Is Silicon Valley Supporting Cryptocurrencies: Here Is What You Need to Know
The world’s largest technological-based companies are in the process of venturing all the possibilities of cryptocurrencies. Over the past few years, many giant tech companies have shown their interest in understanding the concept of blockchain technologies.
After the massive boom in 2017, the tech companies’ interest grows in the technology behind the Cryptocurrencies. The word Blockchain technologies soon become the catchword in the technological industries.
A swathe of start-ups surfaced in that period. Entrepreneurs were investing their capital to gain from the hype created by the cryptocurrency space.
What Silicon Valley Has to Say About Cryptocurrency?
Cryptocurrency’s growing popularity has led the technological giants to enter into the whole crypto trading business. Companies that were of non-crypto origin are thinking of launching their cryptocurrencies. Also, the integration of Cryptocurrency in the market has brought transparency to the eCommerce market.
Here we have enlisted some of the giants of the technological world that support Cryptocurrency.
Facebook has faith in the Cryptocurrency and the Blockchain network. They are the firm believer in Cryptocurrency being the new face of the digital transaction. The root of their faith lies so deep that they have even invested in creating their own Cryptocurrency, Libra. Libra is an astable coin that is backed by several companies’ assets.
Payment company Square has always been in favour of the Cryptocurrencies and Blockchain. Recently, Square said that they invested in more than 4700 Bitcoins, which are worth almost $50 Million. This sum is equivalent to Square’s 1% asset. Square believes that Cryptocurrency is the instrument that holds the power to boost the current monetary system.
Tencent is yet another company that became popular recently due to its affiliation with the Players Unknown BattleGround game. The Tencent company was fascinated by the Cryptocurrency, and the Blockchain launched its coin: QQ Coin.
QQ was initially a Chinese online instant chatting platform that added the payment feature. QQ coin was initially developed to make payments for its services and games, but it can now transact Cryptocurrencies after integrating the blockchain technology.
Since Microsoft’s inception in the industry, it has been a leading figure in the technology and IT sector. Microsoft is well known for its operating system that we use in our computers and laptops. Later, the company branched out to offer a wide range of technological products and services.
Like IBM, Microsoft is also focused on creating a private enterprise with an open-source, decentralized blockchain network. Microsoft’s Azure cloud computing services are powered by blockchain technology. Microsoft Azure blockchain service allows the user to create their network and application based on the prebuilt network.
South Korean tech giant Samsung has played an important role in blockchain and Cryptocurrency in several ways. We all know that Samsung is a major player in the technological sector. Hence, if Samsung adapts to something, it becomes a trend in the market. You can even say that Samsung is one of the pillars supporting Cryptocurrency and Blockchain technology to enter the tech industry.
Samsung is one of the leading dealers of smartphones and semiconductors. Hence, after Bitcoin’s successful bull run in 2017, Samsung processors have been highly sought after.
The American tech giant has surprised the industry by filing a multitude of patents that use blockchain technology. This company has been one of the first-generation companies adapted to the blockchain and cryptocurrency concept. In 2014 when everybody was uncertain about the crypto bubble, IBM made a head start by adapting to blockchain technology.
One of the earliest forays of IBM is to venture the possibilities of blockchain technologies and to integrate with the internet of things (IoT). This attempt to integrate the blockchain technology resulted in collaboration with Samsung creating ADEPT (Address Energy in Parallel Technologies Project). ADEPT has been a part of the modern technological evolution that offered domestic appliances to communicate with each other.
There you have it. Now you know the top players of Silicon Valley feel about blockchain technology and Cryptocurrencies. What are your thoughts on this article? Do tell us in the comment section. If you have anything you will like to add more, we sure that our readers will like it. If you want to know more, there is Bitcoin Supreme.