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In today’s globalised economy, businesses frequently engage in international transactions, necessitating efficient and secure methods for cross-border payments. The landscape of B2B cross-border payments has evolved significantly in recent years, driven by technological advancements and changing business needs. This evolution has spawned a diverse array of payment methods, each with its own strengths and limitations.

As global commerce continues to expand, businesses require efficient and reliable methods for conducting international transactions. Two prominent systems have emerged as frontrunners in this arena: SWIFT (Society for Worldwide Interbank Financial Telecommunication) and blockchain technology. Each offers unique advantages and challenges for businesses engaged in cross-border payments. This article will explore seven key areas where SWIFT and blockchain differ, providing insights to help businesses make informed decisions about their international payment strategies.

The year 2024 has witnessed a significant surge in cryptocurrency adoption across various industries, revolutionising traditional business models and financial systems. This digital transformation has permeated sectors ranging from finance and banking to retail and supply chain management, reshaping how transactions are conducted and value is exchanged.

Recently, we came across a noteworthy survey conducted by Paxos, which sheds light on the evolving landscape of cryptocurrency ownership and purchasing behaviours. As Bitpace, we aim to keep our users informed about the latest trends shaping the crypto payment ecosystem. This survey provides critical insights into how crypto owners are engaging with digital assets in 2024. In this article, we’ve highlighted the most important points from the report to offer you a deeper understanding of the shifting dynamics in the crypto market and what it means for businesses, investors, and institutions alike.

Although the desire of businesses to globalize is increasing day by day, more global businesses inevitably need innovative approaches, especially for payment solutions. Functioning globally without the intervention of third parties such as banks and other financial institutions, Ethereum can be integrated into businesses through a cryptocurrency payment gateway such as Bitpace, which eliminates the problems that businesses may be facing on the path to globalization and growth thanks to the sector-based payment solutions offered to businesses with Ethereum integration.

Given the increasing popularity of cryptocurrencies, it is not surprising that Ethereum is being used in different sectors. Whether buying and selling goods or services, Ethereum is one of the leading choices for businesses due to its speed, low transaction fees of just a few dollars in the absence of any network congestion, transparent and traceable transactions on the blockchain, and more scalable than many cryptocurrencies.

Following Bitcoin in terms of market capitalization, Ethereum is a decentralized cryptocurrency used to run blockchain applications known as smart contracts. While the increasing importance of cryptocurrencies for businesses is undeniable, cryptocurrencies like Ethereum stand out due to their advantages. Businesses integrated with Bitpace, a cryptocurrency payment gateway, can easily receive and make payments and transfers with Ethereum, thereby gaining many benefits over their competitors.

While the growing popularity and use of cryptocurrencies for payment solutions and businesses is undeniable, with more than 10,000 cryptocurrencies available, the market can be confusing for businesses. Compared to the others, Bitcoin and Ethereum stand out and are more widely used, considering their market capitalization, and wide acceptance.