broadly used worldwide as Eth is needed to buy non fungible tokens.