Goldman Sachs Is Eying To Launch A Cryptocurrency!

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In recent French news, Goldman Sachs CEO, David Solomon, revealed that the company is looking into developing its own cryptocurrency, like JP Morgan Chase. Also, the company is researching asset tokenization and stablecoins as such.

Recently a French news source Les Echos did an interview with the CEO of Goldman Sachs, asking him about cryptocurrencies and the companies plans regards them. He revealed that they are working on and researching asset tokenization and stablecoins in general. They are looking at JP Morgan Chase’s version of a cryptocurrency and they “absolutely” would follow in launching a similar cryptocurrency.

“Assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoins and frictionless payments,” he commented.

He believes that that is the direction in which the payment system will go, hence stablecoins and asset tokenization. With an emphasis on “he believes”. Solomon commented this while he was asked to comment on the Facebook Libra project, which he refused, but answered: “I find the principle interesting.”

Crypto Regulation Is Coming

When asked about cryptocurrency regulation, he said that “a change is coming for sure”. What does he mean by that, we can only guess. It’s been already known for quite a while that multiple G-20 meetings have discussed the regulation of cryptocurrencies, but with no outcome. Possibly, this time they want to put a final decision on this issue.

“I think regulators around the world are watching what’s going on. They wonder how it will work and are very attentive to payment flows,” Solomon explained.

It is funny how companies quickly change their mindsets. Just recently in January, JPMorgan Chase said that crypto would only have value in a dystopian economy. Now they are in the works of launching their JPM Coin. It will run on Quorum which is a private version of Ethereum. The bank developed it in conjunction with EthLab. The main intent for this bank-like crypto is to settle portion of transactions between clients of its wholesale payments business. JPMorgan revealed that they are beginning tests with clients earlier this week.

Well not much for the banks, but this rather shows more about the great and interesting future we have ahead of us. Banks with these moves have acknowledged cryptocurrencies as such in the eyes of people who are not familiar with this matter. Payment systems will change, banks will try to offer something similar to cryptocurrencies, but eventually, people will realize – why do we need third parties, if we can do everything peer-to-peer?

Source:

https://www.coindesk.com/goldman-sachs-ceo-hints-bank-might-launch-jpm-coin-like-crypto

Photo by Wikimedia Commons

Crypto Mainstream Adoption: Nike Joins the Family with CryptoKicks!

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Nike recently filed an application with the United States Patent and Trademark Office to trademark the phrase “CryptoKicks”. By doing so, Nike joins multiple large corporations like Facebook, JP Morgan, Samsung, and many others in the crypto mainstream adoption race. 

Nike Prepping for Something Big

For starters, it is clear that it won’t be a new apparel or shoe collection with a crypto theme. Nike Inc. filed the application and it itself reveals much information on the recent Nike move. For example, the application says that Nike aims to provide “financial services, namely, providing a digital currency or digital token for use by members of an on-line community via a global computer network”. Additionally, they describe the service as a “website featuring technology that enables users to mine, earn, purchase, receive by any other means, store, and transfer blockchain-based tokens, coins, cryptocurrencies, and other crypto assets”. This is a clear sign that Nike is prepping for something big.

Could this mean that Nike is aiming to develop a fully-compatible, all-inclusive cryptocurrency platform? Which would also serve as a miner? Some say that this could potentially be a rare Nike shoe collectible marketplace. In it, you could only purchase collectibles with CryptoKicks, a native cryptocurrency.

John Gerben, a trademark lawyer, explains this situation. He says that such big corporations like Nike don’t just file trademarks right and left just for the purpose of speculation. First of all, if Nike gets the trademark, they get the rights to use the name “CryptoKicks” for four years. But there is a large “but” in this situation. If Nike gets the trademark for four years, they have to launch a commercial product under that name. This exact point means that Nike will soon publicly announce their steps into the crypto-space.

