With a user base of approximately two billion across the globe, Facebook could almost immediately gain an unshakable footing in global the global financial landscape. So it’s not that difficult to see why the social media giant was faced with a level of scrutiny and press attention not seen since Cambridge Analytica data scandal.
All this aside, the most used social media platform is not the only major player to make a foray into the world of cryptocurrency. Here, in no particular order, is a list of five business behemoths making the their entry.
JP Morgan Chase
The first on the list is America’s biggest bank. The bank announced its readiness to commence with the testing phase of its own stable coin called JPM coin. The token was developed to run on a privatised variant of the Ethereum Blockchain known as Quorum.
An interesting point is that JP Morgan’s CEO, Jamie Diamond, is openly critical of Bitcoin.
This messaging app has had one of the most anticipated ICOs since the existence of this Blockchain pioneered form of crowd funding. Though the native Gram tokens technically do not exist yet, the crypto community’s go to messaging app was able to raise approximately $ 1,7 billion USD in an ICO private funding round during 2018.
The TON (Telegram Open Network) Blockchain, which Gram tokens will run on is slated to fully launch on 31ST of October.
The tech giant sometimes affectionately referred to as Big Blue is also getting its feet wet. However, instead of launching its own stable coin, IBM has developed a platform for other institutions to develop their digital currency products on.
World Wire, as the platform is known, is a result of IBM’s partnership with Stellar, an offshoot of Ripple. Thus far IBM has successfully secured letters of intent to create stable coins on the platform from six banks.
Kik is another messaging app that went the route of ICO as opposed to the traditional IPO. Officially named Kik messenger, it is the first app developed and launched by Canadian company, Kik Interactive.
The company launched an ERC-20 token called KIN in a highly successful ICO that raised approximately $98 million USD in September of 2017. However, in recent times, Kik has seen legal action taken against them by the US SEC. The US regulatory body stating that the company acquired roughly $55 million USD from US Investors through the sale of an unregistered security.
Some of you have heard of KODAKcoin. For those who don’t, KODAKcoin is actually a product created by WENN Digital. The use of the Kodak trademark was licenced. The token was made to serve as the native currency on a Blockchain dedicated to intellectual property.
When KODAKcoin was announced during the earlier portion January 2018, the price of Kodak’s stocks ballooned by more than 300% in a matter of days. This aside, Kodak has recently announced its own independent (no licensing partnerships) for the management of sensitive information. This most recent effort is named Kodak Service for Business.