- Aside from the ongoing downtown crypto market, Minnesota is promoting crypto adoption in the state.
- The state started accepting crypto as a payment option for necessary purchases.
Minnesota is poised for mainstream crypto adoption. Vivian Fang, an associate professor at the University of Minnesota, said they now accept crypto for purchases of clothing, groceries, Home Depot, whole foods, and Starbucks in the state.
According to Fang, Paypal allows crypto payment options on its platform. As a result, crypto spending via online retailers increased by over two million in the US. And huge shopping even after the current downtown market.
OpenNode’s chief strategy officer, Joshua Held, said that real estate, digital objects, travel and charitable donations are all possible through cryptocurrency channels. OpenNode is a well-known company for its Bitcoin-based payment and withdrawal solutions.
Commercial ones boost crypto trading
The world’s largest crypto wallet app Coin Cloud installed around 159 kiosks in the US state of Minnesota. It also installed machines in North and South Dakota.
This information is shared by Coin Cloud CEO and founder Chris McAlary. He added that the company is also focusing on brick-and-mortar facilities as customers spend more cash at those locations.
Kwik Trip added to the list that Kwik Trip has partnered with Bitcoin ATM provider Coinsource. Kwik Trip is a convenience store chain operator with 500 locations in Wisconsin, Minnesota and Iowa.
A crypto enthusiast, Chad Capp, is also on his way to finding a solution to purchase gym memberships using cryptocurrency on his gym software platform, HelloGym. His company is based in Osseo, Minnesota.
Vivian Fang said that the unbanked is also an important market as crypto wallet owners don’t need a bank account. In 2019, the Federal Deposit Insurance Corporation (FDIC) reported that around 5.4% of the US population is unbanked.
This unbanked population is made up of ethnic minorities such as Asians, Blacks and Hispanics. They earn a limited income and somehow do not have access to the traditional banking system.
Additionally, Fang notes that Crypto is an easy alternative that doesn’t require a credit history.