Corporations That Have Created Their Own Cryptocurrency
Introduction
The growing popularity of digital currencies is drawing an increasing number of firms interested in launching their own coin. This post will introduce you to six businesses that have created or are creating their own cryptocurrency.
JPMorgan Chase
This firm focuses on financial services and investment banking. With total assets of $2.535 trillion, it is the world's largest bank.
According to JPMorgan Chase, some developers have already designed the JPMCoin cryptocurrency. This digital token will be used to conduct transactions between the bank's wholesale payment customers.
The firm will employ a cryptocurrency for foreign payments (exclusively for major corporate clients) and service for securities transactions. The objective is to make a new coin to replace dollars.
Mitsubishi UFJ Finance Group (MUFG)
Shortly, Mitsubishi UFJ Finance Group will introduce its cryptocurrency, MUFG Coin. It took them many years to build, and it will be tested on about 100,000 accounts.
Kanetsugu Mike stated that MUFG Coin would be released by the end of the year. Users' account balances will be instantly converted to cryptocurrency as soon as they download the bank application in the future.
Walmart
Their crypto will handle payments for items and services that its consumers have purchased.
The value of this cryptocurrency will be linked to the US dollar. This will expedite transactions and make them more useful for making purchases. Perhaps cryptocurrency will prove a viable alternative to credit or debit cards. There's also a rumor that it'll be known as WalmartCoin.
One of the new Walmart system features is that customers will be offered a shopping list based on their preferences and budget.
Amazon
According to early information, Amazon is working on a new virtual currency. In addition, Amazon Coin is already being used by the corporation. It functions, however, more like a gift card. In the future, this digital money might be used as a test case for blockchain-based solutions.
The launch of Amazon cryptocurrencies will aid in the selling of the site's more than 12 million goods worldwide. Furthermore, over 600 transactions may be completed in under a second (this is the actual amount of sales made by Amazon at peak hours per second).
Google has also opted to join the list of firms interested in participating in the future of virtual currency. This might lead to their own money being created.
The corporation has requested assistance with Ethereum co-founder Vitalik Buterin's blockchain initiative. When Vitalik declined, IOHK CEO Charles Hoskinson and IOHK Design Director Duncan Coutte, began working with Google.
Cardano, a digital currency famed for its stability and durability, has also piqued Google's curiosity. In any event, Google is considering creating its cryptocurrency.
Facebook currently does not have a cryptocurrency of their own but a lot of interesting stuff has happened since their last crypto project called Libra. Namely, Facebook’s parent company has rebranded as “Meta” and Facebook is just one of the byproducts now. Their main focus has shifted to building out the Metaverse. This could potentially mean that we can expect a new very popular crypto project from the Meta team sooner rather than later.
Binance
Binance Coin is crypto created by the Binance platform and is traded under the handle BNB. Binance Exchange is the world's biggest cryptocurrency exchange in June 2021, with over 1.4 million transactions per second.
Binance currency was first launched as an ERC 20 token on the Ethereum blockchain, but it has evolved into the Binance chain's native coin. It was released in July 2017 as part of an initial coin offering (ICO), with a cap of 200 million BNB tokens. It distributed 10%, or 20 million BNB tokens, to angel investors, 40%, or 80 million, to the founding team, and the remaining 50%, or 100 million, to various participants through the ICO process.
Binance branding and marketing accounted for over half of the cash generated during the ICO. Around one-third of the funds were utilized to develop the Binance platform and make essential enhancements to the Binance ecosystem.
BNB began in 2017 as a utility token with minimal trading fees. However, its uses have expanded to embrace a wide range of platforms and applications since then. It's used to pay Binance.com, Binance DEX, and Binance Chain transaction fees.
It may also be used to make payments (at sites like Crypto.com, Monetha, and HTC); and make trip reservations (at places such as TravelbyBit, Trip.io, and Travala.com). To pay for internet services (BitTorrent, Canva, Storm), and even for financial goals (virtual presents, card packs, lotteries) (take out a loan at Aave or make investments at Moeda).
Conclusion
Cryptocurrency is taking the world by storm. More and more companies are opting for blockchain technology, and since cryptocurrency is a core part of the blockchain, they are creating their tokens and coins. We will definitely see this trend continue in 2022. If you are interested in crypto and want to see what it is all about, you can purchase crypto, like Tron (TRX) coin on CEX.IO.
