Mainstream Adoption: AT&T Now Accepts Bitcoin!

If you like what you read, feel free to share it:

Judging by recent news, the US telecom and media conglomerate AT&T now will be accepting Bitcoin! Customers will be able to pay for their phone bills online with Bitcoin! AT&T is the largest multichannel video service provider in the US. They have around a total of 22,3 million subscribers.

AT&T Expanding Services

While you cannot use Bitcoin to buy phones and other merchandise what AT&T offers to their clients, this is a very good head-up start for a company of such scale. Cryptocurrency enthusiasts now can pay with Bitcoin for their phone bills. This is done via a partnership with BitPay.

Kevin McDorman, vice president at AT&T, explained that AT&T has a lot of customers using cryptocurrencies. So the company decided to come forward to their clients and a rational step was to allow Bitcoin payments. He said:

“We’re always looking for ways to improve and expand our services. We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”

Kevin McDorman

Large companies start to acknowledge cryptocurrencies

This move from AT&T is just yet another step towards mass cryptocurrency adoption. This year, more than ever, there have been multiple companies that announce that they are working on ways how to use, develop or implement Bitcoin or cryptocurrencies as such on their services or platforms.

These companies include Facebook and JP Morgan with their stablecoin development, IBM and their blockchain implementations, Starbucks accepting crypto payments, Fidelity adding Bitcoin to their services, NYSE along with NASDAQ acknowledging Bitcoin, Harvard and Yale investing huge sums into Bitcoin, Microsoft using it in their Azure service, and many others at this point.

Today you can hear about Bitcoin in most of the traditional media platforms. CNBC now covers a daily segment about Bitcoin. They encourage investors to think about investing in BTC. The cryptocurrency lately is all around the news and each day brings new horizons development and implementation-wise. The bull is here to stay for quite a while. 

Source:

https://about.att.com/story/2019/att_bitpay.html
https://twitter.com/APompliano/status/1131270293689966593

Photo by Wojtek Witkowski on Unsplash

ConsenSys Seeks for $200 Million From Outside Investors

If you like what you read, feel free to share it:

Recently reported by The Information, a Brooklyn-based blockchain company ConsenSys is seeking for additional $200 million from outside investors. It was founded by Joseph Lubin, the co-founder of Ethereum. 

ConsenSys Grew too Quickly

During the bull market of 2017, ConsenSys reached near 1,200 employees. However, at the end of 2018, they came to a decision to lay off 13% of their staff, because of the long-lasting bear market. Now they have approximately 900 employees. Judging by recent reports, ConsenSys revenue last year was around $20 million. That could be the main reason why they are seeking an additional investment. When comparing to other large blockchain companies ConsenSys seems to be using a different business model. For example, Ryan Selkis, the founder of Messari, tweeted a data slide from the annual DCG summit showing off the company’s numbers:

When comparing to yearly revenue reports on DCG (Digital Coin Group) we see that they managed to do over $100 million in revenue in 2018 with only 8 employees in the parent company and less than 100 total employees. Anthony Pompliano says that Coinbase is rumored to have done over $1 billion in 2018 revenue. However, Binance showed $78 million in revenue in only the first quarter of 2019. Binance has approximately 500 employees across the world.

While many say that these are not comparable companies, we can compare different business approaches.

ConsenSys Revenue Mostly is Coming from its Enterprise Consulting Business.

The Information had gathered fundraising documents from ConsenSys. These documents revealed that most of the 2018 revenue comes from their consulting services. This year, they plan their revenue to be around $50 million with $40 million coming from their enterprise consulting business. Moreover, these documents reveal that ConsenSys has a substantial share in blockchain companies.

While their primary business revolves around building blockchain infrastructure, it might seem that they are not using it efficiently. Anthony Pompliano says in his daily newsletter:

“ConsenSys has focused on less infrastructure though and more on the applications, along with driving majority of their revenue through consulting with governments and large enterprises. It remains to be seen if the strategy will pay off in the long run, but the pressures of a deep bear market expose the difficulties with this model.”

However, he wouldn’t want to count ConsenSys out. While up to this date ConsenSys might have lived with one man funding the company – Joseph Lubin, this is just the effect of the ever-lasting bear market. Pompliano believes that when the bull market will return – ConsenSys wide range of crypto assets will explode, thus driving more revenue.

Should be able to raise the money

Many believe that ConsenSys should be able to raise the capital they need. The company is led by some of the smartest people in blockchain industry. Additionally, the large basket of crypto assets that they have acquired during the company’s existence should be enough of a reason for a potential investor. Wayne Vaughan tweeted a prediction that Microsoft will invest in or acquire ConsenSys in 2019.

Source:

https://www.theinformation.com/articles/consensys-seeks-200-million-from-investors-after-bumpy-year?
https://cointelegraph.com/news/report-blockchain-startup-consensys-seeks-200-million-from-outside-investors
Anthony Pompliano newsletter

Photo by ConsenSys.net