Big Fishes in the Cryptocurrency Market.

Published 04 Jun 2021 by Radhika Aggarwal

Table of Contents

  1. Big corporations in the cryptocurrency market.

Big corporations in the cryptocurrency market.

Many companies are accepting and investing in bitcoin and other cryptocurrencies. Bitcoin has taken over the market of Cryptocurrency. In today’s world, it is the largest digital currency operating in the market. So, writing this article aims to make people know about the companies involved and accepting Cryptocurrency. The below mentioned are just the tip of the iceberg! There are many more companies like this. Have a look at the list of around ten companies involved in the Crypto industry.

Abra (With early backing of Ratan Tata)

Abra is a silicon valley bitcoin startup that raised money from the chairman of Tata Sons, Ratan Tata. Abra started raising funds but hide from the public about the participation of the company. Tata company has been investing in Indian as well as international startups for many years. The Abra company also announced that all registered users in the U.S. and the Philippines would soon use the Abra app. Abra also announced its entry into online, digital cash-based merchant payments. Bill Barhydt, chief executive officer and founder of Abra, said, “ Abra foresees the convergence of payments and money transfer for these consumers into a single, global digital cash network that addresses all of these problems.”

BMW

BMW is using digital currency as a medium of exchange. The motive behind this is to ensure traceability of raw materials in international supply chains. Andreas Wendt, a member of the Board of Management of BMW, said,” In 2019, we conducted a successful pilot project for purchasing front lights. This year, we want to expand the project to many other suppliers”. Stephen James Enfield BMW, a car dealership based in London and Kent, is in partnership with Bitpay, a global platform for accepting bitcoin payments.

JP Morgan Chase Bank (World’s Biggest bank right now)

JP Morgan Chase Bank will now launch a bitcoin proxy stock fund named as Cryptocurrency exposure basket. It is the first bank to commit to the Volatile Cryptocurrency market.

Starbucks

A few months back, Starbucks has tested a cryptocurrency payment app in some of its U.S.U.S.U.S.U.S. locations. The app was a part of bakkt, a digital asset platform. Bakkt announced that the customers of Starbucks can now use bitcoin as a medium of exchange. Starbucks doesn’t accept bitcoin directly.

Expedia Travel company

Expedia is the world’s biggest travel company that announced that around seven lakhs of its hotels and accommodations will now accept Cryptocurrencies. Booking can directly be paid through 30 Cryptocurrencies, including bitcoin, via the Travala app. Travala has risen in its booking revenue by 170% from its 2 million properties located in around 230 countries during the pandemic.

Goldman Sachs Group

Goldman Sachs’, a dominant global investment bank, announced that the clients would soon invest in bitcoin and other digital currencies. Goldman Sachs Group Inc. hired trader Justin Schmidt for a new bitcoin trading service earlier this month.

Square

Square recently invested about $170 million in bitcoin that is too little compared to other mentioned names. Cash App is used to receive and send money owned by Square. This app also allows people to invest and save in bitcoin.

Wells Fargo

Wells Fargo and Company said they plan to evaluate and onboard an actively managed cryptocurrency strategy for its wealthy clients, the latest move by a central U.S.U.S. bank toward accepting digital currencies. W.F.I.I.W.F.I.I. believes that cryptocurrencies have gained stability and viability as assets, but the risks lead us to favor investment exposure only for qualified investors, and even then, through professionally managed funds.

Many companies switched in the field of Crypto due to hyperinflation. This hyperinflation is at an apeak in Venezuela, due to which people faced many problems. They visited the store and noticed that there is no price tag on it and that material they purchase is of the doubled price. If the currency loses value against the currency the goods are sold in, the cost of those goods goes up. Due to this situation, people tried to beat hyperinflation with the use of Cryptocurrency. So, below is the list of companies that decided to accept digital currency as a medium of exchange.

Burger King

Burger King is the food company that started the acceptance of bitcoin due to inflation in Venezuela. They began in collaboration with a crypto buyer that changes Cryptocurrency into standard currency. Burger King Germany had also allowed Bitcoin for purchases for a limited period in September 2019.

Coca-Cola

Coca-Cola Amatil, the distributor of Coca-Cola, has a responsibility of bottling and distributing this in the Asia-pacific region announced that they would accept bitcoin as a medium of exchange in partnership with Centrapay, a digital asset platform. It has 2000 vending machines that accept Cryptocurrency.

Pizza Hut

Pizza Hut also comes in restaurants that announced that it would accept Bitcoin and other cryptocurrencies in Venezuela. In pizza hut, now people can buy and purchase it with bitcoin.

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