10 Global Enterprises Looking to Issue Their Own Cryptos
Ten enterprises taking a shot at creating their own cryptocurrency to leverage the power of blockchain to drive their businesses to the next level...
The growing popularity of cryptocurrency has led to a revolution in the digital currency industry. Enterprises that were of noncrypto origin now have or plan to have their own crypto product. The 10 years of cryptocurrency’s existence has led to an unprecedented ease of transactions. It has also brought transparency into the e-commerce world. This article discusses 10 of the biggest enterprises in the world, without a cryptocurrency background, that have already created or are in the process of investing resources to develop a digital currency they can call their own.
Facebook is reportedly completing efforts to release its own digital currency. Information from Ross Sandler, an internet analyst at Barclays, predicted that the social media giant’s development of a cryptocurrency would potentially generate as much as $19 billion in additional revenue.
The digital currency, Libra, is a project co-founded by Facebook and the Libra Association. This association was also a part of Facebook's numerous projects. The group expects Libra to "empower billions of people." The aim is to use the currency to assist billions of adults without access to bank accounts. Facebook and Libra hope to provide such adults with a currency they can use for transactions. The white paper of Libra describes how project’s wallet provider, Calibra, would function. The white paper says:
"Facebook created Calibra, a regulated subsidiary, to ensure separation between social and financial data and to build and operate services on its behalf on top of the Libra network."
It is noteworthy, though, that Facebook won't be in charge of the cryptocurrency. Instead, it is just one of the Libra stakeholders. However, the social media giant would allow users to use the coin for transactions on its platform.
2. JPMorgan Chase
JPMorgan Chase is a multinational company based in the United States specializing in investment banking and financial services. JPMorgan Chase is currently rated the world's sixth-largest bank, with total assets of $2.535 trillion. Recently, the financial institution has also turned its attention to the cryptocurrency industry. It is putting the finishing touches on its efforts to create a digital currency for its customers and others. Speaking to Yahoo Finance, JPMorgan Chase's blockchain chief, Umar Farooq, said:
"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."
The company also reported that some engineers have already created a coin known as the JPMCoin. This digital token will be used for transaction settlements between the bank's wholesale payments clients. Showing support for the currency, irrespective of his negative attitude toward Bitcoin, CEO Jamie Dimon as well as other top executives at the bank believe that blockchain and regulated digital currencies on it have a promising future they want to explore. This underscores the bank's desire to create a cryptocurrency for its users.
The financial institution has outlined three primary uses of the coin. These are:
- International payments, exclusively for large corporate clients.
- Service for securities transactions.
- Usage by large organizations that utilize the company's treasury services business. The objective is to replace their dollars with the new coin.
Another big company that is considering the digital currency idea is Walmart. The chain store recently applied for a patent for its own cryptocurrency. Previously, Cointelegraph reported that the company may be looking for an alternative payment solution for its users and employees.