Zoom, a US communications technology company, has listed a new application that will enable cryptocurrency payments among users. The feature is coming at a time where the industry sees a high demand for online conferences due to lockdowns.
New Ethereum-based crypto app
Dubbed SmartSessions, the blockchain app currently supports payments with Ether (ETH), and will equally allow the organizers to monetize and earn from their respective video conferences. Following Zoom’s global presence, this move will probably add to the adoption of cryptocurrency.
Notably, enabling users to earn in cryptocurrencies removes the need for any banking fee, including restrictions. More especially, organizers and users can be able to transfer money quickly, without worrying about currency difference.
The crypto app also offers organizers an option to create referral programs, which will enable people to earn rewards as they share links to upcoming online conferences on the platform.
As explained, the crypto app will also allow the direct purchase of digital currency using a credit card, which will also support about 17 fiat currencies. Meanwhile, all the payment options, including current billing, will be streamlined to an Ethereum smart contract.
Developed by 2key.network, the main objective for the new application is purported at meeting the rapidly growing demand for virtual conferences. This includes the crypto payment function, which aims at improving Zoom’s payment management options.
A win for crypto?
The new for online conferencing is standing out as a better avenue for individuals as well as businesses to converge while observing the social distancing order placed by several governments in order to curtail the spread of the coronavirus.
With the new crypto app, it is assumed that Zoom could be gaining a larger share of the now-trending market. The company is listed on NASDAQ and has about $1.2 billion in assets. It is also expected that cryptocurrencies, especially Ether, will react positively to the new development.