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Cryptocurrencies are gaining utility by the day. Nowhere is this more true than in Michigan (U.S.) where businesses are beginning to accept crypto payments for dental care. According to reports, a dental patient recently used their Shiba Inu funds to “pay for a nicer smile” from Amore Smiles. The treatment was paid for with some $5,000 worth of the popular memecoin, demonstrating just how serious this joke-inspired token really is. The clinic, Amore Smiles, has integrated other blockchain-based processes into their daily management system by storing crucial patient data on a blockchain ledger, highlighting its security benefits.
In this article, we offer a quick refresher on the memecoin in question, Shiba Inu (SHIB), how the real-world integration of crypto payments can expand business’ reach to new customer segments, and how ForumPay partners are enjoying seamless crypto-to-fiat payments across multiple sectors.
What is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is a decentralized cryptocurrency that was launched in August 2020, principally as an experimental project in community building and as a satirical token. It was given no intrinsic function upon its creation, beyond being an ERC-20 token on the Ethereum blockchain, but it was indeed backed by a loyal online community. SHIB swiftly grew in more mainstream popularity as a memecoin and has evolved as such. Its growing following and ecosystem has meant that Shiba Inu now supports functionalities such as decentralized exchanges (ShibaSwap), NFT integrations and staking, despite its humorous origins. As evidenced by the crypto payments case above, it has also become a viable currency with which to pay for goods and services.
The real-world integration of crypto payments
Crypto payments are swiftly growing in popularity. There are currently over 659 million global cryptocurrency users, a figure that is expected to rise to 861 million by the end of 2025 (Statista). But it’s not just crypto assets that are in demand. Crypto payment solutions are also gaining traction, particularly among millennials, with 42% making at least one purchase with crypto in 2024, up 12% from 2022 (CouponFollow). With solutions such as ForumPay, merchants no longer have to worry about risks such as crypto volatility, which are resolved thanks to instant conversion into their preferred fiat currency, bridging the gap between traditional finance and digital assets for real-world payments.
This allows businesses such as Amore Smiles to accept cryptocurrencies securely and compliantly, without having to deal with the complexities of regulations or crypto wallets. For merchants, it offers an innovative way to expand payment options and attract new customer segments eager to leverage their crypto holdings, while for crypto consumers, it’s a chance to put idle assets to practical use. SHIB’s unlikely evolution from internet meme to a functional currency suggests a growing appetite for turning digital crypto assets into legitimate tools for everyday transactions.
Crypto-to-fiat payments with ForumPay
ForumPay has enabled seamless crypto payments for merchants across multiple sectors, including hospitality, travel, retail, precious metals, luxury services, real estate, and more. These partners now successfully process crypto-to-fiat transactions for their customers, having observed a growing demand for more direct, transparent and faster digital payments for everyday use. Crypto payments are also an opportunity for merchants to remain nimble in an increasingly competitive market. Accepting crypto payments can help position businesses as modern, forward-thinking and tech-ready partners for goods and services, which can in turn increase trust between provider and customer.
ForumPay is also the first crypto payment solution to enable in-app crypto payments, allowing customers to harness their digital assets for payments directly within a merchant’s existing mobile app or platform, thereby streamlining the user experience. This latest innovation goes hand-in-hand with another ForumPay development allowing merchants to set up Subscription Plans and manage recurring payments from customers for memberships, apps, streaming services, and more. Together, these new features give ForumPay merchants the tools to improve customer retention and diversify revenue streams.
For more information on ForumPay’s crypto payment features and to learn how to integrate crypto payments into your business’ workflow, visit www.forumpay.com, or get in touch with our sales team to discuss any questions you may have.
