Big companies have a huge role in the success and failure of cryptocurrencies. Even the likes of Amazon and Starbucks are looking into how they can invest in cryptocurrencies to make a profit.
Some companies have taken absolutely crazy steps. When Long Island Iced Tea Corp. (yes, the beverage company) made the seemingly rash decision to change its name to Long Blockchain Corp., its shares skyrocketed by as much as 289%.
It was hardly surprising to hear that only months later, the pivot failed, and the company was delisted from the exchange due to their inability to sustain an acceptable market cap.
Fortunately, other companies have made some much smarter decisions.
More companies are accepting payment in cryptocurrencies
As time has passed, digital currency has become more accepted amongst the general public. As a result, many large corporations have taken the leap and even started accepting it as payment for products.
Shopify is encouraging users to accept Bitcoin payments from their customers
The popular ecommerce platform, Shopify, is now allowing its vendors to start accepting payment in Bitcoin. On its website, it even describes Bitcoin as a ‘fast, easy, cost-effective and hassle free’ way to pay, and outlines some of the benefits to its users.
Some of these benefits include lower processing fees, no chargebacks and reduced fraud, fast international payments, and no PCI compliance requirements.
Even Subway is jumping on the bandwagon…
That’s right – even certain branches of Subway, the global sandwich company, are accepting payment in Bitcoin from customers.
Popular social media platforms are even launching their own ICOs
Over the past year or so, we’ve even witnessed some of the most popular social media platforms with huge user bases launching their own ICOs in attempt to take advantage of the benefits of blockchain technology.
Telegram’s $1.7 billion ICO
One of the companies making the biggest splash in the vast ocean of blockchain is Telegram – a popular messaging platform that has amassed over 200 million users since its creation in 2013. It actively advocates for anonymity, and as a result, has not shared any personal data about its users to any third parties.
If you’ve been following the news, you’ve probably already heard about their record-breaking ICO that raised a whopping $1.7 billion from less than 200 private investors.
Telegram plans to leverage its platform to create an entire ecosystem of blockchain-powered services – including decentralized web browsing experiences, decentralized VPN services, distributed file storage, and an online wallet.
Now ASKfm’s ICO is just around the corner
ASKfm is the Q&A social media platform with 215 million registered users and 3.5 million daily active users. It enables users to ask and answer questions to increase their knowledge by asking and answering questions, whilst also encouraging them to get to know each other in order to increase their confidence and social skills.
Now the developers are working on a new model of ASKfm, known as ASKfm 2.0, which will be designed specifically to take advantage of the benefits of blockchain technology through the creation of a decentralized ecosystem.
This decentralized ecosystem will tokenize social interactions, ultimately rewarding users for activity and quality content.
If this leap to the blockchain goes well, ASKfm could be set to pioneer a whole new era of value-based social media.
The ASKfm ICO will be launching soon, with the goal of raising a total of $100 million from investors.
More companies are viewing blockchain technology as a viable option
By 2024, the blockchain market is expected to be worth over $3 trillion.
Regardless of whether or not people thing Bitcoin is ‘a bubble’, most can agree on the future potential of blockchain technology.
As a result, even if they aren’t fully taking advantage of blockchain technology in their businesses just yet, most companies are beginning to realize that it is here to stay.
For instance, 90% of major European and North American banks are already exploring how blockchain technology can be used to make improvements to their business models.
Over the next few years, it’s likely we will see even more major corporations – even the likes of Facebook and Apple – looking more deeply into the potential of the technology, and discovering ways to incorporate it into their business models.