The digital currency industry is booming due to cryptocurrencies’ increasing popularity, and the companies that have never been close to cryptos are seriously considering their implementation.
The blockchain technology has been developed sufficiently since the first digital currency’s launch 10 years ago, which made it possible to significantly speed up cryptocurrency transactions and increase the operational transparency. Let’s review the top 10 companies without the e-currency background that are planning to develop a new cryptocurrency on their own.
The most popular social network’s cryptocurrency is on the verge of its launch. A joint project of Facebook and its subsidiary the Libra Association can generate up to $19 billion of additional revenue.
The main goal of Facebook’s future digital currency is to enable billions of people to make payments in case they do not have access to their bank accounts. Libra (the cryptocurrency name) is a currency for transactions that will be carried out via Calibra wallet provider as a special service for maintaining operations within the Libra network.
It is worth noting that the social media giant will not manage this cryptocurrency because the company is just one of Libra’s many stakeholders. Regardless, Facebook clients will be allowed to use this digital coin within the network’s platform.
This multinational investment banking company ranks sixth among the world banks in terms of monetary assets (they amounted to $2.325 trillion). No wonder such a huge corporation turned its attention to the e-currency industry. The company has been currently working on the JPMCoin pre-launch in order to provide their customers with a new means of payments as soon as possible.
According to JPMorgan Chase’s representative of the blockchain department, Umar Farooq, the company sees a lot of potential in the blockchain technology development, which is why the idea of its own cryptocurrency launch has arisen. However, the digital currency’s proper operation is possible only in case of tight control over it.
The JPMCoin will be used for financial transactions between the bank’s clients. In addition, the financial institution has identified other ways of using the coin such as securities transaction services, international payments for large corporate clients, as well as an alternative to the US dollar. In view of such ambitious plans, it will be interesting to see how this is going to work.
Walmart is another big corporation that is looking for an alternative payment solution. That is why the company’s chain department submitted an application for a patent for its own cryptocurrency development.
The multinational retail giant is seeking to create a special vendor payment system, which will make it possible to process all the payments made by the company’s customers for products or services. Walmart’s digital coin will be a stable currency pegged to one of the world’s leading currencies. The main goal is to make transactions faster and create another means of payment instead of debit or credit cards. Furthermore, the built-in artificial intelligence will provide the customers with a shopping list based on their preferences. The company has not come up with the coin’s name, but it is probably going to be WalmartCoin
The low-budget airline wants to explore the cryptocurrency market as well. Therefore, AirAsia announced the intention to create BigCoin in order to keep pace with the trend. According to the company’s CEO Tony Fernandes, the cryptocurrency launch will help the airline to expand its sphere of influence and the customers’ base. He explained that after the lowcoster’s loyalty program transfers to blockchain, the customers would have a new payment platform where BigCoin can be used as a currency instead of bonus points.
It falls under the AirAsia’s desire to reduce the number of cash payments, as well as stop the customers’ tendency of moving huge amounts of money out of the Asian countries. If this comes true, the company will become the first airline to do that. In case it happens, customers will be able to use the crypto for paying for services such as upgrading tickets, flight meal, and others. It is expected that BigCoin will become available in the next 6 months.
Mitsubishi UFJ Financial Group (MUFG)
Another Asian company in this list is Mitsubishi UFJ Financial Group. It intends to use cryptocurrency in the financial sector via the MUFG Bank. The MUFG Coin is currently on the final stage of its development, so the financial giant is planning to test it on about 100 thousand accounts by the end of this year.
According to MUFG President Kanetsugu Mike, the company’s cryptocurrency will be launched in the last month of 2019. Then, after downloading the bank’s app, customers will have their balance converted into the new coin and be able to use it for payments anywhere. If the company succeeds in launching its cryptocurrency, it will become the largest financial institution to have a digital coin designed exclusively to be used within the bank.
Arias Intel Corp.
This technology company is engaged in media and mobile gaming, that is why the initiative to launch a digital coin seems quite logical. Arias Intel Corp. announced about the cryptocurrency development in 2018.
The iNEO coin is seen as a means of payments for the company’s goods and services and will be integrated with its mobile games and apps. Due to the use of blockchain technology, developers will be able to provide the highest level of security and supply chain verification for the payments made through the future platform. Customers will be able to easily use the iNEO coin via a special app.
The online retail giant is rumored to be involved in its own cryptocurrency development. Amazon’s digital currency is called the Amazon Coin, and despite being more like a bonus than the real currency, it can be further developed in the future.
For the time being, this coin is used as a discount for the company’s multiple products that can be purchased via the Internet. Due to a high transaction speed provided by blockchain technology, Amazon will be able to handle the enormous number of sales the company has. It is also planned that such services as Amazon Prime, Twitch and Audible will accept the Amazon coin as well.
The Chinese company that owns a popular chatting platform WeChat (around 1 billion users daily) launched its QQ coin in 2005. QQ messaging service by Tencent is the company’s another project with 900 million active accounts as of the end of June 2016.
This digital currency was created to be used for online payments – the company’s games and services can be purchased with it. No wonder it has more than 200 million users all over the world.
Google has revised its policy regarding cryptocurrency and is seeking ways to launch its own digital coin. Initially, the transnational corporation tried to cooperate with Vitalik Buterin (Ethereum founder), but after his refusal to develop the joint project based on the blockchain technology the company turned to IOHK developers.
This is Google’s first step towards its cryptocurrency implementation. By the way, the company representatives consider Cardano as a prototype for its future digital coin – this cryptocurrency’s sustainability and scalability is known worldwide.
Anyway, it is now clear that Google’s desire to create a coin is not just rumors. Experts say that the company will join its main market competitors to start a cryptocurrency very soon. In their opinion, Netflix, Amazon, Facebook, and Google will launch their cryptocurrencies within 2 years.
The cryptocurrency race drew attention to the Japanese e-commerce company as well. Rakuten started the movement towards its own cryptocurrency by announcing the creation of Rakuten Coin at the MWC Barcelona in 2018. According to the company’s CEO Hiroshi Mikitani, Rakuten’s intention to launch the digital coin is aimed at broadening the number of services provided by the company such as media, credit card and payments, banking, marketing and data analysis, online shopping, etc.
When the Rakuten Coin is launched, customers will be able to use it for paying for these services via blockchain transactions. Despite the fact that there is no release date for the company’s cryptocurrency yet, Rakuten wants to make it work as fast as possible.
Recent years have shown that the trend of turning to blockchain technology in transactions proved its efficiency, which is why more and more top players are entering this market in order to broaden their global influence. The struggle of centralized and decentralized services is still on, which turns out to be the biggest competition of the new era. However, using cryptocurrency instead of fiat money is a matter to be resolved in the near future.
As mentioned earlier, the biggest cryptocurrency fraud of all times was reported by Whale Alert this Saturday.