Cost effectiveness, speed, reliability, and scalability of digital transactions are attracting many big tech companies to join the cryptocurrency bandwagon. Most of these tech companies have either partnered with cryptocurrency companies or tested blockchain and cryptocurrencies internally to be frontrunners in this field. The cryptocurrency industry is optimistic after the reversal of ban on crypto products and services by Facebook and being favored by G-20 leadership towards regulating these currencies.
With the Chinese social media platform, WeChat, paving the way and proving that payment through QR codes is efficient and may soon become mainstream, Amazon and Microsoft have entered into partnerships to launch their blockchain tools.
Blockchain adoption is increasing in 2018 as many startups are moving towards the creation of cryptocurrency tokens by using blockchain technology in an innovative manner. Ripple (XRP), a San Francisco-based cryptocurrency and payment platform, is leading in this field as global transactions are completed in just three seconds in its blockchain. Consequently, most of the banks, remittance companies, and financial institutions are adopting Ripple’s blockchain to revolutionize their businesses. Ripple Labs Director of Regulatory Relations Ryan Zagone has already favored the use of Ripple (XRP) by saying that its use is inevitable for businesses. Big tech companies, like Google, Amazon, Facebook, and Microsoft, will not be left behind to maintain their supremacy in the tech world.
The reversal of crypto ads ban by Facebook shows that something big is coming in the near future. Most people speculate that Facebook is planning to launch its own cryptocurrency, while others think that Facebook wants to earn money from crypto ads. Earlier, there were also rumors published in The Economist that Facebook is interested to buy Coinbase, the world’s largest bitcoin exchange. If Facebook launches its own cryptocurrency, all the 2 billion users of its social media platform would have an easy access to that, thus increasing the worth of this token.
Amazon is also an e-commerce giant with the most number of young, educated customers, apart from its Amazon Prime members. This means that Amazon Coin may also have access to thousands of Amazon customers.
A rivalry may also arise between Amazon and Facebook in terms of advertising, which could be a reason behind Facebook’s reversal of ban on crypto ads. Amazon may win in this battle as it has a vast e-commerce experience and has existing partnerships with many banks and remittance companies. Adoption of blockchain and launch of cryptocurrency by Amazon may also benefit its huge customer database because it would become convenient for Amazon to send and receive payments through blockchain technology. Interestingly, the e-commerce giant Amazon, has already registered cryptocurrency website addresses.
We can hope that Amazon may launch its own cryptocurrency even before Facebook does. Launch of cryptocurrency will prove ideal for Amazon Prime brand because it would accelerate its grocery business, thereby revolutionizing the mobile payments. It is also evident that this adoption of blockchain by Big Techs will benefit the cryptocurrency industry a lot and make the competition among tech companies fiercer.
This is a guest post. Opinions in the article are solely of the writer and do not reflect AdFunnel Project’s view.