Cryptocurrency Development - Part 1
Facebook plans to launch its Libra cryptocurrency in 2020, and Bank MUFG is set to launch its MUFG coin later in 2019. JP Morgan, Arias Intel Corp. and AirAsia have not disclosed when they are launching their cryptocurrencies.
- The MUFG Coin was created by Mitsubishi UFJ Financial Group, and it is going to be pegged with the Japanese yen, thereby making it a centralized currency.
- To use the currency, customers will have to download an app which will automatically convert their bank deposits into the coin.
- Users of the MUFG Coin will also be able to make payments at restaurants, convenience stores and also transfer to the currency to other user's accounts.
- Bank MUFG will become the first bank in Japan to issue currency using blockchain technology.
- The MUFG coin is set to be launched later in 2019, although the date has not been specifically stated as the company is still testing the currency.
- In 2019, JP Morgan announced to launch its cryptocurrency called JPM Coin.
- The company plans to use the cryptocurrency to give bankers and corporate clients a means of making payments to each other in real-time to replace wire transfers which can take up to days to complete.
- The JPM Coin will be tied to the US dollar to make it financially stable compared to other cryptocurrencies.
- JP Morgan plans to first release the coin in small quantities before rolling it out more widely.
- The JPM Coin will be centralized, as its value will be based on bank reserves.
- The company has not disclosed when it is launching the cryptocurrency as it is still testing the technology.
ARIAS INTEL CORP.
- In 2018, Arias announced the development of its cryptocurrency called iNEO coins.
- The iNEO coins will be used to purchase and sell products or services from others within the same ecosystem.
- The iNEO will be integrated into the company's mobile games and apps.
- The company plans to use the blockchain technology to solve its solve security and payment issues.
- The company plans to make the iNEO coin decentralized.
- Arias initially planned to launch the cryptocurrency in 2018 but so far, the iNEO coin has not been launched yet.
- The CEO of Air Asia, Tony Fernandes announced that the company plans to launch its cryptocurrency called BigCoin as a plan to explore into new markets.
- Air Asia plans to convert its frequent-flyer rewards programs into a blockchain-based cryptocurrency platform.
- The BigCoin cryptocurrency will enable customers to purchase seats, in-flight meals and use other services.
- The company plans to make its BigCoin decentralized and is already looking into the applications and opportunities of the cryptocurrency.
- AirAsia is set to become the first airline to own a cryptocurrency if it completes the project.
- AirAsia has not clearly stated when it plans on launching the cryptocurrency but the token is expected to be available through a crowd-sale.
- In 2019, Facebook announced it was in the development of a cryptocurrency called Libra.
- The Libra coin is expected to be used as a means of payment for online and offline services and not designed to be like bitcoin but instead a form of digital money backed by a reserve of assets.
- The Libra cryptocurrency is mainly targeted to be used by individuals from developing countries without access to traditional banks, thus creating the first truly mainstream cryptocurrency.
- Facebook formed the Libra Association along with 27 other partners which comprise venture firms, nonprofits, crypto firms, telecoms and technology providers to oversee the development of the cryptocurrency.
- Although Facebook claims the Libra cryptocurrency will be decentralized, there's still controversy over the state of the coin, as various sources and stakeholders in the industry, including the co-founder of ethereum, claim that the currency is centralized and not decentralized as stated by Facebook.
- Libra cryptocurrency is set to launch in 2020.