Global Giants Entering Crypto-Market

May 31 · 4 min read

Bitcoin peaked over $8,700 for the first time in over a year. Bitcoin’s price over the past year has dropped to 70% compared to the level of last year, but is making marvelous recovery. And this price drive seems to go on for a while with good reasons. As we have previously presented to you, continuing price drive for Bitcoin is a result of various different favorable factors put together. One of the major aspects of recent crypto-industry is that global corporate giants are having great attention to crypto-technology and pushing their agenda to create their own cryptocurrency or blockchain-based projects, which gives significantly positive sings to crypto-investors.

Although we have seen the Bitcoin once reached close to $20,000 in a very short period of time last year, it encircled by regulations from governments worldwide and hype for Bitcoin investment cooled down quickly as it heated up. While general perception on blockchain remained dubious, rational analysis on cryptocurrency and proper consideration of compaines to fully understand the importance and necessity of blockchain technology were lacking in the market. Only instigating one-sided buying orders and waiting with no prospect were prevailing.

But the cooling period which wasn’t short at all, has definitely made blockchain more mature. Idea of decentralization is still important, but now corporations are focusing more on actual commercialization of blockchain technology and its usability. Exaggerated expectation on blockchain-based token economy is rather faded and blockchain adoption has become “smart” — companies are more interested in applying specific blockchain technology into corporate infrastructure or financial application integrating security and authentication. Global corporate giants of all industries — from Samsung to Starbucks — entering crypto-market with blockchain technology and cryptocurrency are exactly representing this trend.

What Giants Are Entering Crypto-Market

Samsung added crypto-wallet that supports trade and payments in cryptocurrency for its February-released smart phone Galaxy S10. News from Samsung’s Galaxy unpacking event that Galaxy phones is now mounting blockchain functions had positive impact to investors’ mind.

BBC on May 23 said that Facebook would issue its own cryptocurrency and plan to build digital payment system at 12 countries in first quarter of next year.

Facebook is scheduled to launch Global Coin next year, which is going to be stable crypto anchored to legal currencies like US dollar, Euro, and Japanese Yen.

Nike and Starbucks, on top of Facebook, are also reported early May to enter crypto-payment market. Nike announced its plan to release mobile application with crypto-wallet fuction. Winklevoss brothers, well-known crypto-billionaire and founders of crypto-exchange Gemini, recently purchased coffee from Starbucks in US with crypto-payment application Spedn.

AT&T, one of the 3 largest US telecom giants, announced that it accepts payments in crypto in alliance with crypto-payment platform, Bitpay. Customers can now pay for phone bills, mobile devices and other telecom services at AT&T in cryptocurrency with Bitpay.

Investment bank giant JP Morgan said that it is issuing cryptocurrency JPM Coin via JP Morgan Chase this February. JPM Coin, which is the first cryptocurrency issued by any major US financial institutions, can be exclusively used by institutional clients of JP Morgan, which are verified companies, banks and/or stock brokers. Blockchchain project personnel at JP Morgan said that everything is shifting towards blockchain, and JPM Coin would function as payment for such transactions, open to any corporations or institutions where distributed ledgers take place.

Fidelity Investment, world’s largest asset management company and global financial giant, announced its plan to launch crypto-trading platform on May 6. Fidelity’s entering crypto-market is expected to bring decisive momentum to change market perception of larger institutions on Bitcoin being too-risky. Bloomberg commented Fidelity’s announcement is possibly the best news for Bitcoin price in over a year.


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