The cryptocurrency industry has led a revolution in the digital currency industry with its growing popularity. Many Enterprises that were non-crypto now have plans to have their crypto products. Within the ten years that cryptocurrency has been in existence, it has brought with it unprecedented ease of transaction and transparency into the e-commerce world. This article discusses five of the biggest Enterprises around the globe without a cryptocurrency background that has already created or is in the process of investing resources in developing a digital currency of their own.
Facebook is reportedly completing efforts to release its digital currency. The digital money goes by the name of Libra is a project co-founded by Facebook and the Liberal Association. It is speculated as Internet analyst; Ross Sandler predicts that the social media Giant’s development of a cryptocurrency will potentially generate as much as USD 19 billion in terms of additional Revenue. The currency aims to assist billions of adults without access to bank accounts. Libra’s white paper describes how the projects wallet provider Calibra would function.
It reads in part “Facebook created Calibra, a regulated subsidiary to ensure separation between social and financial data and to operate services on its behalf on top of the Liberal network “It is notable, however, that Facebook will not be in charge of the cryptocurrency. It will only be one of its stakeholders and will allow Facebook’s users to use the coin for transactions on its platform.
2. JP Morgan Chase
JP Morgan Chase is a multinational company based in the United States. It specializes in investment banking and financial services. It is currently ranked as one of the world’s largest banks, with assets totalling USD 2.535 trillion. It recently announced that it also has intentions to release its own cryptocurrency called JPMcoin. Speaking to Yahoo Finance, JP Morgan Chase’s blockchain Chief Umar Farooq says “we have always believed in the potential of blockchain technology, and we are supportive of cryptocurrencies as long as they are properly controlled and regulated. As a globally regulated bank, we believe we have a unique opportunity to develop the capability in a responsible way with the oversight of our regulators. “
Walmart, the giant chain store vendor, has also applied for a patent for its own cryptocurrency. It was recently reported that the company might be looking for an alternative payment solution for its users and employees. Walmart explains that it hopes to provide a vendor payment sharing system that will process any of the payments for the products that the retail store offers to its customers. The currency will be a Fiat backed stable coin and will most likely be pegged to the US dollar. Although Walmart is yet to name the coin rumors are speculating that it will be called Walmart.
The low budget airline AirAsia that hails from the East has also confirmed its desire to explore the fin-tech sector with its intention to launch its cryptocurrency. The cryptocurrency will be known as Bigcoin. Tony Fernandes AirAsia’s founder and CEO, told the world how the company intends to use the coin. He states in part “we have a product that can be a currency in big loyalty we are building a payment platform so the two can marry quite nicely. We have an ecosystem that enables you to use that currency. There is no point having a currency that can’t be used.” this is part of the company’s efforts to make the airline go cashless, and it comes as a response to the majority of Southeast Asian residents that do not work in their own resultantly they have a vast sum of money that they have to move across borders by remittances.