How Big Companies Endorse FinTech Solutions
Capitalism and revenue-making are the driving forces behind big corporations and social platforms, and wherever they lead others follow, with that comes responsibility, power and influence.
If we look at the current narrative that big corporations and establishments are pushing forward we can see that they are more prone to accommodate and thus, endorse Blockchain and cryptocurrency.
Facebook has created the Facebook Crypto team, which is headed by the former head of Messenger and the former president of PayPal David Marcus, who stepped down from the board of Coinbase to avoid a conflict of interest. Currently, the main focus of the crypto team has not been announced by a Facebook representative. However, according to the article in Tech Crunch, there are three options that Facebook is likely to move towards. The options include the creation of a cryptocurrency wallet, P2P and Micropayments or digital storage of ID for various crypto platforms that need your personal info.
Bloomberg and Thomson Reuters
International Decentralised Association of Cryptocurrency (IDACB) and Blockchain will collaborate with Bloomberg and Thomas Reuters to provide genuine, impartial and verifiable blockchain data. IDACB, together with rating agency Neironix.io, will incorporate analytical and the financial blockchain data in Bloomberg and Thomas Reuter’s software solution.
Banks
The Commonwealth Bank of Australia has partnered with five logistic organizations to transport a 17-ton container from Australia to Germany using Ethereum’s blockchain. This marks one of the first ever recorded cases of international shipping being made possible due to the blockchain solutions. This unlocks a new and feasible way of Blockchain utility that will advance the shipping industry as we know it today.
Moreover, Swiss Bank Maerki Baumann will begin to accept funds from activities related to cryptocurrency such as mining and payments for execution of services, as stated in the report published on August 6, 2018. This makes it the second bank to offer such option after Falcon Private Bank announcement of the same feature back in July 2017.
So, what can we conclude? We can see that banks and big companies have started to treat cryptocurrency and blockchain as inevitable development of the financial industry. As the world progresses, Blockchain and crypto are getting widely adopted, and their successful implementation will be swifter if corporations and traditional financial structures set the example of how Blockchain can be properly used and utilized. Cryptocurrency will become a credible payment solution when we see big corporations and traditional financial institutions include crypto adoption in their business plans.
For a successful adoption of a fintech solutions spectrum, big companies and establishments would need a credible exchange that is optimized for a large number of institutional clients. Ternion delivers the necessary framework and provides easy access to the world of crypto that can be used to leverage success of big companies to successfully adopt crypto and Blockchain.
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