GIG Logistics (GIGL) has been showing interest in the crypto economy. In September 2021, we got wind of the company’s plan to add an option that enables customers to pay for logistics services with crypto.
We speculated that the company would create its crypto token to be used as a means of payment and investment in GIGL. We concluded that the company would have its crypto token, which would grow in value because of the practical use case, consequently becoming a huge revenue stream.
While our speculations missed the mark, our sources were spot on.
GIGL has integrated a crypto wallet into its proprietary delivery app, GIGGO. Users can now perform basic crypto transactions such as buying, selling, ‘hodling’, and transferring crypto right on the app.
The integration will be done in two initial beta phases before it is available to the public. The first beta phase will see the crypto wallet opened to 2,000 users, with up to 10,000 users having access in the second phase.
The wallet integration is in partnership with XPAD, a platform that allows users to store, invest, and stake in real-world assets with crypto. XPAD users can import their XPAD wallet into the GIGGO crypto wallet. Those without an XPAD wallet can create one directly on GIGGO.
A ploy to onboard users for XPAD?
According to Ocholi Etu, Director, Operational Services Hub, integrating a crypto wallet into the GIGGO app “aligns with the company’s long-standing strategy to be at the forefront of innovation.”
While it might be interesting to see crypto payments on the GIGGO app, the wallet integration only helps to perform basic crypto functions.
The wallet, an extension of the app, is not directly connected to the services offered on the app; it can only be used for buying, selling, storing, and transferring crypto.
Although the company claims the integration gives users more things to do with the app, the onboarding process ensures that users without an XPAD account create one, a way to onboard GIGGO users to XPAD.
Even though the connection between GIGL and XPAD is not clearly defined, GIGL is one of the app’s supporters.
With several crypto exchanges offering the same services as XPAD, GIGGO, with over 100,000 users on Google Play, presents an innovative way to onboard users to the platform; XPAD, on the other hand, has over 500 users on Google Play.
Since the creation of Bitcoin, the crypto space has been associated with scams, making crypto users wary of the crypto platforms they use. Connecting XPAD, a new platform with GIGL, a trusted company, creates a sense of security.
With GIGL entering the crypto space, one can safely speculate that it might be creating its crypto token. The wallet, which currently supports only Bitcoin, USDT and CFX might also be GIGL’s way of preparing its users for crypto payments.
On why it is important to drive crypto adoption, Etu explained that crypto could make payments easier, and GIGL is only playing its role in accelerating crypto adoption, which could be the next phase of finance globally.
An innovative way to join the crypto payments race
According to Fundera, 15,174 businesses accept Bitcoin as payment globally, including notable companies like US tech company, Microsoft, and American movie theatre chain, AMC.
In Africa, cryptocurrencies are mostly used for speculative purposes — trading and hodling. But they are also known to be used because of the ease they bring to cross-border transactions.
While cryptocurrencies are growing in popularity as a means of payment, many businesses are yet to accept them. However, GIGL believes this could change with time and wants to prepare its users for it.
The preparation model, however, might be one of the most innovative yet. While it can be argued that the wallet integration does not directly improve the app, it could be a great way to introduce cryptocurrencies to non-crypto users.
With only a fraction of the world’s population using crypto, businesses have very little incentive to accept crypto payments. Nevertheless, GIGL is innovatively driving adoption through its platform.