Review of TOP 5 World Brands’ Activity on the Cryptocurrency and Blockchain Market

The size of the cryptocurrency market is currently estimated at over USD 250 billion, and it continues to grow every year. But many people still find this issue controversial. The growth of this part of the finance sector is not only visible in terms of value, but also in the number of newly created cryptocurrencies. Since the creation of Bitcoin in 2009, more than 4000 altcoins have been created. The growth of the cryptocurrency market is significantly influenced by the development of blockchain technology as well as investments by global IT giants. The actions of the TOP 5 largest corporations related to the cryptocurrency market and blockchain technology are described below.

Amazon

Although Amazon’s position in relation to cryptocurrencies has not changed for years, the company has a fully managed database of Amazon QLDB accounting books, which can be used to develop blockchain applications. Together with the new database, services for the development of scalable blockchain networks have also appeared on the market. At the same time, Amazon has teamed up with major blockchain market representatives such as IDEO CoLab, R3 and Consensys. A few years ago, Amazon registered the domains amazonethereum.com, amazoncryptocurrency.com and amazoncryptocurrencies.com. Officially, the purpose of this action was to ensure the security of the brand. Due to the activity around Facebook Libra and Walmart’s Stablecoin, the topic of cryptocurrencies has returned to Amazon representatives like a boomerang. Over the next few years, Amazon may change its mind, especially given the attractiveness of cryptocurrencies to e-commerce.

Apple

Apple’s activities in the area of blockchain and cryptocurrency are becoming clearer. Apple has created a new framework for developers called CryptoKit, designed to perform cryptographic operations, including creating, exchanging and checking keys. Since June 2019, new icons with Bitcoin characters have been among the shared symbols of SF Symbols. The vice president of the Apple Pay payments department said that cryptocurrencies have “interesting long-term potential.” Since the rise of Apple Pay, the company has been very active in the Fintech sector, focusing on the security of its customers. On the one hand, the Apple Card is a way to keep people in the ecosystem; on the other hand, this solution stands out in terms of protecting users’ privacy.

Google

Google has launched new search tools related to cryptography. The development of this tool will lead to the display of data from the digital currencies in a more friendly manner. The information provided will include the most important articles as well as other suggested currencies. For now, the platform works only with the most popular virtual currencies such as Bitcoin, Ethereum or Ripple.

Microsoft

The producer of the most popular operating system announced that it plans to create a “digital identity” which could be used to access websites and applications on the Internet. The project is based on blockchain technology used in Bitcoin. Microsoft’s actions indicate that cryptocurrencies are in the company’s area of interest. The addition of Bitcoin symbols to an Excel spreadsheet and a publication describing the operation of blockchain and Ethereum is evidence of their support for the development of this sector.

In May 2019, the Azure Blockchain Service was launched, based on the Quorum open-source platform. The platform operates based on the Ethereum protocol and currently brings together the largest community of blockchain developers. Microsoft is also a participant in a project led by the IOTA Foundation, which aims to create a public data market for the Internet of Things based on cryptocurrencies.

VISA

The global payment services giant is investing in Anchorage, the value of which has recently exceeded $40 million. VISA is also a member of the Libra association, which aims to create and develop its own network around the new cryptocurrency. Other members of the association are Mastercard, PayPal, PayU, ebay, Uber and of course Facebook, which is the originator and owner of Calibra, an application for managing the new cryptocurrency wallet.

VISA cooperates with Coinbase, the largest cryptocurrency marketplace. The goal of the project is the creation of a new debit card making it possible to make payments from the cryptocurrency wallet. Ultimately, the card will be available around the world, wherever it is possible to make payments using traditional VISA debit and credit cards. For now, the card can be used in six European countries – Spain, Germany, France, Italy, Ireland and the Netherlands.

The machine has started and nobody can stop it

Among the TOP 5 corporations in the world, no company has remained indifferent to cryptocurrencies and blockchain. They are investing their resources in this cryptocurrency market and blockchain technology in different ways, which indicates that the development trends in this sector will continue in the upcoming years. Companies that want to follow this trend should watch blockchain startups closely and / or join in exploring the potential of this technology on their own.

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