CryptoKicks can outperform Facebook’s GlobalCoin, Experts say

Experts point out that Nike’s CryptoKicks service (or application) could potentially outperform Facebook’s. While Nike’s application identification looks like they just added every possible characteristic of cryptocurrencies to their service, CryptoKicks has a better chance to attract more attention than Facebook’s GlobalCoin. The main idea behind this is that Facebook’s cryptocurrency use case is yet to be designed, while Nike just has to change the purchasing model in its new app. The world is full of rare shoe collectors and they would most definitely switch to using CryptoKicks as a way of paying for their rare shoes.

Facebook, on the other side, has yet revealed only the intent to cover the remittances market in India. However, the Indian Government has had a hard time defining the regulation of cryptocurrencies. Rumors of an outright ban have been active for about a year or so. But now, when the G20 summit is near, it seems like the report detailing the country’s crypto regulations is finally ready and soon will see daylight.

At the moment, the crypto community is closely watching the progress of Facebook’s GlobalCoin development. Anthony Pompliano even believes that it will become the most used product in crypto. To be honest, it shouldn’t be so hard when you have a monthly user base of 2,7 billion.

However, Facebook has a very bad reputation, since the leak on the company’s use of user data. Also, recent reports say that Facebook is seeking for additional $1 billion in Venture Capital for its new project. Experts believe that this a previously-planned move to make the “Project Libra” seem more “decentralized”.

Major Corporations Getting in the “Crypto Game”

It all started with JP Morgan when they announced the JPM Coin. It shocked the crypto-world, as Jamie Dimon, the CEO of JP Morgan, has been a very active opponent of cryptocurrencies. Especially Bitcoin. With this move, JP Morgan is prepping for a revolution in the FinTech industry. The JPM Coin is a digital stablecoin which will be used by the banking behemoth to instantly settle transactions between the clients of its wholesale payments business.

Also, a Russian social network giant VKontakte also has shared plans for launching its own cryptocurrency and a tipping service. VKontakte (or VK.com) was created by Pavel Durov, the Telegram Messenger founder, in 2016. VK is available in several languages but it is especially used by Russian-speakers. The platform has around 97 million monthly users. Their primary intent for a native cryptocurrency is to reward the users for the time spent on using VK’s services. 

While all these companies are only in the plans of developing a cryptocurrency or a crypto service, Samsung has already taken huge steps towards blockchain and crypto implementation within their work field. Recently their new Galaxy phone was presented with an in-built crypto wallet support. However, in general, Samsung Electronics is looking into developing its own blockchain and possibly an ERC-20 Ethereum-based token “Samsung Coin”. Of course, the company officials have rejected such rumors, but you know, that could be a part of the strategy.

A Token for Every Service

All-in-all, it is clear for me that the large corporations are actively getting into the crypto-space. Nobody wants to be left out. Many predicted this during the 2017 bull-run. While back then, saying that Facebook or Nike could someday develop their own tokens or coins was just a speculation, today this has become a reality. I mean, they are now making movies about crypto… But a different token for every company, for every service? I think the ICO craze of 2017 proved that this isn’t such a good idea, but apparently, the large corps think differently. 

In my mind, I see a world where we all have multiple crypto-tokens for everything we do, and one store of value asset like Bitcoin, where we hold our finances.

Source:

https://oracletimes.com/nike-hops-in-the-crypto-wagon-and-unveils-blueprint-for-crypto-marketplace/
https://www.newsbtc.com/2019/04/25/pop-culture-shift-nike-forays-into-crypto-as-technology-continues-going-mainstream/
http://tsdr.uspto.gov/documentviewer?caseId=sn88394295&docId=RFA20190423084525#docIndex=0&page=1
https://www.btcwires.com/c-buzz/is-nike-planning-to-enter-the-crypto-field/
https://www.ccn.com/nikes-surprise-crypto-play-could-steal-facebooks-thunder
https://www.coinspeaker.com/facebook-own-cryptocurrency/
https://www.coinspeaker.com/facebook-cryptocurrency/
https://www.coinspeaker.com/jpm-coin-jp-morgan-worlds-first-cryptocurrency-by-bank/
https://www.coinspeaker.com/vkontakte-launching-crypto/
https://www.coinspeaker.com/samsung-blockchain-coin/
https://www.coinspeaker.com/kurt-russell-alexis-bledel-beau-knapp-star-cryptocurrency-movie-thriller-crypto/