It’s undeniable that cryptocurrencies are here to stay and they are being used in business activities more than ever before. So, which companies are using this technology?
Earlier this year, Facebook announced Libra, an initiative that will introduce a brand-new Bitcoin competitor to the general public. Facebook will be working alongside several major organizations to make Libra a success, so Libra has the potential to become the first truly mainstream cryptocurrency. However, Facebook isn’t the first company to adopt crypto―here are a few other companies that have done the same.
JP Morgan Chase
JP Morgan is one of the biggest banking institutions in the world, and it is making heavy use of blockchain tech. The company is responsible for Quorum, a finance-oriented, enterprise version of the Ethereum blockchain. JP Morgan’s financial clients can use Quorum to represent assets as custom crypto tokens, furthermore, after so many years bashing Bitcoin, JP Morgan is now also planning to issue its own dollar-pegged cryptocurrency, JPM Coin, on the Quorum blockchain.
IBM is a household name when it comes to tech, but it’s also involved with many crypto projects. In March 2019, it launched IBM World Wire, a bank payment system based on the Stellar blockchain. IBM also relies on Stronghold, a Stellar-based cryptocurrency that maintains price parity with the U.S. dollar. Additionally, IBM develops Hyperledger Fabric, which doesn’t have its own cryptocurrency, but which is a blockchain platform.
The French video game giant Ubisoft has been looking into cryptocurrency over the past several months. In June, Ubisoft insiders revealed that the company may use the Ethereum blockchain to handle in-game items as special crypto tokens. Although Ubisoft hasn’t settled on this plan, it has been in progress since early 2018. If it succeeds, it would show that cryptocurrencies have valuable applications within the video game industry.
Square is a payment company that has grown to support Bitcoin. The company was founded by Jack Dorsey, the creator of Twitter, in 2009. Square has worked with traditional money from the start, but since then, it has also added support for Bitcoin. In 2014, Square’s Cash App began to support Bitcoin payments, and in 2018, it added Bitcoin trading. Currently, Square is building a crypto division to contribute to Bitcoin’s development.
Google is rarely considered a crypto company, but it has been taking small steps in that direction. Its Google Cloud division has been constructing datasets for several popular cryptocurrencies, including Bitcoin and Litecoin. Additionally, Google provides tools for Ethereum app developers. Google doesn’t plan to provide crypto tools or services for general users, but its offerings have already helped many analysts and developers.
Cryptocurrencies, in particular, Bitcoin are no longer niche projects: they’re a useful tool for many mainstream companies. Plus, this doesn’t mean that companies are simply introducing cryptocurrency as a payment option―instead, they’re using crypto for very complex and diverse purposes. Hopefully, many more mainstream companies will begin to explore the possibilities of cryptocurrency in the future.
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