Will A Digital Currency Be Issued By An American Firm In The Near Future?

0
574

Questions are lingering over which U.S. firm is going to be the first to issue its own digital currency. Already Eastman Kodak has disclosed that it is considering unveiling a cryptocurrency. A Kodak brand licensee, Wenn Digital, is expected to issue these new coins meaning that it will not be exactly a product of Eastman Kodak.

According to most digital currency investors the adult entertainment sector is going to be the first to issue its own virtual coin. Also touted as likely to issue a digital currency are gamer apps. According to an angel advisor and investor in the Bay Area, Elena Masolova, there is speculation that adult website Pornhub with its half a billion users will join blockchain.

Masolova added that the management of the adult website had been taking part in blockchain conferences of late. Per Masolova a gaming firm known as WarGaming was also a likely candidate for the launch of a virtual currency.

Adult entertainment

Mid last month adult entertainment firm, Playboy, disclosed that it would be developing its own virtual currency wallet in order to allow for payments of products and services of the firm in virtual currencies. According to the chief operating officer of Playboy, Reena Patel, this would give fans of Playboy more payment choices. In a statement Patel added that the adult entertainment firm would initially be accepting Vice Industry Token (VIT). This is a utility token that was launched earlier in the year and which lets Playboy video audiences enjoy discounts. During its Initial Coin Offering VIT raised approximately $14.5 million.

However the one American firm that would have the biggest impact were it to launch a virtual currency is online retail giant Amazon. Not only is Amazon said to be venturing into financial products and services but the e-commerce giant is making investments in blockchain technology which means it has the infrastructure set up if it ever wanted to delve into virtual currencies.

Huge impact

While there are no indications that Amazon is about to launch a digital coin the impact of that if it came to pass would be huge. For one it would enable mass adoption as it would ensure that virtual currencies gained mainstream acceptance. This would have the ripple effect of more people buy virtual currencies with the hopes of making a quick buck. One advantage that Amazon would enjoy is that it already has a customer base and would therefore not require to raise funds for a new coin via an Initial Coin Offering.

However despite a lot of startups and investors in Silicon Valley being highly involved in virtual currencies the vanguards have kept away from the sector. Some are even turning their backs on virtual currencies, Stripe a Y-Combinator startup used to accept bitcoin (BTC) but now no longer does.

While there is a lot of appreciation for blockchain technology the same cannot be said of virtual currencies. The regulatory crackdowns on Initial Coin Offerings by the likes of the U.S. Securities and Exchange Commission means that a lot of established Silicon Valley titans are adopting a wait-and-see attitude.

Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at news@dippli.com.

LEAVE A REPLY

Please enter your comment!
Please enter your name here