THE BIG BOYS MAKE THEIR MOVE: Here We Go!
You’ve been waiting for corporations and institutions to get into the crypto space – well, you can stop waiting. They’re here, they’re getting in, and more famous, global brand names are leveraging the blockchain than ever before.
And when it comes to brand names, it doesn’t get any bigger than Nike. The sporting goods giant just filed a trademark application for “Cryptokicks” – which, according to the documentation, will include:
- mobile applications for providing access to crypto collectibles, crypto art, and application tokens
- software for use in electronically trading, storing, sending, receiving, accepting and transmitting digital currency, and managing digital currency payment and exchange transactions
- a digital currency or digital token for use by members of an online community
- online blogs in the field of crypto collectibles
- and transactions to be completed using “unconventional currency systems”
The fact that the application was made on a “1B” basis means that Nike intends to use the trademark in the near future, so don’t be surprised if you see a “Cryptokicks” token circulating very soon.
The crypto arms race is heating up and corporate giants are stepping up their game. This has resulted in abrupt U-turns, such as when Jamie Dimon and JPMorgan went from criticizing cryptocurrency to launching their own stable coin, the JPM Coin. Talk about a turnaround: Dimon once called Bitcoin a “fraud” but is now saying that “blockchain is a real technology.”
This is no small matter; JPMorgan is America’s biggest bank with over $2.62 trillion in assets; a nod from Dimon and JPMorgan is a signal to other corporations to move into the crypto space. And now, JPMorgan is upping the ante with a plan to widen the use of their blockchain system.
In particular, JPMorgan is adding new features to their blockchain-powered, peer-to-peer international network of banks known as the Interbank Information Network or IIN. Launched as a pilot back in 2017, the IIN is an extensive cross-border payments system that’s currently used by more than 220 banks worldwide.
The network is expanding rapidly, with more than 60 banks joining the IIN within the past few months. Adding new features to the IIN, such as the ability for members to instantly verify whether a payment is heading to a valid bank account, will undoubtedly draw more institutional investors into the crypto space – thus widening blockchain’s circle of influence even further.
Cryptocurrency still has a long way to go before mass adoption can truly take hold. The primary issue is throughput, as the Bitcoin blockchain can currently only handle 13 transactions per second, or around 1 million transactions per day.
That might sound like a lot of transactions, but let’s put this into perspective: if $54 billion changes hands every day in America, then with a current limit of 1 million transactions per day on the Bitcoin blockchain, that means the average Bitcoin transaction would have to be $54,000.
Of course that’s not realistic, as the average online shopping order is around 80 bucks:
Bitcoin’s blockchain has a long way to go before it can handle the throughput needs of the American economy, not to mention the global economy.
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Still, every day the blockchain is improving – and the news is getting more interesting. Tech magnate John McAfee, who teased us with the announcement that he might reveal the identity of the mysterious Bitcoin inventor Satoshi Nakamoto, now says that he has actually spoken with Satoshi and “he is not a happy camper about my attempt to out him.”
McAfee, who claims that “finding Satoshi was a piece of cake,” is unfortunately not prepared to reveal Satoshi’s identity at this time, due to fears of McAfee’s extradition:
Courtesy: John McAfee
While you’re following the McAfee-Satoshi soap opera, I’d like to recommend that you check out a few crypto portfolio management apps that I’ve come across:
- Blockfolio – supports over 3 thousand coins; allows users to check their order books on various exchanges directly from the app; includes an embedded Bitcoin and cryptocurrency news feed.
- Circle Invest – allows users to quickly invest in a portfolio of cryptocurrencies weighted by market cap; offers commission-free trading; supports around a dozen cryptocurrencies.
- Delta – quickly lists new coins; robust ability to synchronize with other devices; strong community and active development team.
- Cryptocompare – provides ratings of cryptocurrency wallets and mining pools; very user-friendly interface; fast and thorough search function.
From Nike to McAfee to Satoshi and beyond, there’s no shortage of twists and turns in the world of crypto and the blockchain – and no shortage of developments to get excited about as cryptocurrency adoption takes on epic proportions.
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.Please read our full disclaimer at PureBlockchainWealth.com/